7 June 2017


The Sensex and Nifty indices went up by 68 and 23 points respectively in the last hour of trading on Wednesday after Reserve Bank of India (RBI) announced the key rates at the end of bi-monthly policy meet. When the market closed, the Sensex was at 31271, up by 80 points while the NSE Nifty was at 9663, up by 26 points.  The Reserve Bank of India (RBI) on Wednesday kept key rates unchanged, as was widely expected, while lowering its projections for inflation after recent data showed consumer prices rising more slowly. Repo rate - the rate at the which the central bank lends short-term money to banks - stays unchanged at 6.25 %. CRR or Cash Reserve Ratio - which is a portion of deposits that banks must mandatorily keep with the RBI—also stays unchanged at 4 %.
On the upside, the Nifty has significant resistances at 9720 and 9735 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 9755 and 9775 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 9650 and 9600.
More about on Google +
Supports: 9620 and 9585
Resistances: 9685 and 9735

No comments:

Post a Comment