Maha ‘conquers’ Omicron? No cases for past 60 days

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Mumbai, May 7 | In a relief of sorts, Maharashtra has not recorded a single case of the ‘Omicron’ variant, for the past two months, though Covid-19 infections are again rising gradually, health officials said.

On March 6, the state had reported the last 61 Omicron cases – nearly three months after the first one was confirmed on December 4, 2021, sending shockwaves among the health circles.

The first victim was a 33-year-old marine engineer of Thane, who came to Mumbai on November 23 from South Africa via New Delhi, and tested positive on November 27, while his Omicron positive report came on December 4.

He was admitted to a hospital in Kalyan-Dombivali and discharged after 11 days of treatment for Omicron.

Since then, the state continued to notch regular incidence of Omicron cases with the final tally standing at 5,726, the highest in India.

Not willing to take chances, the state government kept a hawk’s eye vigil at the international airports in Mumbai, Pune and Nagpur and other airports for domestic passengers and carried out random checks on lakhs of arrivals to weed out the potential infected ones.

Hospitals in Mumbai, Thane, Pune and certain other areas from where a large number of Omicron cases were reported were on high-alert and the situation was finally brought under control after three months.

However, on April 6, the state had another scare with a suspected Omicron XE variant infectee – a 50-year-old South African films costume designer – but it was later denied by the Centre.

Subsequently on April 9, the first – and till date only – case of Omicron XE was confirmed in a 67-year-old Mumbaikar who tested positive on a visit to Vadodara.

Barring the sole case of Omicron XE on April 9, the state has remained Omicron-free for the past two months now.

Meanwhile, Covid-19 cases have again shown an upward trend, crossing the 200-mark during the week for the first time since mid-March.

Till date, the state has notched 78,78,801 total infections and 147,845 deaths since the pandemic started in March 2020, while another 1,161 ‘active cases’ are under treatment.

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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