Mr Vishal Wagh, Research Head
"Nifty started the day with a sharp gap down. The bear was marching dip into the territory of Bulls. Bulls tried to fight back in the middle of market hours and managed to fill the opening gap, but failed once the state of emergency declared in San Francisco. Dow future went down by more than 400 points around 2.40 pm. In the last hour, due to short covering, nifty managed to close above 11660. All sectors got punished lead by Auto, Reality, and metals. Midcap stocks also witnessed selling pressure. The fear of Corona is playing a major role in favour of bears. Going forward, Nifty has major support near 11614. Once it breaches that level, gates will open for 11200. Bulls should hedge the position or maintain stop loss. Bear should maintain stop loss above 11780 and play safe."