Nifty Spot View: 21/09/2023
CMP: 19901.40
Moving AVG (EMA) 20 Hour & 40 Hour: 20026 & 20029
Moving AVG (EMA) 20 Day & 40 Day: 19783 & 19610
Support & Downside Range: 19841—19723--19604
Resistance & Upside Range: 19920—19965--20051
Short Term Trend Reversal Level: -- 20222
Trading View: In today's gap down trading session key level to watch is 19841 spot levels after opening if this support level manage to hold then nifty can give some upside pull back to cool off the oversold RSI and can move upside towards 19920-19965 minimum whereas after opening if 19841 break and sustain below it for 15 to 30 mins then we may see more extended selling in nifty for minimum 19723 spot levels so understand the importance of 19841 support for intraday trading here.
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Powell’s speech struck a much more hawkish tone than markets were expecting, with the Fed chair also forecasting that U.S. rates will trend around 5.1% through 2024. The forecast shows only two potential rate cuts next year, which is lesser than the four that markets were pricing in. The Fed also cited resilience in the U.S. economy and downplayed the prospect of a U.S. recession- a scenario that heralds weaker safe haven demand for gold. source: www.investing.com
