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Market Headstart: Nifty likely to find support near 10,300; next crucial support at 10,000

Trends on SGX Nifty indicate a negative opening for the index in India. The Nifty futures were trading lower by 107 points, or 0.98%, at 10,406 on the Singaporean Exchange around 08:00 hours IST.

March 11, 2020 / 09:20 AM IST

This week started with a black Monday when investors lost about Rs 7 lakh crore in terms of market capitalisation in just one trading session. Both Sensex and Nifty slipped to a fresh 52-week low on March 9 amid rising fears of Coronavirus threatening to impact economic activity.

More than 100 countries are affected by the virus, taking the total infected cases to over 1.11 lakh globally with around 3,900 deaths. Italy, Iran, South Korea, etc. are hit the hardest by the virus.

Nifty is likely to find some support on March 11 around 10,300, and below that 10,000 will act as crucial support for Indian markets.

Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally, said a Reuters report.