For Nifty the immediate swing low of the 22350-22300 subzone is likely to provide a firm cushion for any intra-week blip, followed by the 50 DEMA of 22230 and the bullish gap around the 22200 zone.
A breach of the 22,550 spot Nifty support represents a negative/cautionary signal, which opens the doors for a downside target of 22,300. Recovery hopes are contingent upon the Nifty staging a comeback above 22,600.
Fed Chair Jerome Powell s remarks over the unlikelihood of more rate hikes eased concerns across global markets, there by lifting sentiment for stocks.