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After a quiet start ahead of US inflation data and the state elections at home, indices rallied following the RBI's accommodative stance that kept rates on the status quo. As the volatility index cooled, metals led the rally, which was well supported by real estate and mortgage companies in the broader market. The rally trickled down to IT & Financials in afternoon trade, buoyed by a lower inflation forecast ahead. The market continued its winning streak into the third day after the RBI's Monetary Policy Committee (MPC) left interest rates unchanged and continued its accommodative stance at its February 10 monetary policy meeting. At the close, the Sensex was up 460 points to 58926 and the Nifty was up 142 points to 17605. The domestic market maintained bullish momentum, supported by strong global cues and positive RBI policy. Although the market expected the RBI to moderate its monetary policy tone, the central bank surprised with a very dovish statement, maintaining its accommodative stance, modest inflation forecast and FY23 GDP growth of 7.8%. The global market rallied ahead of the release of US inflation data supported by healthy earnings results. Nifty trades with positive momentum for the Feb series. Support stands at 17100. Above 17600, open interest buildup can only be seen at 17900-18000 strikes, suggesting possible resistance. The FII segment has seen dissolution in the index options segment, which supports the positive bias.
Resistance: 17350, 17425, 17575
Support: 17200,
17000, 16800
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