YES Securities
Indian equity markets started the trading week on a grim note as bears took the Dalal Street by storm following fresh restrictions imposed by the Maharashtra government, bringing several non-essential activities to a partial halt till 30 April amidst steep rise in Covid-19 cases. Benchmark index Nifty50 ended trade lower by 230 points or 1.54% at 14,637.80 following a recovery in the second half of the session from the lows of 14,459, down 400 points.
Further, the bulls need to push the index above 14,700 in the coming sessions for an extension of the short covering rally to levels of 14,750-14,800. However, failure to push beyond 14,700 could resume the corrections, dragging the index lower to levels of 14,550-14,450. Broadly, Nifty50 continues to oscillate in a wide range between 14,330-14,300 on the downside and 14,850-14,900 on the upside. A successful close beyond 14,900 would resume the uptrend.