In today's market overview, the GIFT Nifty experienced a notable downturn to 22,132 amidst a predominance of bearish sentiment, influenced by rising US producer prices, an FII selling spree, a surge in WTI Crude futures above $81, and weak global cues. NIFTY faces crucial support at 21,861 and 21,500, with strength confirmed above 22,300. Amidst this backdrop, caution is advised, especially with the upcoming stress test disclosures for funds. Sector-wise, rubber prices hitting a 20-month high negatively impact tyre stocks, while falling iron ore and steel prices due to decreased Chinese demand affect related stocks negatively. Conversely, rising copper prices signal positive momentum for companies like Hindustan Copper. Amidst these dynamics, Fitch Ratings' uplifted forecast for India's growth to 7% offers a silver lining. Trading strategies recommend selling NIFTY and Bank Nifty at specified zones with clear stop and target levels to navigate the current market conditions.
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