Support- 15650-15700
Resistance- 15900-16000
Now Fed is trying to catch up the inflation curve with aggressive stand by raising interest rate by 75 basis points. Analysts were not happy with Fed's accommodative mode. This is why, US indices rose yesterday after Fed's decision. Another reason for rally was oversold market. Now our focus will be on upcoming data from US and India in upcoming weeks, especially inflation and consumption data.
Technically, Nifty is holding its support zone and now its ready to give pullback rally. Upside movement can be till 15900-16000. My strong conviction is Nifty will fill the gap which will be completed once we see Nifty at 16200. This is positional view. Traders should go for buy on dip strategy today. Intraday selling can be done near 16000. Stop loss must be there wherever you trade as there will be volatility due to weekly expiry of Nifty and banknifty
PCR is at 0.75 and FIIs net long position in index is 11 %, showing oversold market
