Hot Stocks: Nifty trading near 200-EMA, stiff resistance around 10,750

The market continued to extend its losing streak for the fourth straight week as the index fell almost 17 percent from an all-time high of 12,430 to low of 10,294.45 on 9th March 2020.

Four unfilled continuation gap from 12,000 to 10,300 levels, this structure surely indicates bears are dominating bulls.

On the March 11, the benchmark index recovered from its day's lowest point but couldn't sustain above 10,500 level and closed well below the said level.

The daily RSI (14) has drift below 20-level which is an oversold level for the indicator, so a sharp pullback at the current junction cannot be ruled out.

The Monetary Policy Committee (MPC) voted unanimously to reduce bank rate by 50 basis points to 0.25 percent," the Bank of England said in a statement on Wednesday.

The announcement follows a similar decision by the U.S. Federal Reserve last week. This emergency interest rate cut is attempted to limit the negative impact on the economy from COVID-19.

The Nifty50 is trading near a 200-week exponential moving average with indicators near oversold level. This revives hope for some bounce back in the coming sessions.