USA Fed increased rate by 0.25% and Fed comments were dovish. The greenback retreated on Wednesday after the Fed hiked rates by 25 basis points (bps) as expected, and also softened its language with regards to a potential U.S. recession. But the central bank also left the door open to another potential hike in September, citing strength in the labor market and relatively sticky inflation.
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Nifty Spot View: 27/07/2023
CMP: 19778.30
Moving AVG (EMA) 20 Hour & 40 Hour: 19753 & 19741
Moving AVG (EMA) 20 Day & 40 Day: 19497 & 19171
Support & Downside Range: 19745—19687--19615
Resistance & Upside Range: 19826—19890--19992
Short Term Trend Reversal Level: -- 19303
Trading View: In today's expiry trading session key support to watch is 19745 spot levels as long as this holds intraday bias remains bullish and strong only breach below 19745 options writers goes heavy on market for premium eating process whereas upside 19826 acts as immediate rest break above 19890 is next minimum upside projection and max 19992 spot levels.
Nifty Trend Analysis
The Nifty is likely to open higher on back of positive global news. Nifty has sizable Call OI at 19800 strike and if Nifty manages to sustain above 19800 levels after the opening, then a move towards 19950 can be seen on back of short covering.
Bank Nifty Trend
The Bank Nifty continued its consolidation around 46000 levels. Looing at option data, 46000 Call strike witnessed unwinding and simultaneously aggressive OI addition 46000 Put strike, indicating limited downside. We believe Bank Nifty is likely to trade with positive bias and may move towards 46500 levels.
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