In yesterday's trading session, Nifty experienced a slight downward trend amid a lack of clear direction and a cautious sentiment. Concerns are mounting as FIIs continue their persistent selling, potentially jeopardizing Nifty's positive outlook. Additionally, Jerome Powell's hawkish comments, signaling the possibility of further interest rate hikes in response to persistent inflation and robust economic growth, could lead to instability in today's trading. While WTI crude oil futures remain low at $76 per barrel, Nifty faces resistance levels at 19500 and 19789. From a technical perspective, Nifty's vulnerability increases only if it sustains selling below the 19221 mark. Options data indicates Nifty may trade within the 18900-19700 range, with significant open interest at 19400 for calls and puts. The volatility index hovers around 10.98. Notably, several Q2 results are expected today from companies like ONGC, M&M, Coal India, and others. In light of these factors, caution is the prevailing sentiment for the day, as traders remain vigilant in a market where Powell's comments have injected uncertainty.
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