Market Outlook: Anil Singhvi expects market may see correction as corona cases at all-time high

Despite positive triggers such as strong global markets, Futures weekly expiry, short coverings support, the surge in coronavirus cases would likely make a deep cut in markets, says Zee Business Managing Editor Anil Singhvi in a special edition of Editor’s Take. 

India on Thursday reported around 4.12 lakh cases 3980 deaths so far in the last 24-hour.  

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Singhvi believes, Market may ignore this surge in the covid cases today in midst of good triggers, however, it cannot ignore this for longer time and it becomes inevitable that the market would decline. 

He adds, the concern of corona cases is low at around 14200-14300 level, but it would have an adverse impact when Nifty as at 14800-900 level, as at the higher end of level we may see correction amid profit booking activity as the cases continue to wreak havoc in the country. 

Singhvi expects, perhaps today in a couple of hours or by tomorrow, the market may see a decline.  

Singhvi also believes that is this 4 lakh mark of corona cases continue, then both central and states government will definitely tighten the restrictions.  

He adds, big states such as Maharashtra Karnataka, and Tamil Nadu, wherein the business is high in number, are reporting 50000 cases every day is not at all a good indication, this raises big concerns. 

Markets on Thursday have been trading flat, Nifty is trading above 14600 levels. Out of 50 scrips, 27 advances and 23 declines. Heavyweights such as Hero MotoCorp, Tata Steel, and Bajaj Auto are the top gainers so far.