Sideways market for FOMC big Moves
Pre-open Outlook(11-03-2016)
As ECB unexpectedly cut the bank’s key lending rate therefore deep Red closing of all European markets and flat closing of US markets amid high intraday volatility yesterday resultant most Asian markets are trading flat at this moment today. As FOMC meeting on 14 and 15 March therefore expected that all the Global markets including Indian markets will prepare for post FOMC meet decisive moves on 16th March.
Next supports of Nifty are as follows:-
1- 7430-7466
2- 7310-7360
Next resistances of Nifty are as follows:-
1- 7500-7530
2- 7556-7600
As huge fall in European markets and high volatility in US markets yesterday after ECB announcements therefore expected that Global markets will be cautious before FOMC and Nifty will also firstly remain sideways between 7430-7530 as well as prepare for post FOMC decisive big moves. Valid break out of 7430-7530 will be first indication and sustaining beyond or forceful break out of 7310-7600 will be confirmation post FOMC big moves.