Asian Markets are weak on New Corona Virus Cases in Wuhan- How To trade in Nifty 50?

Nifty

Key Reasons for weakness in Asian Markets.

  • New Cases are reported in Wuhan prompt fear for second wave infection in Chinese city.
  • WHO statement on spike in corona virus cases seen in countries which have relaxed lock down measures
  • Nasdaq, a U.S indices winning streak continuous on the back of part of New York city is ready to open from lock down.
  • Asian Markets are weak due to fear of second wave of infection.
  • Indian Prime Minister hinted to relax restriction on economic activities from May 17.
  • SGX Nifty is suggesting a weak start.

Asian Markets
  • Wuhan reports first covid-19 cases since lifting of lock down. This has resulted in fear of resurgence of the deadly disease. Five positive corona virus cases are reported from same residential compound. This may be start of second wave of infection is making investors jittery. Today Asian markets are trading in red.
  • WHO in its statement said that the countries that have relaxed the lock down measures, are seeing sudden spike in corona virus cases.
  • Nasdaq continues winning streak after New York Governor Andrew Cuomo hinted to reopen part of the state from lock down. This lifted the positive sentiments among investors.

U.S Markets

  • Dow Jones Industrial Average declined by 109.33 points, or 0.45%, close at 24,221.99.
  • The S&P 500 seen upside of 0.52 points, or 0.018%, ends at 2930.32.
  • Nasdaq Composite Index increased by 71.02 points, or 0.78%, close at 9,192.34.

Asian Markets In Morning

IndicesCurrent ValuePrev. Close% Change
Nikkei 22520349.2120390.66-0.20%
Straits Times2,581.962611.31-1.12%
Hang Seng  24,245.4724602.06-1.45%
Taiwan Weighted10,910.1711013.26-0.94%
Kospi1,915.321935.40-1.04%
Jakarta Composite4,635.624639.11-0.08%
Shanghai Composite2,893.362894.80-0.05%
SGX Nifty 9,146.509215.00-0.74%
Time of data collection: 8.08A.M

Nifty 50 outlook for the day.

  • SGX Nifty is suggesting that Indian Markets will start at around 9150 level. Today strategy is “Sell on Rally” with a target of 9100 level and stop loss at 9250.One should wait for the market to stabilize and move upward at 9200 and then short Nifty 50 future.
  • Yesterday Indian Prime Minister hinted for further relaxation of Indian economy. So do not forgot your stop loss if trade goes wrong.
Asian Markets

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