Today Nifty crumbled to a month's low on Due to spike in Covid cases in China and growing fears for the global economy weighed on Indian browses. It sank to the day's low of 18,163 in the afternoon session and closed down 186 points , at 18,199. All sectoral indices, barring IT and pharma, closed sharply lower. Pharma were in demand today due to fear of expansion of pendamic globally. But fortunately it could sustained above 50 DMA. 18144 - 18000 can be a support for two days. The Nifty corrected sharply and formed a long bearish candle on the daily charts, which is broadly negative. As long as Nifty trades below 18350, weakness may continue.
On option chart, 18500 & 18000 may be a probable range as of now. The India VIX, which gauges the expected volatility in the market, surged 13 percent to 15.56 from 13.78 level. Which also indicates downward direction.
Bank nifty formed a bearish candle on daily chart, it fell down substantially. Range for Bnf would be 4300-42000. All rise was sold off. Investors were waiting for 19000 & it's near to 18000 again.
China has not imposed hard steps, but left it on public to be safe against pendamic. Fear spreads across the globe.
Signing off the day💐