Indian Equities Slide as Investors Anticipate Rate Hikes at Jackson Hole Meet
Indian equities faced a downward trend on Friday, as cautious investors braced themselves for potential rate hikes ahead of the Jackson Hole meet. The Nifty slumped to 19,266, experiencing a drop of 121 points, while the Sensex closed below the 65,000 levels at 64,887. In comparison, broader markets performed worse than the headline indices.
According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, the short-term trend of Nifty remains negative, hinting at the possibility of further weakness in the coming sessions. However, Shetti also noted that a considerable upward bounce from the crucial lower support level of 19,000 cannot be ruled out in the near term. Immediate resistance is expected at 19,380 levels.
The current scenario in the Indian equities market calls for careful consideration and a vigilant approach. As investors continue to monitor the possibility of rate hikes, they should exercise caution while making investment decisions. The performance of the Nifty and the Sensex point to a challenging period ahead, and market participants should be prepared for potential fluctuations.
