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NIFTY

* Markets slipped after a brief rebound, as a result, the Nifty index closed at 22,399.15, down 0.59%.

* Sentiment took a hit following the announcement of fresh U.S. tariffs on China, leading to a gap-down opening and a largely range-bound session thereafter.

* The outcome of the MPC meeting—where a 25 bps rate cut was announced along with a shift to an accommodative stance.

* Until volatility, as reflected by the elevated India VIX, cools off, we recommend maintaining a hedged approach to navigate potential sharp swings.

BANK NIFTY

* The banking index turned sideways after witnessing fluctuations in the early hours and settled with half a percent loss.

* While a subdue activity was seen among the private banking majors, PSU bank stocks took a plunge wherein SBIN, Bankbaroda lost the most.

* The index is currently trading near its key moving averages, and sustenance above the same would be crucial to prevent the downside.

* On the level front, 49900-49150 will continue to act as supports and 50600-50800 as resistance zone.

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