MARKET VIEW
GLOBAL MARKETS
Federal Reserve slowed its pace of interest rate hikes, tempering an aggressive campaign to rein in costs as inflation cools while signaling the battle is not yet over. The US central bank announced a quarter-point hike to the benchmark lending rate at the end of its two-day policy meeting, taking the rate to a target range of 4.50-4.75 percent.
Dow Jones rose 6.92 points, or 0.02%, to 34,093.
S&P 500 gained 42.61 points, or 1.05%, to 4,119.
Nasdaq Composite added 231.77 points, or 2%, to 11,816.
South Korea’s Kospi rose 1%. In Japan, the Nikkei 225 traded just above the flatline while the Topix lost 0.12%. In Australia, the S&P/ASX 200 rose 0.34%.
INDIAN MARKETS
Sensex closed just 158 points (0.27 percent) higher at 59,708, while the Nifty50 fell 46 points (0.26 percent) to settle at 17,616 and formed bearish candle on the daily charts with long upper and lower shadow. Banknifty fell 142 points closed at 40513, formed a bearish candle with upper and lower shadow.
Foreign institutional investors (FII) have net-bought shares worth Rs 1,785.21 crore, while domestic institutional investors (DII) have net-purchased shares worth Rs 529.47 crore.
TODAY’S VIEW
The market is expected to open Gap Down as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 155 points.
As per the pivot charts, we have the key support level for the Nifty at 17,411, followed by 17,265, and 17,028. If the index moves up, the key resistance levels to watch out for are 17,884, followed by 18,030 and 18,266.