India reports 10,423 Covid cases, 443 deaths

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New Delhi, Nov 2 | In the last 24 hours, India registered 10,423 new Covid-19 cases and 443 deaths, the Union Health Ministry said on Tuesday.

The new fatalities increased the nationwide death toll to 4,58,880.

The recovery of 15,021 patients in the last 24 hours has increased the cumulative tally to 3,36,83,581.

Consequently, India’s recovery rate stands at 98.21 percent.

The active caseload stands at 1,53,776. Active cases presently constitute 0.45 per cent of the country’s total positive cases, which is the lowest since March 2020.

Also in the same period, a total of 10,09,045 tests were conducted across the country.

Sustained and collaborative efforts by the Centre and the states/UTs continue the trend of less than 50,000 daily new cases that is being reported for 128 consecutive days now.

India has so far conducted 61,02,10,339 cumulative tests. While the testing capacity has been enhanced across the country, the weekly positivity rate at 1.16 per cent remains less than 2 per cent for the last 39 days now.

The daily positivity rate was reported to be 1.03 per cent. It has remained below 2 per cent for the last 29 days and below 3 per cent for 64 consecutive days now.

India’s cumulative Covid vaccination coverage has exceeded 106.85 crore with 52.39 lakh doses administered in the last 24 hours.

This has been achieved through 1,07,33,024 sessions.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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