Podcast Script : D-Street Talk podcast | Coronavirus scare! The fall was unexpected, 11000 likely to lend support
The fall which wiped out Rs 5 lakh crore of investors wealth in Friday’s trading session was unexpected, and all eyes will be on global markets which are likely to dictate the trend for Indian markets as well, Sameet Chavan, chief analyst-technical & derivatives, Angel One said in a special podcast ‘D-Street Talk’ with Moneycontrol.
Going forward, in case if slides further, then the last ray of hope would be the lower end of multi-year ‘Upward Sloping Channel’ placed at 11000.
“On the upside, Friday’s huge gap area of 11384.80 – 11536.70 remains to be an immediate hurdle. In our sense, if any sustainable recovery has to happen in the forthcoming week, it should be a v-shaped or steep in nature,” he said.
He further added that if that doesn’t happen and if the recovery is gradual, that would be an ominous sign for the bulls.
Chavan recommends momentum traders to stay light and should avoid leveraged positions in such kind of global uncertainty.