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Indian equity benchmarks closed 1.5% lower on February 22 as earnings booking was extended for the fourth session, amid investor concerns over further central bank rate hikes and the US Federal Reserve minutes released later in the day. New nuclear warnings from Russia to West also dampened sentiment on Dalal Street. The Nifty50 gapped down and remained under pressure forming a long bullish candlestick pattern on the daily charts on February 22nd. Domestic indices suffered huge losses on Wednesday, dragging Nifty 50 below 17560 and Sensex below 59750. Bank Nifty broke the crucial level and closed below 40000 as negative global market sentiment sparked a bloodbath on Dalal Street. The Nifty fell 272 points to 17554 and Sensex tanked 927 points to 59744. The only winners in the Nifty 50 were ITC (up 0.50%) and Bajaj Auto (up 0.26%), while Adani Enterprises (down 11, 05%), Adani Ports (down 7.24%), Grasim (down 3.44%), Bajaj Finance (down 2.94%) and JSW Steel (down 2.79%) were the losers. The Nifty made lower highs and lower lows for the fourth straight session, decisively breaking the 200-day EMA at 17592 and the support trendline bordering the June 2022 and February 1st lows, indicating negative strength for the Market suggests support for the benchmark index lies at the budget daily low and 200 SMA from 17350. A break of this level could result in strong selling pressure in the market.

Resistance: 17600, 17800, 18000

Support: 17500, 17400, 17300