Will Nifty Tank Post Powell Rate Hike?

The Fed raised rates by 25bps to 4.75%-5%, as expected, to fight elevated inflation and signaled greater uncertainty about future hikes amid banking crises

The Fed raised rates by 25bps to 4.75%-5%, as expected, to fight elevated inflation and signaled greater uncertainty about future hikes amid banking crises. Still, during the press conference, Fed chair Powell admitted a pause was considered in the days running up to the meeting. On the other hand, minutes later he said that the Committee does not see rate cuts this year.

Nifty opening below yesterday day low means more pain may be in offing. Trade without any worries using our bank nifty options and nifty option tips on a daily basis.

Nifty Spot View: 23/03/2023

Cmp: 17151.90

Support & Downside Range: 17107—17060—17018--16970

Resistance & Upside Range: 17208—17252--17330

Short Term Trend Reversal Level: -- 17800

Trading View: In today's trading session key level to watch is 17107 spot level if we break this level and sustain below it for 15 mins then we may see downside move till minimum 17060 to 17018 and max 16970 spot levels whereas if 17107 manage to hold after opening then we may immediate move upside towards minimum 17208 to 17252 and max 17330 spot levels.

Update : Hindenburg Research shorts Jack Dorsey's payments firm Block 'Our research indicated that Block has wildly overstated genuine user counts and understated its customer acquisition costs,' says Hindenburg Research