India Pre Market News : 26 Feb 2020

STOCKS Sell-off continues in the equity segment as the fear pertaining to the corona virus outbreak continues to keep the market highly risk averse. However, as mentioned yesterday, the major indices are coming closer to their crucial support which can have the potential to halt the current fall. Dow has tested its key support level of 27000 yesterday and can bounce-back well from here while this support holds. DAX and Nikkei have room to dip for a day or two before seeing a reversal. Shanghai has bounced well from its key support and keep the bullish view intact. Sensex and Nifty have supports near current levels itself but can break them following the sell-off in the global indices to test their little deeper supports which are likely to hold and produce a bounce-back thereafter. Dow (27081.36, ?879.44, -3.15%) extended the sell-off for the second consecutive day. Strong support is at 27000 which has held well yesterday. A break below 27000 could be difficult. While 27000 holds, a short-covering rally to 27700-28000 and even higher levels is possible the coming weeks. DAX (12790.49, ?244.75, -1.88%) has declined below the crucial 13000-12900 support zone . While below 12900, a fall to 12500 looks likely. 12500 is the next strong support which is likely to hold and trigger a reversal back to 12900-13000 and even higher levels going forward. Nikkei (22357.39, ?248.02, -1.10%) has tumbled further thereby confirming the downside breakout of its sideways range. A test of 21800-21500 looks possible in the

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