In yesterday's trading session, Nifty faced a downturn due to various factors including reduced Fed rate cut expectations and heightened geopolitical tensions. However, this Wednesday morning brings optimism with positive catalysts such as India VIX stability, FIIs' buying activity, and favorable Wall Street performance. Looking ahead, Nifty's bullish outlook remains strong with key support expected at 21560, while technical confirmation of strength lies above 22050. The Nifty Put Call ratio fell to 0.73, signaling a potential shift towards bullish sentiment. Attention now turns to the outcome of the Fed’s FOMC meeting, with futures traders estimating a 54% chance of a rate cut in June. Oil marketing companies may face pressure as WTI Crude trades above $82 per barrel. Recommended trading strategies include buying Nifty and Bank Nifty at current levels, with a bullish stance on INDIGO based on momentum play.
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