“Neutral to negative on Nifty 50, expecting it to trade sideways to negative unless crude oil prices settle. The index is forming lower lows and lower highs, with FII short positions rising. Immediate support is at 23,000, with further supports at 22,800 and 22,500. The current weakness may factor in a Fed rate hike due to higher inflation.”

Jay Thakkar’s track record (trackable calls only): 18 graded calls · 95% CI 3–33%