Support- 16350-16400
Resistance- 16600(Intraday) 16800(positional)
Today is the biggest event day for stock market. Federal reserve is going to increase rate of interest by 75 basis points most probably. But focus will be on comment how Fed sees inflation, GDP growth, employment ahead. Probably Fed is going to confirm recession too. Its big day and impact will be seen tomorrow in Indian market.
Technically speaking, go for buy near given support range with stop loss below 16300. On higher side, 16600 will be resistance where intraday profit booking can be seen. Overall range is 16350 to 16800.
PCR is at 0.99 and FIIs has reduced long position from 40% to 36%. We can see bounce from lower range
