S.Korea may not move to 2nd phase of new Covid scheme

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Seoul, Nov 11 | South Korea may not further ease its coronavirus restrictions, the country’s top public health official warned on Thursday, amid a spike in new cases.

South Korea began easing virus curbs in November in the first of the three-phase “living with Covid-19” scheme. It had planned to move to the second phase in mid-December after a two-week evaluation period, reports Xinhua news agency.

Jeong Eun-kyeong, commissioner of the Korea Disease Control and Prevention Agency, said it may be difficult to move to the second phase of the scheme if new cases continue to grow.

The country reported 2,520 new Covid-19 cases, raising the total caseload to 388,351, the KDCA said.

Thursday’s tally marked a slight hike from the previous day’s 2,425, which marked the first time in six days that daily infections exceeded 2,400.

The daily infection tally has stayed in the quadruple digits since July 7, including the record high of 3,272 cases on September 25.

“If the current trend continues, we will need to maintain the first phase or tighten virus restrictions,” Jeong said during a parliamentary session.

Under the first of the three-phase scheme, people are allowed to gather in groups of up to 10, regardless of vaccinations. Still, basic preventive measures like wearing masks indoors remain in effect.

Operation hour curfews for businesses that cover restaurants, cafes and movie theatres are fully lifted, except for entertainment facilities.

High-risk facilities, such as bars and nightclubs, have introduced a “vaccine pass” system that requires visitors to be fully vaccinated or have a negative test result.

The death toll rose by 21 to 3,033 on Thursday, health authorities said. The fatality rate came to 0.78 per cent.

The number of patients in serious or critical condition came to 473, up 13 from the previous day.

The health authorities warned there could be more cluster infections under the eased social distancing scheme meant to bring the country gradually back to pre-pandemic normalcy.

As of Thursday, 41.76 million people, or 81.3 per cent of the country’s 52 million population, had received their first Covid-19 vaccine shots. The number of fully vaccinated people came to 39.73 million, or 77.4 per cent.

The health authorities predict full vaccination rates to reach 80 per cent around mid-December.

In Seoul, the bed utilization rate for coronavirus patients in serious or critical condition stood at 74.8 per cent Thursday.

South Korea also reported its first death after a patient received a booster shot of the Pfizer vaccine.

Health authorities said they will need to investigate the case to determine the cause of death.

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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