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Nifty plunged 566 points or 5.74 percent, reacting to the last two days of weak global cues, and closing at 9,294 on May 4.

This is the highest single-day fall in percentage terms since March 23, the day on which Nifty made the lowest low on the closing basis during this downtrend.

From the bottom of 7,511, registered on March 24, 2020, Nifty has risen more than 31 percent to the high of 9,889 made last Thursday.

In the April 2020 series, Nifty surged 14 percent, the highest in a decade. This was the highest series to series gain since May 2009.

Though Nifty fell sharply yesterday, it is still trading above its 20-day SMA which is placed at 9,015 levels. This also coincides with the support of 8,980, which happens to be 38.2 percent retracements of the entire rise seen from 7,511 to 9,889.

The derivative market is also pointing towards the limited downside. On the derivatives front, we have seen put writing at 9,000 levels.