Broad based sell off drags Nifty to mark lowest close in March By Sameet Chavan, Angel Broking
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/03/ad5359ea34e1dbf13001f1f706533acb.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Clean Science and Technology.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Somany logo.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/startup.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Srinivas Narayanan.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Mongolia.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nitingadkari37.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul03v68_wcHr0zT.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/IT Sector03.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Bharti Airtel Ltd.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/06/fc4f4e055fbeb1c90e1947acbc9ed535.jpg)
On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
![Nifty started the day marginally positive and traded in a range for the first couple of hours - Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/09/76f068e997559da07c573304813e5eb1.jpg)
![Quote on Real-estate sector update By Mr. Yash Gupta, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/09/4b5a0a599bcbe376a888db007b60cf05.jpg)
![Our markets had a remarkable comeback in last four sessions as we not only managed to recover from lows but also went on to clock fresh highs - Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/09/1ed485bceaf71b7ee647be1831341885.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/02/9d46dd4f8b306bf05031cbf5bbe342f4.jpg)
Market Quote 08 February 2022 By Rupak De, LKP Securities
![Daily Market Analysis : Market showed strength amid mixed cues and gained over half a percent Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![Market Wrap Up : Profit booking drags Nifty below 18300 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/05/03737d482f229f99977f5d7cb0156a85.jpg)
![Commentary On Gold By Mr. Navneet Damani, Senior VP Commodities Research, Motilal Oswal Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/09/e958281f8049a641463d9f59332fab0d.jpg)