The NIFTY today regained some of the losses it had incurred yesterday. The index gained 67 points to close just under 9000. The index had closed at the same level on Tuesday. Therefore we have almost 3 days in which the index has been flat moving around the level of 9000.
IT stocks were the big losers today. This was in spite of the fact that the rupee has depreciated significantly. The prospect of a recession in the USA have dampened sentiment in IT stock in India.
The action in the last three days has developed a small trading range in the NIFTY. A three-day trading range is not very significnt, it is a minor range, but is still represents consolidation, and therefore, a trading opportunity.
Resistance in the NIFTY comes around 9150, and support around 8850. This represents a range of almost 300 points. But given the wide range is taking place recently , the range of the trading consolidation is reasonable.
Consider buying a breakout of the consolidation above 9150, with a stop at 9000. A breakdown below 8850 is a short sale, with a stop again at 9000.
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Prime Minister Narendra Modi on Thursday reviewed the impact of coronavirus on the Indian economy and discussed a possible second stimulus to boost sectors hit hard by the pandemic. Modi held discussions with Finance Minister Nirmala Sitharaman on the ongoing situation.
Mobile phones, televisions, refrigerators, laptops and stationary items will be allowed to be sold through e-commerce platforms like Amazon, Flipkart and Snapdeal from April 20 during the lockdown, officials said on Thursday. The clarification from a senior home ministry official came a day after Union Home Secretary Ajay Bhalla issued revised guidelines for the extended lockdown period till May 3.
Reliance Industries Ltd. raised Rs 8,500 crore in three-year bonds, just short of its target of raising Rs 9,000 crore. The two-part non-convertible debenture issue saw interest from large banks but at a higher coupon rate than what was paid in previous issues.
Indian auto major Mahindra & Mahindra Ltd. has said it is retooling their Detroit manufacturing facility to make medical personal protection equipment for healthcare workers combating the Covid-19 pandemic that has infected over 2 million globally.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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