There is selling pressure at a higher level and will continue to stay.
Levels on Chart
Why I won't buy for positional trades?
1. Due to COVID-19, millions of jobs will be lost and will do irreversible damage to the middle class and lower middle class.
2. Lucky peoples who will have the job will save money for the future and will think twice before spending.
3. Demand will fall resulting in the low-profit margin, affecting the profitability, which is getting reflected through downgrade of the Indian MNCs by global rating agencies.
4. Collateral free loans have a high probability of becoming NPA, affecting the gross profit margin of the banks and outstanding loans will become NPA.
Make in INDIA model for supply chain which is getting sold by the government, is far from reality. China started in 1980 and took 30 years to becomes a global supply chain hub, don't expect we can do in the next 3 years and very much possible in the next 15 to 20 years.