India sees slight dip at 2.58L new Covid cases, 385 deaths

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New Delhi, Jan 17 | India on Monday reported marginal decline in fresh Covid cases at 2,58,089 in the last 24 hours. In the same time span, total 385 deaths have also been reported, said the Union Ministry of Health and Family Welfare.

With the addition of 385 new deaths, the total death toll due to the coronavirus has climbed to 4,86,451.

Meanwhile, the active caseload has jumped to 16,56,341 which constitute 4.43 per cent of the country’s total positive cases.

The Omicron infection tally has risen to 8,209 across the country, an increase of 6.02 per cent from the past day.

The recovery of 1,51,740 patients in the last 24 hours has increased the cumulative tally of recoveries to 3,52,37,461. Consequently, India’s recovery rate stands at 94.27 per cent.

Also in the same period, a total of 13,13,444 tests were conducted across the country. India has so far conducted over 70.37 crore cumulative tests.

Meanwhile, the weekly positivity rate has climbed to 14.41 per cent amid sudden spike in the cases. The daily positivity rate rose to 19.65 per cent, up from 16.28 per cent the previous day.

With the administration of over 39 lakh vaccine doses in the last 24 hours, India’s Covid inoculation coverage has reached 157.20 crore as of Monday morning.

More than 13.79 crore balance and unutilized Covid vaccine doses are still available with the states and UTs to be administered, according to the health ministry as of on Monday morning.

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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