Friday Nifty fell 380 points from intraday high and Bank Nifty fell 1300 points from intraday high.
We have seen Severe selling pressure due to weak global clues.
On Friday Nifty opened at ATH with huge gap up but failed to hold at higher levels and fell more than 380 points due to fall in heavy weightage stocks.
From past 10days markets went to consolidation and we already discussed about this consolidation on march 1st pre market analysis and exactly market played according to our view.
The main reason is the SEBI new rules about margins but now these days we have to learn how to learn trade with high margin and that is only way to survive in the market.
Bank Nifty trading in between the range of 35k to 36500 and any of these levels taken out will be an direction for trend .
Friday FIIs and DIIs were both on selling side as FIIs sold 942.6 crores and DIIs sold 163.87 crores.
Today Focus on some important stocks like Kotak Bank , Jindal steel , DLF as they are in news today.
Coming to global markets :- US and Nasdaq closed at record highs on Friday and Currently Dow Jones , Nasdaq and UK futures are trading at higher.
All Asian markets are trading with positive bias.
SGX Nifty opened with a gap-up 90 points but now trading with 66 points gain as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global clues.
US 10 year bond yields at 1.62 % and Brent Crude oil floats at 70$ and US dollar rate is also appreciating .
All these all are not a good sign for bullish markets and other hand see our less volumes moves with high volatility.
So first learn the new market psychology and volume and make your trades best.
If our markets open with gap-up then wait and watch first hour high and once that high taken out then expect bullish correction today and mark fridays low as strong support
The one who is looking for support and resistances based on OI data :- Nifty 15200 to 15500 CE was added more contracts and any expectations on upside move only possible if it trade with good volume and 15000 will be an strong support.
Watch Bank Nifty for upside at 36k and 36,500 and downside at 35,500 and 35k.
All The Best , Trade With Discipline.