Sensex can drop to 58,000, Nifty 17,700 if these supports are violated

Presently, the BSE Sensex and Nifty 50 have breached their respecitve 21-SMAs, the following support levels need to be honoured in order to sustain a positive bias.

The US Fed rate hike coupled with a continued hawkish stance on future rate hikes and growth expectations has triggered a fresh round of selling in global markets. To add to the woes, ECB and Bank of England, too, raised interest rates y 50 bps on Thursday.

The Federal Reserve slowed the pace at which it started the interest rate hike since this June; with 75 bps raised each time in last four meetings to 50 basis points in recent meet. However, Fed raised it terminal rate expectation to 5.1 per cent for 2023 as against 4.6 per cent