NIFTY TODAY
The market snapped its
five-day winning streak while the Nifty was little changed despite the Reserve
Bank of India surprising the street with a rate cut and changing policy stance
to "neutral" under Governor Shaktikanta Das's first monetary policy
review. The Sensex fell 4 points to settle at 36971 and the Nifty rose 7 points
to close at 11069. The Reserve Bank of India cut the repo rate by 0.25 per
cent to 6.25 per cent on expectation of inflation staying within its target
range. The central bank also changed its monetary policy stance to ‘neutral’
from the earlier ‘calibrated tightening’, signaling a further softening of
rates if inflation remains benign.
NIFTY TOMORROW
For tomorrow nifty now tests
key resistance at 11125. A strong rally beyond this level and the next key
resistance at 11150 will strengthen the bullish momentum. In that case, the
contract can rally to the 11750 and 11200 band. But the inability to move
beyond 11000 will keep the index under selling pressure. A decisive fall below 11050
can pull the contract down to 11025 and then to 11000 levels. The next key
supports are at 10950 and 10900 levels.
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Resistance: 11150, 11200
Support: 11050, 11000
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