While Nifty’s nearly 4% fall from its peak over the last couple of sessions rests on imported factors, its Asian peer Nikkei 225 has plunged by 26% and entered a bear market on setback to its yen carry trade, following Bank of Japan’s decision to hike policy rate by 25 bps.
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Now, once the dip gets bought into, we feel the turnaround could take us to 24,000, 24,200 over the next 8 to 10 trading sessions