Thursday, December 5, 2019

RBI POLICY ANNOUNCEMENT ; NIFTY OUTLOOK FOR 6 DEC 2019

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A lackluster trading session ended on marginally negative note. Nifty somehow managed to hold above the 12000 mark, as concerns over growth and RBI’s status quo on policy rate hurt investor sentiment. The RBI decision for a status quo though an unanticipated policy surprise is the most appropriate as monetary policy works with a lag.  The lowering of the GDP growth for FY20 and FY21 reflects continued growth conundrums and a slow recovery. On the development and regulatory front, the steps announced for the Primary (Urban) Co-operative Banks will facilitate increased public confidence in these institutions. Today’s policy announcements have also given further push for the development of the secondary market for corporate loans by creation of SRB thereby matching the global best practices in this regard. Decision to allow OTC currency derivative transactions upto USD 10 million without evidence of underlying exposure will provide a fresh breath of life to this market giving it much required depth going forward.
Going forward, Nifty needs to sustain above the 12000 mark to witness an up-move towards 12160 and then 12200 levels. On the flip side, strong support is placed in the 11975 -11,950 zone and then 11900 level.
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Resistance: 12050, 12100, 12150
Support: 11950, 11900, 11850

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