GIFT Nifty is facing bearish pressure this Friday morning, opening at 22960, down by 55 points. Yesterday, Nifty neared the 23,000 mark, driven by investor optimism about the current regime's continuation in the upcoming general elections. However, Wall Street's decline due to a hotter-than-expected manufacturing survey and concerns over the Federal Reserve's interest rate decisions have dampened market sentiments. With the India VIX rising above 21, indicating increased volatility, the strategy is to stay nimble. Nifty's key support is at 22507. Recommended trades are to sell Nifty at 22968 with a target of 22507 and Bank Nifty at 48769 with a target of 48300. Consider buying PATEL ENGINEERING at CMP 65 for targets of 79 and 89, as a momentum play.
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