Support- 16350-16400 Resistance- 16800 Ahead of Federal Reser | Stock Shiksha
Support- 16350-16400 Resistance- 16800
Ahead of Federal Reserve meeting's outcome, stock markets globally will be volatile. Focus mainly will be on if Fed is going to announce recession officially. And in this case market will take it positively in the hope of less hawkish stand from Fed. But this is expectation only. Two important data- CB consumer confidence and new home sales data will be released in US which will further give clarity on slowdown in economy.
Technically, Nifty is likely to trade in the range of 16350-16800. Buying is recommended near support zone and selling can be done near resistance. Trade in both sides with strict stop loss as increase in volatility will lead to intraday swing in both sides.
PCR is 1.18 and FIIs position is at 41%(down from yesterday) and both are neutral.
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