Nifty Tips:- The NSE main index Nifty 50 advance 205.85 points or +2.29% to close at 9187.30. The Nifty index opens gap up by 45 points but reveres back to mark the day low of 8946 before closed in green. The two positive events 1) Additional Relief package from US govt and 2) FB investment plan of $5.7 Billion in Reliance Jio enforce the bulls to then take the charge and after breaching the resistance level of 9040 it further touch the daily level of 9105- 9190 as mentioned in the last report.
Volatility index– The VIX dropped by -5.25% to close at 42.82 in intraday trade.
Coronavirus Update:- The number of novel coronavirus cases increased to 20,471 in India and the death toll reached to 652 by Tuesday evening, Whereas over 2.5 Million people infected and more than 1,78,800 deaths reported worldwide from COVID-19
Technically, The price action bounced back from the support line and forms a bullish candle. The Nifty index continued to trade in a rising wedge pattern and if manages to hold above the support line, it may show more upside in the coming time.
Nifty Support and Resistance Level:- The index has immediate resistance at 9230 above this it may test the level of 9320-9430 to the upside. Whereas it has nearest support at 9090 below this it may drop to the level of 9030-8930 to the downside.
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