Nifty futures closed at 23,300 today, barely moving from the opening bell, after the Fed announced a 0.25% rate hike to 5.25%, sending the dollar higher and Treasury yields up. NEWPAR Oil prices, still above $100 per barrel, have cooled from recent highs, a retreat that dampened some bullish sentiment despite the dollar's rally. NEWPAR The index is holding at a critical 23,280‑23,300 resistance zone; a break above could push it toward the 23,500 mark, while a dip below 23,100 would trigger a reevaluation of the week's gains. NEWPAR Rupee continues to slide, widening the spread against the dollar, and adding weight to the downward pressure on the market; traders are watching the RBI's policy decision slated for October. NEWPAR Meanwhile, primary market activity remains buoyant, with the mega NSE IPO opening for subscription; the potential influx of capital could offer a cushion if the index falters. NEWPAR Looking ahead, analysts expect volatility to persist as market participants weigh the Fed's hawkish stance against the RBI's forthcoming policy, with the next earnings season on the horizon.