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Nifty cracked further, despite some support from Banks.

NSE:NIFTY   Nifty 50 Index
Nifty cracked further, closed below 12000. It is indeed the lowest closing for the year and only IInd closing below 12000.

A few attempts to recover were met with heavy selling, a day ahead of a major event.

FII have been big sellers for past few days, in cash as well as derivatives markets.

Some good news w.r.t. the budget tomorrow may provide some support to the oversold markets. But with the kind of global news flow we are getting, Budget has become a much smaller event. This may change tomorrow, atleast for a short term.

I guess developments w.r.t. Corona and China economy will provide further directions to our and global markets.

Incase Nifty cracks further, 11950 - 11930 - 11880 - 11830 - 11798 are the levels at the downside.