Benchmark indices remained under pressure throughout the session, with soaring US bond yields coupled with a sharp spike in international crude oil prices above $104 a barrel pushing the Nifty to a fresh 52-week low. Intense FII selling in domestic equities and expectations of further RBI rate hikes also weighed on investor sentiment, as concerns over higher interest rates and their impact on long-term growth prospects continued to build. Analysts say the index has given a breakdown below the long term trendline joining last two years high and also closed below the 200 weeks EMA placed at 22,379. Hence any pullback will face stiff resistance at 22,400-22,600 levels.
