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No rate cut in RBI policy brings the spark back in the market, the Indian indices ended around 1% higher from its Wednesday close. The Sensex shut shop 362 points and closed at 38025 levels while the Nifty went 98 points northward and closed at 11200 mark. Bank Nifty index scaled 132 points up and closed at 21642 levels. Indian benchmark indices came off highs but still closed out a volatile day with gains, following RBI commentary regarding interest rate outlook. Although expectations of a rate cut were there, RBI kept rates on hold, following a rise in inflation. However, it has indicated that monetary policy will remain accommodate until growth revives. We believe that if inflation remains under control, there will be further policy easing from the central bank. With this event out of the way, markets expected to turn focus back on earnings visibility and quality.

Nifty has made a broader base of up to 10800 to 10900 while it has upper range of 11300 to 11400. I don't see Nifty breaking this range by the end of this week. Bank Nifty also won't be able to break 20,900 to 22000 range.

Resistance: 11300, 11400

Support: 11100, 11000