SGX Nifty is Showing a red start after Steller Rally on Tuesday- How to trade today?

Yesterday Indian market have rallied on the back of Global Markets and surged more than 8% . This is the best performance of Indian Market after 2009. This has been on the back of short covering as well as some reduction in corona virus cases in countries like Italy, Iran & Spain. In this article investor will be informed about how to trade today in Indian Market as well as the current trend in corona virus cases for previous day.

The data has been compiled for Major impacted countries and has been compared with the previous day to find out the latest trend

Have a look on the data.

CountriesTotal casesNew casesTotal deathsNew deaths
USA
Today 4,00,33533,33112,8411,970
Yesterday3,67,00430,33110,8711,255
% Change9.08%9.89%18.12%56.97%
Spain
Today 1,41,9425,26714,045704
Yesterday1,36,6755,02913,341700
% Change3.85%4.73%5.28%0.57%
Italy
Today 1,35,5863,03917,127604
Yesterday1,32,5473,59916,523636
% Change2.29%-15.56%3.66%-5.03%
Germany
Today 1,07,6634,2882,016206
Yesterday1,03,3753,2521,810226
% Change4.15%31.86%11.38%-8.85%
France
Today 1,09,06911,05910,3281,417
Yesterday98,0105,1718,911833
% Change11.28%113.87%15.90%70.11%
China
Today 81,802623,3332
Yesterday81,740323,3310
% Change0.08%93.75%0.06%
Iran
Today 62,5892,0893,872133
Yesterday60,5002,2743,739136
% Change3.45%-8.14%3.56%-2.21%
UK
Today 55,2423,6346,159786
Yesterday51,6083,8025,373439
% Change7.04%-4.42%14.63%79.04%
Switzerland
Today 22,25359682156
Yesterday21,65755776550
% Change2.75%7.00%7.32%12.00%
India
Today 5,31153315014
Yesterday4,77848913618
% Change11.16%9.00%10.29%-22.22%
worldometers.info Website

This has provided a relief rally in the Stock Markets around the world. Yesterday in early trades US markets surged as high as 2% to 3% but could not sustain this move. It has closed in negative territory. As this issue can have a very bad economical dent on the world economy. United Nation is still facing lot of trouble in controlling the corona virus cases.

image 19
google Website

This morning the Asian screen is showing a mix response as most of the Asian markets are trading in red on the back of this difficult time. Putting pressure on SGX Nifty that is also showing a red tick of more than 1.65% a loss of 146 point. Suggesting a deep red opening for our market too.

IndicesCurrent ValuePrev. Close% Change
Nasdaq7887.267913.24-0.33%
FTSE5704.455582.392.19%
CAC4438.274346.142.12%
DAX1035610075.172.79%
Nikkei 19039.9118950.180.47%
Straits Times2519.232571.89-2.05%
Hang Seng 24024.9624253.29-0.94%
Kospi1813.311823.6-0.56%
SET Composite12041214.95-0.90%
Jakarta Composite4664.174778-2.38%
Shanghai Composite28082820.76-0.45%
moneycontrol.com Website

How to trade this morning?

In the month of March 2020, Nifty has hit an highest level of 9038 level. Yesterday Nifty has closed at 8792 level, this is near to 9038 level. Suggesting that we are now at an important level where if Nifty breaks this level then Markets can move towards 9500 level in near future.

image 20
icharts.in Website

For the day, we believe that Nifty could find a support near 8600 level and target for today is 8750 level. Do not open the trade on opening. Just wait for dip below 8650 level and if Nifty finds a strength at lower level. Then go long with a stop loss of 8500 level.

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