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After displaying a panic selling on February 28, Nifty witnessed high volatility on March 2 within a wild high low range movement of around 300 points. The index finally closed the day lower by around 69 points.

A long-range negative candle was formed on March 2 within a high low range of 11,433-11,036. This shows weakness with high volatility in the market.

Nifty has now reached a key lower support of 11,000, as per the concept of change in polarity. The lower range of 11,000-10,900 is expected to act as strong support for the market as per long term charts such as weekly and monthly timeframe.

This level is going to be crucial for the bulls to make a comeback.

The formation of a long-range bear candle in Nifty near the crucial lower supports after a reasonable decline indicates a possibility of an important bottom reversal in the market. But we need a confirmation of bottom reversal to act on the positive bias.

The short-term trend of Nifty continues to be negative. But, being placed at the crucial lower support zone, one may expect an upside bounce in the market from the lows. The confirmation of bottom reversal could open up a sharp upside bounce in the market from the lows.