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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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