1. U.S Markets closed higher yesterday.
2. Right now , U.S Futures are slightly higher.
3. SGX Nifty is up 80-100 Points.
4. Asian markets are mostly higher.
5. Yesterday Nifty did retest the previous low of 16850.
6. Intact nifty broke 16850 and went another 20-30 Points lower.
7. During the end of the day there was a short covering rally witnessed.
8. Global markets are in turmoil.
9. This is the reason FII's are selling heavily.
10. They have sold for more than 12000 crores since SVB news is out.
11. These are monstrous selling numbers.
12. All the major large cap stocks also look weak.
13. If the market has to recover, this is the
14 . Nifty at major support level of 16850.
15. Reliance near major support level of 2200.
16. Reliance for the last 1.5 years has been hovering between 2200 and 2800.
17. A pullback rally is due and this is the place from where we could have one if we should.
18. If 16850 is taken out and we close lower then we could witness much lower levels.
19. 16850 to 17250 is the larger range for nifty now.
20. Nifty might trade between 16900 to 17200 today