Analysts expect more pain for the Nifty in the near term but see support for the index at 17,000 levels.
Indian markets witnessed a sharp decline on Monday in line with a broader selloff in global equities amid concerns over the Federal Reserve’s upcoming meeting where it is expected to signal a rate hike and balance-sheet reduction for the year. Consistent selling from foreign portfolio investors, rising global crude oil prices, geopolitical tensions between Russia and Ukraine and mixed quarterly results so far have weighed on market sentiment, said experts.
“The Nifty breached a critical support level at 17,150 and pierced through the 100 days EMA on Monday. The index had shown a three-black crows pattern last week which confirmed