The supreme court verdict, rather terse comments on its earlier verdict, on AGR dues on Friday triggered a sell off in Banks and in Vodafone Idea and Infratel specifically. That also created an atmosphere of gloom in already gloomy scenario in Indian and global markets due to corona virus outbreak. Nifty fell by around 61 points and Banknifty by around 395 points. Globally now, number of infected people has risen to more than 69,000 and number of deaths are at 1669. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content where I have talked a bit more about effect of corona virus on world and on Indian markets. The market is bearish for sure. Because, many companies (Gail, Eicher motors, Powergrid, NTPC, Heromotocorp, etc.) not related to the telecom sector also fell. After the fall due to supreme court comments, market tried to pick up but just could not rise and later at around 2:50 pm made lower low than previous intraday low and closed near it. So the ood it seems to be of Sell on rise and we should be cashing in on this trend. FIIs were net sellers by 705 Crs and DIIs were net buyers by around 220 Crs. Option chain suggests that 12000 is more dependable support and 12200 a strong resistance. Two strong Selling areas got made due to sudden fall on Friday which are marked on 15 min chart.
All the best. Happy trading.
All the best. Happy trading.