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A highly volatile trading session ended near day’s low as market participants remained largely undecided ahead of the key FOMC meet which concludes later tonight. Expectations are that the US Federal Reserve may remove the word 'Patient' from its statement on approach towards the interest rate hike in the US. Banking, oil marketing companies were in momentum, while auto, FMCG, infrastructure and IT stocks declined. The market closed almost near the day’s low as selling pressure resumed after a positive start. Nifty continues to consolidate around the support level which is at 8680. A breach of the critical support would mean further downfall but the immediate cues would come from the Fed meet later today. The Nifty swung in a range of 83 points. The index touched a high of 8747 and a low of 8664 and eventually settled with a cut of 37 points at 8685.
Tomorrow on Thursday nifty may open around 8700- level. The
moot point, however, is to stay above the 8730 through 8755 supply zone. Once
this range is decisively cleared we are likely to see the index testing the 8770
– 8800 zones as well. On the other hand, any failure to sustain above 8730
would mean a retest of at least 8680, if not lower. However, unless you see the
Nifty sliding down below 8680 – 8685 support area the bulls would retain their
ability to stage a comeback. This rally would just be a pullback rally before
the downtrend resumes.
A highly volatile trading session ended near day’s low as market participants remained largely undecided ahead of the key FOMC meet which concludes later tonight. Expectations are that the US Federal Reserve may remove the word 'Patient' from its statement on approach towards the interest rate hike in the US. Banking, oil marketing companies were in momentum, while auto, FMCG, infrastructure and IT stocks declined. The market closed almost near the day’s low as selling pressure resumed after a positive start. Nifty continues to consolidate around the support level which is at 8680. A breach of the critical support would mean further downfall but the immediate cues would come from the Fed meet later today. The Nifty swung in a range of 83 points. The index touched a high of 8747 and a low of 8664 and eventually settled with a cut of 37 points at 8685.
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RESISTANCE: 8700, 8730, 8760
SUPPORT: 8670, 8640, 8610
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