The Indian stock market is in a bearish territory!
Last week was a roller coaster ride for the global as well as Indian equity market where RBI all of a sudden came up with a hawkish stance and announced the repo rate hike leading to shock in the market which fell by 3.5% on the same day.
Markets were waiting for the US FOMC Meeting on the next day followed by the RBI MPC meeting and hoping for not any surprise which can impact the market and that’s what happened, the Federal Open Market Committee (FOMC) has raised its key interest rate by 50 basis points with positive commentary lift the down jones to rise 1000 points in a single day.
Let’s take a look at the technical view of the Indian equity market.
Technical View on Nifty:
- Nifty closed at the 16400 level with a loss of 271 points in the Friday session with most of the nifty constituents traded in a negative trend.
- Now Immediate support level is placed at 16350-16400 if nifty opens on a positive to flat note but as the US market was down on Friday session also SGX Nifty was down by 300 points indicating there may be a negative start in the Indian market.
- Major Support level- 16200-16250
- Resistance level- 16450-16500
Technical View on Bank Nifty:
- Bank Nifty looks more bearish compared to nifty led by a negative trend in private banks as well as in PSU banks and this rate hike will also affect the operating performance of the banks.
- Bank nifty will gap-down opening in Friday session made a Doji candle which will decide where bank nifty will go from here.
- Support Level- 34000-34100 & Resistance level- 34700-35000