Markets Retreat from Record Highs, Analysts Foresee Pre-Election Rally
• Markets fell after Nifty hit a new all-time high; Sensex down 434 points • Analysts expect Nifty to reach 22,700 in coming weeks as pre-election rally begins • Broad-based profit-booking seen as volatility cooled off mildly • Supports placed around 21,600; targets set at 22,400 and 22,800 • FOMC minutes keenly eyed for rate cut clues; May cut now at 33% probability