Market Update 22. 03. 2021
Hope you all looking forward to an amazing weekend. Here is a quick read out on markets. Obviously we having a lot of action in bond this week and yields flying higher. Financials continue to stay on a sell mode. Banknifty has seen huge selling pressure. Looking at the index chart above, we a trading at the lower range of the channel and there seems no signs for going long as of now. Fridays low remains sacrosanct and well be a key level for going short in the coming week. Decline in IT an indication of capitulation which we will get a bit more into detail during this blog. Nifty retraced 45% of the budget rally follwed by what we saw today was a gap-down to a good upside rally.
Anecdotally, markets retrace 35-65% of the entire rally. A 65% retrace can take Nifty to around 14,200. PSU Banks are doing badly alongside markets are dropping without any institutional selling in cash markets.
Yesterday crude oil fell around 6%, s