US Fed rate cut: Watch these levels on Sensex, Nifty, Nifty IT this week

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US Fed rate cut: Watch these levels on Sensex, Nifty, Nifty IT this week - Business Standard

Quick Summary:

The BSE Sensex, NSE Nifty can gain another 2% from present levels; while the Nifty IT index could see a sharp 6% rally; suggests technical charts.

The primary concern for the Nifty remains negative divergence seen in key momentum oscillators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence-Divergence) which have not seen higher highs even as the Nifty scaled new highs.

More importantly, on the weekly scale, the Nifty managed to negate the 'Bearish Engulfing' pattern formation with a 'Bullish Engulfing' pattern last week.