Nifty spot daily chart - There was a downtrend before the gap down on 6th March and a multi day consolidation was there before the news came out.
Such gap down post a consolidation leads to people with stuck long positions and also fresh selling is seen.

Nifty AVWAP - Starting point of AVWAP 6th March day high.
Below is the Nifty AVWAP chart highlighting the various touch points to the AVWAP starting from 6th March

You might have seen that on daily chart there was no pullback in entire Nifty fall.
Q - What is a pullback ?
A - Market usually gives a pullback and tests the previous support zones. It didn't do that on a candle stick chart. But it did that on the AVWAP multiple times.
When you have a look at the above AVWAP chart, you can see that there are multiple instance of test of AVWAP and followup selling from that.
Key dates when market did a retest of AVWAP levels
11/3 - a minor pullback , saw a gap down next day.
13/3 - Market hit a lower circuit at open and gave a bounce back to the AVWAP levels
27/3 - There was a RBI policy announcement and market made a high at exact the same AVWAP levels.
What Next !!!
AVWAP from 6th March now is at 8881 and Market is trading above that level, we can say that the seller has been compromised.
AVWAP from the range low 24th March is at 8504 ( Buyer Average from range low )
We were looking at these happenings live in market and moving our views according to it during our sessions in TradersClub.
Details about TradersClub over the link
I will post more such analysis in times to come.
You can learn more about AVWAP - Youtube link