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Nifty fell on August 10, post a hawkish sounding RBI MPC meet outcome. At close, Nifty was down 0.46% or 89 points at 19543. Volumes on the NSE were higher than recent average. Broad market indices fell less than the Nifty even as the advance decline ratio dipped below par at 0.78:1.Global benchmarks mostly rose Thursday ahead of a closely watched US inflation report that investors expect will influence the Federal Reserve’s next policy move. Some Asian stocks were down on Thursday, still reeling from China's slip into deflation.The RBI MPC at its meet on August 10 held the rates and stance unchanged even with a sharp increase in inflation forecast from 5.1% to 5.4% for FY24. We expect rate cut perhaps in Q1FY25 but that would be data dependent. Banks may not help Nifty to continue to rise and focus could shift to other sectors in the near term.Nifty is finding it tough to cross 19645 on the up but keeps taking support at 19440. A break of this band on either side could determine the near future trend of the Nifty.
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