A weekly wrap-up of currency markets. Check out the podcast on currency by Dilip Parmar.

U.S. stocks closed sharply lower on Friday, ending at its lowest closing value since November 2020.

Nifty fell sharply for the second consecutive week (down 1.16%), breaking some key technical levels on the way.

17,166 is the next support for the Nifty post which a sharper fall could ensue. 17,490 could be the resistance for the Nifty in the near term.

Indian markets could open lower, in line with mostly negative Asian markets today and lower US markets on Friday.

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Nifty has now confirmed bearish lower top and lower bottom formation on the daily charts. For last 6 weeks, Nifty has been trading in the narrow range of 17,450-17,950 on weekly closing basis. Intraday support for the Nifty is seen at 17,365 odd levels, where 50 days EMA is placed. Resistances for the Nifty are seen at 17,532 and 17,628.

U.S. stocks ended lower on Thursday after failed attempt to claw back Wednesday’s losses, as Treasury yields and the dollar climbed further.

Market players were already jittery after a number of companies - most recently FedEx Corp and Ford Motor Co-issued dire outlooks for earnings.

The Indian rupee dropped to a record low versus the U.S. dollar on Thursday.

The level of 17,430 is an important support level for Nifty. Any move below 17,430 will confirm lower top and lower bottom formation which would be considered bearish. On the higher side, 17,920 is a crucial resistance and unless that is taken out, aggressive longs should be avoided.

Indian markets could open lower, in line with negative Asian markets today and lower US markets on Thursday.

BankNifty is on the verge of breaking 5-day’s low support placed around 40,500. Below 40,500, BankNifty could move towards next support of 39,780. Below 17,429, Nifty would confirm lower top and lower bottom formation, which will be bearish for the short term.

U.S. stock indexes finished sharply lower on Wednesday after see-sawing between gains and losses as the Federal Reserve announced another expected sharp interest rate increase and signaled a higher-than-expected peak for rates.

President Vladimir Putin on Wednesday ordered Russia's first mobilization since World War Two calling 300000 reservists.

Nifty has been consolidating in the narrow range of 17,429-18,092 for the last several sessions. Any decisive breakout from this range would give directional move to the Nifty. Indian markets could open lower, in line with negative Asian markets today and lower US markets on Wednesday following the US Fed rate hike.

After showing intraday weakness from the highs, Nifty slipped into weakness so far today. Immediate support is placed at 17,650-17,620 levels.

U.S. stocks finished lower on Tuesday as Treasury yields climbed. Traders appeared skittish about opening new long positions ahead of the Federal Reserve’s September policy meeting. The meeting started Tuesday and will conclude on Wednesday. Will the Fed decision on Wednesday once again be followed by stock-market gains on that day? The previous four times the Fed raised interest rates in 2022 — March 16, May 4, June 15 and July 27 — the S&P 500 rallied 2.2%, 3%, 1.5% and 2.6%, respectively on the same day.

Short term support for the Nifty is seen at 17,541, which happens to be the upgap support. Resistance for Nifty is seen at 17,919.

Indian markets could open lower, in line with mostly negative Asian markets today and lower US markets on Tuesday.

Trend of the Market is likely to remain bullish in today’s session. Intraday resistances for Nifty are seen at 17,953 and 18,048. Supports are seen at 17,810 and 17,716.