India reports decline with 2,568 new Covid cases

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New Delhi, May 3 | India on Tuesday reported 2,568 fresh Covid-19 cases, a decline against the 3,157 infections registered previous day, the Union Health Ministry said.

In the same period, the country reported 20 new Covid fatalities, taking the nationwide death toll to 5,23,889.

The active caseload declined to 19,137 cases, accounting for 0.04 per cent of the country’s total positive cases.

The recovery of 2,911 patients in the last 24 hours took the cumulative tally to 4,25,41,887. Consequently, India’s recovery rate stands at 98.74 per cent.

While, India’s daily positivity rate was 0.61 per cent, the weekly positivity rate stood at 0.71 per cent.

Also in the same period, a total of 4,19,552 tests were conducted across the country, increasing the overall to 83.86 crore.

As of Tuesday morning, India’s Covid-19 vaccination coverage exceeded 189.41 crore, achieved via 2,34,30,863 sessions.

Over 2.94 crore adolescents have been administered with a first dose of Covid-19 jab since the beginning of vaccination drive for this age bracket.

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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