Nifty at an important support level, breakdown below the support may make Nifty test 8500 levels. Interest Rates hike in US by Federal Reserve may trigger the breakdown !!

As we eagerly wait the FOMC meeting outcome which many feel can have a negative impact on the Indian Financial Markets as it is expected that the US Federal Reserve may raise the US Interest Rates in June. Such a move can strengthen the already strong looking Dollar and shake the emerging markets like ours. At the moment 8620 seems to be an important support level and once broken can further take markets down by 1-1.5% to 8500. However markets may resume its uptrend if Nifty closes above 8760. Trade Cautiously !! If you don't understand what is happening, best is to stay away !!

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