Will Nifty buck Global Trend?

USA Interest rate hike is going to be a reality in complete 2023 as Powell Fed Governor has been hawkish indicating that interest rates will be hiked in year 2023 to control inflation. Thus we will see gap down market. However, gap down will not be sustained and we will recover.

Nifty Spot View: 08/03/2023 Cmp: 17711.45 Support & Downside Range: 17680-17610--17550 

Resistance & Upside Range: 17800-17836 zone, 17906--17970 

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Short Term Trend Reversal Level: -- 

Trading View: In today's trading session key level to watch is 17680 spot if this gets breach then we may see some profit booking dip till minimum 17610 and max 17550 spot levels whereas if 17680 spot managed to hold then we may see again up move towards intraday minimum 17800 to 17836 spot and max 17906 spot levels. 

Bank Nifty Spot View For: 08/03/2023 

Cmp: 41350.40 

Support & Downside Range: 41140-41060-40875--40774 

Resistance & Upside Range: 41715-42015--42225 

Short Term Trend Reversal Level: -- 39600 Trading View: In today's trading session key level to watch is 41140 spot levels if this level gets breach then we may see some profit booking dip till minimum 41060 to 40875 and max 40774 spot levels whereas if 41140 manage to hold then we may get up move towards minimum 41715 to 42015 and max 42225 spot levels.

3 things that will decide the Market today

1) SGX NIFTY signals a negative start for the Indian Stock Market

- Nifty futures on the Singapore Exchange traded 117 points, lower at 17,736 signalling that the Indian Stock Market is headed for a negative start. 

2) Powell's speech drags the US markets more than 1%

- the Federal Bank's Chair Jerome Powell on Tuesday informed that the central bank is likely to stay hawkish on increasing the interest rate to fight the ever-increasing inflation, which dragged the American markets. Dow Jones lost 1.72% and NASDAQ fell more than 1.25%.

3) Oil prices stable 

- Oil prices stayed stable in early Asian trade on Wednesday as data displayed a draw in U.S. crude oil inventories, after the market tumbled in the previous session post FED's chair Jerome Powell's speech on increasing interest rates.