COVID fear returns ๐
Indian Index opened higher, but as reports of China's worsening COVID situation circulated, emotion quickly turned negative.
Niti Aayog issued a warning about the improving COVID situation and its implications, further dampening the mood.
๐Nifty 50 (-0.39%) Bank Nifty (-0.49%)
Nifty 50: โ๏ธ
Nifty opened positively, but as the Covid-19 situation in China worsened, the bulls turned into bears. It has dropped nearly 249 points from today's high, a 1.36% drop. On the 15-minute time frame, a falling wedge pattern (reversal pattern) was observed. The 17950 level will act as support for the Nifty 50, while a break below 17950 will result in a further decline to 17840.
Technically, the Nifty will continue to trade sideways until it breaks above 18540. (Key Level)
Bank Nifty : โ๏ธ
Bank Nifty is unable to hold above its 20-day moving average on a 15-minute time frame. It has lost nearly 700 points from its today high, a 1.64% decline. An Ascending Triangle pattern was observed on the 15-minute time frame. The 42200 level will act as support for the Bank Nifty, while a break below 42200 will result in a further decline to 41950.
Technically, the Bank Nifty will remain sideways until it breaks above 43850. (Key Level)
More Volatility is expected in the coming days