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Below are Views On Broad based sell off drags Nifty to mark lowest close in March By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

Today morning, all Asian bourses were trading nervous, which eventually resulted in a decent gap down opening in our market as well. The weakness extended as the day progressed to initially enter a sub-14700 territory. Around 14600 – 14650, the Nifty spent a lot of time before cracking down in the final hour. At the end, the Nifty concluded the session with nearly two percent cut to mark lowest close in the March month.

Yesterday, we had some volatile swings in the market and despite market trading in the green for the major time, the conviction was clearly lacking in the up move. Also, the way we closed below the ’20-day EMA’, the possibility of some correction was on cards, which got confirmed after breaking the low of 14707. In today’s correction, the selloff was witnessed across the board and hence, further correction cannot be ruled out on the expiry day. As far as levels are concerned, 14470 – 14350 are the levels to watch out for; whereas on the upside, 14650 – 14700 has become immediate hurdles. We continue to remain cautious and advise against creating aggressive bets in the market for a while.

As far as sectoral movers are concerned, the Pharma space saw some buying interest but this up move also got fizzled out in the tail end decline. The Metal, Auto and Financial stocks were among the major draggers which may continue to outperform in the forthcoming session as well.

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