The past week has seen the stock market undergo a strong correction. For the first time since the Nifty returned from the 7,500 level, the stock market faced a strong correction. The Nifty corrected close to 11,800, down a thousand points.

The decline in global equity markets was also reflected in the Indian market. One of the reasons for the sudden decline in the market is the news that some European countries are moving to reintroduce lockdowns in the face of increasing number of COVID-19 patients. Uncertainty in the US presidential election is also a factor that has adversely affected the market. There is complete uncertainty as to who will win the November elections.

The Nifty is likely to trade between 10,000 and 12,000 until the economy recovers. The technical charts also indicate that such a situation is likely to exist.

If the decline continues, the key support level will be at 10,800. If it breaks 10,800, the next support will be at 10,150. If the market rises, there will be strong pressure at 11,377. Subsequent pressures are at 11,377 and 11,800 levels.

Investors are approaching the market with caution in view of the circumstances under which the Supreme Court on September 28 considered the petition seeking waiver of interest during the moratorium period. If there is a court ruling that goes against the interests of the banks, the selling pressure on the shares will increase.

In the present situation it is advisable to use the opportunity available in the correction to buy in stages. In the downturn, buying shares in the IT, pharma and FMCG sectors will further strengthen the portfolio.

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The plea was in favour of conducting key entrance examinations only after normalcy is restored post-COVID-19 crisis. Ahead of the hearing, advocate Srivastava exuded confidence in getting justice for young JEE and NEET aspirants. India Wide Parents’ Association chief Anubha Shrivastava Sahai too appeared optimistic ahead of the crucial hearing. “We are quite confident that the honorable Supreme Court will give justice to lakhs of students and government will support them.”

Union Minister Ramesh Pokhriyal has said that the JEE Main Examination for Engineering will be held from September 1 to 6. The JEE Advanced exam is scheduled to be held on September 27. The Central Government announced the dates of NEET and JEE examinations after a series of postponements in the wake of the COVID pandemic.

Solicitor General Thushar Mehta told the Supreme Court that all necessary security precautions would be taken for the examination. Not everything can be closed in during this period. Life needs to move forward. It is imperative to proceed with all security arrangements. Arun Mishra asked the students if they were ready to waste a whole year.

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