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Daily Technical Report | 1st March 2021

Nifty saw its fourth biggest loss in absolute terms and formed a large bearish candle that resembled a Long Black Day formation on the daily chart, the first day of the March series.

Nifty formed a strong bearish candle on the daily chart, indicating that the bears were in control of the market through the day.

After opening gap down at 14888, Index extended losses to hit the day’s low of 14467. It signed off the session at 14529, down 568 points or 3.76 percent.

Banking & financials were the biggest losers, followed by auto, IT, FMCG and metals. Nifty midcap 100 and smallcap 100 indices fared better than the benchmarks, falling 1.6 percent and 1.2 percent, respectively.

Year-high US bond yields, which raised fears of FII outflow, and rising oil prices hit the sentiment as the index declined 3 percent for the week.

Interestingly, today’s gap-down opening as a follow through to the last Thursday’s gap up opening resulted in a bearish formation called Abandoned Baby on candlestick charts, which is popularly known as island reversal in conventional technical charting.

It was inevitable that the index would revisit and bridge the bullish gap zone, registered on 2nd Feb 2021, present between 14469–14336 level.

Apart from the said gap area, there seems to be a confluence of additional support points in this zone like the 50day exponential moving average, with a value present around 14400 level. Hence a near term bounce can be expected from the zone of 14460 to 14300 level.

Now till it remains below 14650 zones, weakness could be seen towards 14400/14300 zone, while on the upside, hurdles are seen at 14750 and 14850 zone.

Trend seems to have decisively turned in favour of the bears,Positional traders to short the rally, preferably in the 14650/14700 zone, with a stop above 14920 on a closing basis and look for bigger targets.

Mid and small-caps were outperforming their larger peers as the Midcap and Smallcap indices were down by 1.75 percent and 0.74 percent, respectively.

Nifty & Bank Nifty Levels | 1st March 2021
LevelsNiftyBank Nifty
Prev. Close1363430565
S11349230294
S21339829862
S31326329568
S41319228976
R11378630816
R21392931416
R31407331988
R41413832386

Performance Sheet

F&O (Intraday) –
December20
January-21
November-20

Positional Calls –
December20
January-21
November-20

B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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