*Nifty Close* – 18083
*20 DMA* – 17504
*50 DMA* – 17515
*100 DMA* – 16983
*200 DMA* – 16996
*Bank Nifty Close* – 41147
*20 DMA* – 40119
*50 DMA* – 39802
*100 DMA* – 37713
*200 DMA* – 37009
● *Post Fed announcing a 75 bps Rate hike and also hinting at a further continuation of rising Interest rate trajectory in order to tame Inflation, Selling pressure was witnessed in US markets* with Nasdaq tanking 3.3%, Dow Jones down by 1.5% and S&P 500 down by 2.5%.
*It is important to keep an eye on US Dollar Index* which has rebounded to 112 from recent lower levels of 110 and at same time US Bond Yield is sustaining at higher levels of 4.15%. With Brent crude too sustaining above 95 mark, *it's important to exercise some caution and trade with Trailing Stop losses despite the overall Trend having turned positive in Global Markets barring yesterday's profit booking move.*
● For the day, expect Index to open on a Negative note around 17900.
Going forward expect Nifty Index to take support at 17800-17830 & Till this zone holds, rebound upto 18015-18040 zone.
● Above 18040, Index could witness short-covering upto 18110 zone.
● *Breach of Support at 17800 zone* will lead to a retest of 17735-17700 area.
● *On the Derivative Data Front,* Call Addition was witnessed in 18100 & 18200 strikes at the same time while short-covering witnessed in 18100-18000 PE strikes which implies markets can feel resistance at 18110 followed by 18250 area. Highest Open Interest Build Up in Puts are witnessed in 18000 and 17800 strikes implying 17830-17780 as a major support going forward.
● *Bank Nifty* is trading in a Narrow range from past 7 days ie 40850-41550 range.
The lower end of range is acting as support for Banknifty which is at 40600-40650 and till this holds, rebound post gap down opening could continue towards 41450-41550 .
● *A breach below 40600,* Bank Nifty can revisit next support levels of 40350-40250.
● Expected Range for Bank Nifty 40550 to 41550