Last week we said that an early #Santa rally is possible. That view has gone wrong. The Indian benchmark indices, Nifty 50 and Nifty Bank remained under pressure since the beginning of the week.

The US Fed Meeting outcome on Wednesday added more fuel to the fall. The Federal Reserve reduced the forecast for the pace of rate cuts next year. That triggered a strong sell-off in the global equity markets.

On the charts, there is room for some more fall from here before a reversal happens.

Nifty has supports at 23,500 and 23,000. A bounce from either of these supports can take the Nifty 50 index up to 24,100 or 24,400.

Nifty Bank Index has supports at 50,500 and 49,800. It can move up to 51,700 or 52,400 from either of these supports

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Published on December 21, 2024