NIFTY and it's nearby Supports. Markets Plummeted after US Federal Reserves increased interest rates by 50 bps and further announced more tightening till inflation falls to 2% in US. More than 50 bps hike it was this Hawkish posture that led to meltdown in global indices.
Although India looks like one of the brightest glowing stars globally both on Micro and Macro levels, we cannot totally alienate ourselves from global impact.
There are multiple supports for Nifty in the nearby zone. We hope that Nifty will take support there. If not, we will see further bloodbath. Silver line to the cloud is that there are chances of Nifty finding support in the coming week.
Important Supports : 18253, 18207 and 18128. (Consider 18128 major support closing below which Bears take total control).
Important Resistances : 18363, 18389, 18446 and finally 18507. (Closing above 18507 Bulls will be back in action).
