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The markets reacted positively at the
closing hours here today after the Reserve bank of India announced its decision
of slashing repo rate by 25 basis points. The central bank has reduced the key
lending rate to 6.25 % from the earlier 6.50 %. The Sensex ended 91 points
higher at over 28334 at the closing hours today. The Nifty 50 also witnessed a
rise with the index going up by 31 points to end at over 8769. The Bank Nifty
also recorded a surge as with the index going up by around 84 points or 0.43 per
cent to reach the peak of 19672. The rate cut has added to the sentiment that
the banks will pass the benefits on to their customer and home loan seekers as
lesser rate will make loan cheaper. Equity benchmarks remained positive amid
consolidation ahead of Urjit Patel's first monetary policy after he got
appointed as RBI governor in last month. Finally, the Sensex ended with a
gain of 91 points at 28335. It opened at 28378, touched an intra-day high of
28405 and low of 28242. The Nifty closed with a gain of 31 points at 8769. It
opened at 8770, hit a intra day high of 8784 and low of 8736.
From
medium term perspective the key support is at 8830-8850 level. We expect this
level as important one and likely to absorb any further selling pressure. And
most likely market to hold above this level. On the upside supply is coming at
8850, breaking of the level market will find the momentum which is lacking
couple of days and will then set for moving above the recent swing high at 8870
level. Investor is advised to initiate long on a break above 8850 with a stop
below 8700.
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Supports: 8710 and 8650
Resistances: 8830 and 8870
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