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Nifty needs to hold yesterday's low of 15,386

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Nifty needs to hold yesterday's low of 15,386

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The move that was seen on the Nifty from June 17 to June 21 was about 500-600 points on the Nifty. 61.8 percent Fibonacci retracement of that 15,386, which is yesterday’s (June 22, 2022) low that needs to be defended first and foremost for more pain to be avoided in a sense.

Indian equity benchmarks ended a two-day pullback on Wednesday amid weakness across sectors, as nervousness persisted across global markets on steep hikes in COVID-era interest rates and their impact on economic growth.
Nifty needs to defend 15,386, which is Wednesday's low, for more pain to be avoided.
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Economic growth remains the focus for investors domestically and globally. The clearest indication that the market is now getting worried about growth is the fact that yields are sinking. The 5-year yield is down 13 basis points (bps), the 10-year yield is down 12 bps and the 30-year yield is down 9 bps in the US. It has happened in UK, in France and other countries as well.
Equities in other Asian markets were a mixed bag with a positive bias, though caution persisted among investors after Fed Chair Jerome Powell said the US central bank remains "strongly committed" to fight inflation. MSCI's broadest index of Asia Pacific shares outside Japan was flat at the last count.
Japan's Nikkei 225 was down 0.1 percent, South Korea's KOSPI down 0.5 percent and China's Shanghai Composite flat. Hong Kong's Hang Seng and Singapore's Straits Times were up 0.6 percent each.
S&P 500 futures were down 0.5 percent. On Wednesday, Wall Street's three main indices edged 0.1-0.2 percent lower at the end of a choppy session.
Crude oil prices are down $14 per barrel in the last week. Copper prices are below its 14-month support level.
Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.
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