The Indian market (Nifty Fut/India-50) is currently trading around 10910 early Thursday, slumped by almost -0.70% (-75) on terrible global cues after less dovish hike by Fed as it set to hike further twice in 2019 against market expectation of no hike or only one hike and will also not alter its B/S tapering pace in any way. As highly expected, the US Fed has hiked Wednesday unanimously its benchmark interest rate by +0.25% to +2.50% but predicted 2 more hikes in 2019 in its latest Dec dot-plots against 3 hikes in the Sep dot-plots.
Technical View (Nifty, Bank Nifty, USDINR-I):
Technically, Nifty Fut-I (NF) has to sustain over 11025-11050 for a further rally to 11085*/11130-11235/11275 and 11315/11405-11435*/11495 in the near term (under bullish case scenario).
On the flip side, sustaining below 11000-10985, NF may further fall to 10910/10870-10845/10790 and 10740/10725-10700/10650 in the near term (under bear case scenario).
Technically, Bank Nifty Fut-I (BNF) has to sustain over 27550 for a further rally to 27625/27785-27945/28175 and 28400/28475-28550/28800 in the near term (under bullish case scenario).
On the flip side, sustaining below 27500-27425/27380, BNF may fall to 27100/26900-26750/26550 and 26450/26300-26200/26000 in the near term (under bear case scenario).
Technically, USDINR-I has to sustain over 69.80 for a further rally to 70.75/71.25-71.75/72.60* and 73.30/73.70-74.05/74.85* in the near term (under bullish case scenario).
On the flip side, sustaining below 69.30, USDINR-I may fall to 69.00/68.50-68.25/68.00 and 67.80/67.00-66.70/66.40 in the near term (under bear case scenario).
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NIFTY FUT (SGX-NF)
BANK NIFTY FUT
USDINR FUT
SPX-500 FUT
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