Have a look at the Indian lockdown map to understand that how the business is impacted. However, the highways are open and one can see free movement of the goods and thus we see that for the same reason market may not go down again and in the worst scenario, the Nifty may find support at 12200 levels.
While the ongoing internal resilience is heartening and bull market indicators
are at or near a buy zone, Covid-related negative news flows can keep the
risk open for brief new low probes though participated by fewer and fewer
stocks.
Very strong support for the Nifty is near 13650. This is the approximate entry price of investors who have entered the market post
September 2020 (from where the last big rally unfolded). With the global hegemony of passive money and index heavyweights mostly behind us, we
might be seeing an increased number of situations going ahead where individual
stock trends flourish with or without the Nifty.
Last Friday, when the Nifty briefly fell to a new low, only 28% of the Nifty500 stocks participated in the new low. This internal resilience is likely to pave the way for the next rally sooner which will see the bigger outperformance of Equal Weight trends and broader indices.
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