Hot Stocks | Nestle, Maruti, NTPC three sell calls for the short-term
Episode 2322, Mar 18, 2020, 01:30 AM
After opening a tad higher on March 17, Indian markets gave up all the gains and slid sharply in the last hour of trade with Nifty closing below 9,000 levels and Bank Nifty below 22,200 levels as fears over the coronavirus pandemic loomed over the market.
On the technical front, Nifty has slid below its 100-days exponential moving average on monthly charts which can trigger further selling pressure into the prices in coming sessions once again.
On the derivatives front, the heavy short build-up has been witnessed into the index from the last few sessions, which will once again limit any sharp upside into the prices.
On the higher side, as long as Nifty is trading below the psychological level of 10,000, the undertone will likely to remain bearish and any bounce into the prices should be used for creating fresh shorts.
Additionally, the Indian Volatility Index (VIX) has spiked above 60 levels which also indicates further downward momentum with some wild swings on the cards.