Tuesday, March 3, 2020
NSE Nifty slumped for a seventh straight session on Monday, as market sentiment took a hit after two new coronavirus cases were confirmed in India. The domestic stock market made a positive start and the index moved past the 11,400 level in the early trade. However, the headline index reversed course in the second half and lost over 350 points in an hour. It finally settled 69 points or 0.62 percent lower at 11,132.75.
The market on Tuesday is expected to try and find a temporary bottom. Fresh Covid-19 cases in India might fuel a negative sentiment in the beginning, but the oversold nature of Nifty on the short term charts will help in a technical pullback. The index is likely to stay volatile.
Tuesday’s session is likely to see 11,165 and 11,255 levels act as resistance. Support may come in at 11,036 and 10,965.
