NIFTY for 24th February

NSE:NIFTY   Nifty 50 Index
When our markets were closed on Friday, all the other major markets, Asian, European and American closed in red. Hangseng closed more than 1% down; European markets ( FTSE , CAC & DAX ) closed down by around 0.5%, DOW closed down by around 0.8% and Nasdaq closed down by 1.79%. All this is attributed to Corona virus spread, now wrecking havoc in South Korea and Italy. South Korea reported new 200 plus cases in last 24 hrs and Italy reported around 79 cases- worst affected country in Europe. Thankfully though, China reported fewer deaths , around 79, in last 24 hrs . Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content. Our markets closed in negative on Thursday but FIIs were net buyers by 1495 Crs and DIIs were net sellers by 700 Crs . We survived the fall on Friday since our markets were closed. On Monday, that ghost is most likely to haunt our markets. Option chain shows a decent support at 12000 but charts show a more dependable buying area where we can actually buy Nifty for any long trade between 11908 and 11930. Option chain shows 12100 as solid resistance, just 20 points above CMP but charts show a dependable selling area between 12,127and 12,152. So one can trade at these levels with stop loss but I would be inclined to take short trades only in such a dismal scenario across world.
All the best. Happy trading.

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