It was a mayhem on Friday where nifty opened gap down by 250 points and gave up another 200 points during the day to close near 11200. All the 50 in nifty pack closed red and this has happened for the second time in this week itself.
60% of BSE 500 stocks are at below 200 Day average. The FPI Heavy stocks lost more than 20% with the danger of decline extending further. Most of the investors in options lost heavily as the nifty set up on Thursday was a buy with an inverted hammer candle. The low formed on Thursday 11536 appeared as temporary bottom formation. This has shaken almost all investors and blew the technical off.
The bear ruled the day and bull had no say!
Coming to the technical, as nifty formed a new low on the last day of February trading, first day of fresh expiry, the set up for the coming days is likely to be utter bearish. Any rally is sell on rise, unless nifty is able to make a daily close 11382 high formed on Friday. Whether nifty will again 11533 again or not in near future itself is doubtful as 12000 is far away, as we say in Hindi, Delhi is still far away!!
Range for the day 11100-11350 Bank Nifty 28900-29500.
Anyone interested in stock futures may ping me on whatsapp 70104 19004, I can give trial for 3 days with my sharp levels.
Good Day!
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