The Federal reserve raised the rates it charges banks that borrow from the central bank when they run short of funds.The Fed raised its discount rate by 25 basis points to 0.75%.On this news the entire asian pack have gone down and Indian markets opened with a gap down.Nifty currently trading at 4840.Any close on nifty below 4857 is very bad for the markets, it could lead to a huge correction in the markets.There is a strong support area between 4830-4840.If that is broken then bulls can say goodbye to markets for next couple of weeks.Todays closing is very important for the direction for next couple of weeks.Watch the level of 4857.
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