TECHNICAL TALK: a break below 23100 could drag Nifty towards the positional support of 22700
MUMBAI, 17 SEPTEMBER: After a sharp fall on Tuesday, Nifty took a breather, found support near Tuesday’s low and gained 99 points to close at 23,217 yesterday. The index has declined more than 1,650 points from its August high of 24,772, pushing short-term oscillators into oversold territory. Nifty can rebound towards the 23,500-resistance zone, provided it holds above the recent swing low near 23,100. However, a break below 23100 could drag Nifty towards the positional support of 22700.
The Federal Reserve raised its benchmark rate by 25 basis points to a 3.75%–4% target range, marking its first hike since 2023. The Federal Open Market Committee voted unanimously, with Chair Kevin Warsh citing persistently elevated inflation and signalling that another increase remains likely this year.
Attention now turns to the Bank of England’s Thursday decision. Markets widely expect the BoE to hold its Bank Rate at 3.75% via a 6-3 vote, pricing in only a 30% chance of a surprise hike. Policymakers are seen as cautious ahead of the Autumn Budget, with Middle East tensions and elevated energy prices adding to inflation risk.
The US House of Representatives passed a Russia sanctions bill by a vote of 262-159, clearing the way for the legislation to be sent to President Donald Trump and giving the White House authority to impose tariffs of up to 100% on goods from countries that are major buyers of Russian oil and natural gas, potentially including India.
Commentary from: HDFC Securities’ Devarsh Vakil, Head of Prime Research
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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