The NIFTY had a strong gap up, and then remained range bound inside a narrow range throughout the day, finally closing with a significant gains, maintaining the gains of the Gap as well as adding to it. The NIFTY closed at 9111.90, up 363 points, almost 4%. This is a very impressive gains coming as it does on the back off gains made on Tuesday when the NIFTY went up by more than 7%. From a low of 8050, the index has now moved up to 9100, in just five trading day’s.
After the stunning gains, markets could begin the process of consolidation. This may involve the creation of another trading range. While the trend is up, we do not feel that traders should buy immendiately on Monday. Wait patiently for a correction of 200-300 points, before considering a buy. If you have any long position taken on Thrusday, consider taking profit on that position.
Buy on a dip towards 9000 with a stop just below 8920
Buy on a breakout above 9150 with a stop just below 9090.
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The People’s Bank of China raised its holding in India’s biggest mortgage lender to more than a percent at a time the domestic equities tumbled amid the coronavirus outbreak. The holding of China’s central bank in Housing Development Finance Corporation Ltd. stood at 1.01 percent as of March, according to the latest shareholding disclosed by the Mumbai-based lender on the BSE. The PBOC held about 1.74 crore shares at the end of March.
A vaccine against the coronavirus could be ready by September, according to a scientist leading one of Britain’s most advanced teams. Sarah Gilbert, professor of vaccinology at Oxford University, told The Times on Saturday that she is “80% confident” the vaccine would work, and could be ready by September.
Ahead of extending restrictions on the mobility of goods and persons, the government plans to set up a chain of 20 lakh retail shops called ‘Suraksha Stores’ across India which will provide daily essentials to citizens while maintaining stringent safety norms. The Suraksha Stores initiative will convert the neighbourhood kirana stores into sanitised retail outlets selling daily essentials while adhering to safety norms such as social distancing and sanitisation to control the spread to control the spread of the novel coronavirus.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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