Technical Analysis
WHAT LIES AHEAD : NEAR-TERM PICTURE
SPOT NIFTY : Nifty has formed another lower low and a long-legged or a high wave-like candle. It closed below the 20-DMA. However, during the day, it recovered from the rising trend line support. Federal Reserve’s 75-bps interest rate hikes and Powell’s hard commentary, signalling tough times, made the market participants jittery across the globe. The recovery in US Futures has led to intraday recovery from the lower levels in the Indian benchmark indices.