#NIFTY View on the 22^nd March.  Yesterday’s signs of strength were negated by today’s move. Today’s move was indeed unexpected.  On hindsight the media is trying to attribute the move to Trump policies etc. The reality is that there was really no real bad news for such a negative sentiment. This makes me wonder if the smart money was aware of some news which we are not. Or was this a shakeout move.

On the other hand though the index gapped down the selling pressure did not force the index down much further, just 17 points.  The intraday chart does show demand trying to keep up the index but gave in to supply towards the end of the session. The volume was average and lesser than yesterday. All these show that the supply was indeed of poor quality and we should see the end of the immediate down move very soon. The levels which can be significant are 8990 and 8950.