"BUY ICICIBANK 410 PUT @
8 TGT 10/12"
"BUY MANAPPURAM 150 CALL @ 1.5 TGT 2.3/2.8"
TO GET LIVE MARKET NIFTY & STOCK OPTION CALLS WHATSAPP ON 9039542248
Rate cut change the
market direction. Market posted their biggest one-day loss in 2019, dragged
down by financials and bank stocks even though the monetary policy
committee of the Reserve Bank of India (RBI) reduced the
repo rate by 25 basis points (bps) to 5.75 % in the second bi-monthly monetary
policy meet of the financial year 2019-20 (FY20). As the 25-bp cut was in line with expectations
and had already been factored in, Street didn’t cheer the move and continued to
slide down with higher momentum. This is the third consecutive time that
RBI has cut rates by 25bps which shows that they are indeed taking care of the
slowing growth and as expected are being supportive by loosening their purse. The
Sensex slipped 554 points,
to 39530, with IndusInd Bank, Tata Steel, YES Bank, Larsen & Toubro, and
State Bank of India was among the top losers. The Nifty tumbled 178 points to
11844.
If trade tensions
continue to escalate, the Fed might cut rates, which will further create room
for RBI to reduce rates. Looking at technical’s, Nifty has support around 11800
, breaching it on downside might result in more downside towards 11700-11600 ,
On the upside, any close above 11900 may take the Nifty above 12000. Going
ahead Nifty faces immediate resistance at 11950 on the upside and support is at
11750 on the downside.
More about intraday tips on Google +
Resistance: 11800, 11750
Support: 11950, 12000
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