Yesterday due to RBI rate hike, markets faced sudden selloff and broken key support zone 16850-800 zone. Made day low at 16625. Last night Fed too raised interest rates by 50 basis points.
Fed indicated that ongoing rate hikes would not be harsh and markets welcomed that dovish comments.
US markets rallied after that and moved up as per my forecast.
Today our markets too regained again support levels and trading above 16900 zone.
Can be say this as fresh rally has begun??
May be this is too early to say but we can say that, there is no more deep downward pressure.
Markets can stabilize here and head for breakout of 17220-17440 resistance zone.
Only above 17440, we can say that, fresh rally has begun.
Till then buy on dip market with stoploss below 16800-750. zone.
Regards,
suryadev bandari
research analyst
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