Ahead of FOMC meeting, our market was jittery and we saw huge volatility during the session and it fell down in red zone as sgx nifty was indicated. One day positive, one day negative, such a scenario we see since last Thursday. At every rise it was sell off. Fiis also sold little but they were net sellers. Today tonight, fed is going to hike interest rate ( probably 75 basis points) & @ 12
Midnight (IST) Fed chairman will deliver his speech, that's most important for further move of global markets. Within 24 hours, 16 Cental Banks will review interest rates which is likely to affect financial sectors all around. Yesterday Sweden increased rate and financial commentary was quite negative. Inflation is a major concern for all countries.
Looking to daily scale, it was red beariish candle both in nifty and Bank Nifty. But Bnf looks stronger than nifty. Can be baugbt for short term subject to today's US event.
Huge volatility, doesn't allow to decide market mood / trend. We are just four hours away from the event as I am posting this at 8 pm.
Prediction can't be done as event has to take place at US...
Follow the market after listening speech and it's logic and financial estimates.
Signing off for the day 💐