Support- 15650-15700
Resistance- 15900-16000
Now there is climax day that market can expect today. Federal Reserve is scheduled to publish monetary policy in US. Fed may hike rate of interest rate by 0.5-0.75% but some are hoping even 1% hike. Recent downfall in US indices already has factored in the worst possible outcome. All eyes will be on Jerome Powell who will attend press conference late night and give clarity on inflation, looming recession, and unemployment forecast. This is the single trigger traders should focus on.
Technically, 15650-15700 is major support and yesterday inverted hammer formed exactly at support. This is reversal signal so buyers can buy here with stop loss below 15600. Closing below 15600 will be confirmation of breakdown of inverted cup & holder pattern. On upper side, 15900-16000 will be major resistance for today where selling can be done. Play with strict stop loss before major event.
FIIs net position in indices is 11% and Nifty PCR is at 0.73 which are showing oversold