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Asian stocks rose on Wednesday as weaker economic data from the US sparked a global stock rally on expectations the Federal Reserve would pause on interest rate hikes. Indian markets were also up today, following the gains of their global peers. All major industry indices posted gains, with IT, auto and metals stocks gaining the most. European stock markets also rose at the start of trading on Wednesday after strong gains in the previous session, as traders expect an end to interest rate hikes. London's benchmark index, the FTSE 100, rose 0.4%. In the eurozone, Frankfurt's DAX index rose 0.1% and Paris' CAC 40 rose 0.2%. Market participants now await the U.S. consumer spending price index, due on Thursday, and nonfarm payrolls data on Friday for further clues on the Fed's rate hike path.From a technical perspective, the Nifty Index has slipped below its 20-day and 50-day moving averages (DMAs). This signals a near-term bearish bias. The key support levels to monitor are 19175 and 18850. On the upside, the 19450-19575 area is turning out to be a critical resistance zone, the break of which could pave the way for some positive momentum. As for the Banknifty Index, it is currently striving to maintain its 44000-44200 level. DMA around the 43800 mark. However, a significant increase in strength would require capturing the supply zone of 44800-45000. A drop below the 100-DMA could potentially lead to a retest of the 43200-DMA near 43000.