Nifty is near 1/3 Gann support of 4530-12420. 1/4 support is at 6500. RSI is not in consensus with recent down move of last 8-10 sessions. -DMI has turned down below ADX but still above +DMI. ADX has still not turned head lower. 8300-8400 could be the supply zone. I will buy Nifty or selected stocks (on RS) near 6900 & 6500 for possible 20-25% upmove from sub 7000 level. I'll exit if Nifty spot gives daily close below 6500. It may happen on or after expiry. Those who have borrowed under SLBS mechanism will go for reverse leg settlement which is scheduled on 3rd April. It should happen before 3rd April as incentive for further downside would be limited due to increase in margin. US should also pass $ 2 trillion package in coming days. India's FM might also declare financial stimulus. RBI policy is on 3rd April. GOI will start mass lab testing after the new indigenous kit developed at 800/ test or 80000/kit. Incentive to remain short below 7000 is limited. Further downward momentum requires worst news from US or India on corona front. Europe's news has already been discounted.
