Nifty is trading 0.6% lower through the morning session, leading a broader Asia-pacific risk-off move. Three forces are visible on the tape:
First, US futures turned soft after Powell's measured tone on cuts overnight — the dollar firmed across the basket. Second, FII flows have been net sellers for four sessions; today's pre-open block suggests another ₹1,200cr+ outflow. Third, Bank Nifty is dragging the index, with HDFC Bank and ICICI both under their 20-day averages on the deposit-growth print disappointing.
The level worth watching is 22,580 on Nifty — the 50-day moving average held there last Thursday. A close below opens the conversation on the 22,400 swing low.