NIFTY contd forward
march in morning trading session and touched the record high of 11390
But there was sudden
downfall in noon session where in we saw nifty trading at the levels of 11341
and finally settled at 11350.Tomorrow again the bulls will take the charge and
we may see nifty struggling to cross the resistance level of 11400.but if it
manages to do so the next hurdle of bulls will be 11450
The domestic stock
market indices closed Wednesday's session on a negative note after Reserve Bank
of India (RBI) raised interest
rates for the second straight meeting today.
The S&P BSE Sensex slipped 84.96 points, or 0.23 per cent, to close at
37,521.62. The NSE's Nifty50 index tripped 10.30 points or 0.09 per cent and
settled at 11,346.20. The loss in equity indices were pulled down by financial
and auto stocks.
The RBI's Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 6.50 per cent.
It is the first time since October 2013 that the rate has been increased at
consecutive policy meetings.
"RBI's monetary policy committee (MPC)
decided to increase policy interest rates by 0.25% in their bi-monthly meeting
today (Aug 1, 2018). The policy stance has been retained as
"neutral". The decision to hike rates has, quite clearly, been driven
by the persistent increase in headline and core inflation that we have
witnessed in the last couple of months.
Resistance: 11375, 11400, 11425
Support: 11350, 11300, 11250
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