S.Korea’s daily Covid cases soar to all-time highs

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S.Korea's daily Covid cases soar to all-time highs
S.Korea's daily Covid cases soar to all-time highs

Seoul, Nov 24 | South Korea’s new coronavirus cases and critical cases soared to all-time highs on Wednesday, prompting the government to consider imposing an emergency Covid-19 response plan just weeks after easing social distancing rules under the “living with Covid-19” scheme.

Prime Minister Kim Boo-kyum urged health authorities to beef up containment measures, saying the country is facing the first hurdle in its move back toward normalcy and the Seoul metropolitan area, home to half of the country’s 52 million population, is in an urgent situation, Yonhap news agency reported.

The country reported 4,116 new Covid-19 cases, including 4,088 local infections, raising the total caseload to 425,065, according to the Korea Disease Control and Prevention Agency (KDCA).

This marked the highest since the country reported its first confirmed coronavirus case in January last year. It also broke the previous daily record of 3,292 reported last Thursday.

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The number of critically ill patients hit an all-time high of 586.

The country added 35 more deaths from Covid-19, the highest number since the start of the fourth wave of the pandemic in July, bringing the death toll to 3,363, with the fatality rate standing at 0.79 percent.

Daily infections soared as the government began easing antivirus restrictions on November 1 for a gradual return to pre-pandemic life under the three-phase “living with Covid-19” scheme.

South Korea planned to move to the second stage in mid-December, but health authorities have warned the country may not be able to do so if the current trend continues.

The government is struggling to secure enough hospital beds, especially in the greater Seoul area, as infections remain high and the number of critically ill patients is on the rise.

“We should beef up support measures so that asymptomatic patients and those with mild symptoms can have treatments at home safely,” Kim said.

Health authorities said 83.3 percent of beds for patients in serious condition in Seoul and its surrounding area had been occupied as of 5 p.m. Tuesday.

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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