Profit booking ahead of FOMC meet was expected.

Profit booking in the market ahead of FOMC meet of US Fed was expected. There is a widespread noise of US Fed raising the rates by 25bps in the worst case 50bps. Market has today factored in 25 bps rate hike. However if there is a surprise tomorrow market can tank further. A positive surprise no no rate hike can again reignite the rally. All eyes on US Fed now. Supports for Nifty from this level are at 20867, 20796 to 20708 (will be strong support zone), 20605 and finally 20506. Resistances on the upper side are at 21026(Strong Resistance), 21125 and finally 21254 will be the top of current hourly parallel channel.