RBI adopts a hawkish stance: announces a 50bps hike in Repo & Reverse Repo Rate
As mentioned in the previous post, Nifty traced our 1st possibility and has broken down without crossing our levels.
Nifty has made a low of around 5620 after the RBI announcement. Expect 5580 levels to give some support to the markets for the time being considering the oversold zone nifty is in and open interest addition in 5600 and 5500PE. This might be the 7th consecutive negative closing for nifty. So a dead cat bounce can be expected. Exit all weak longs in any such rally.
Our short term tgt of 5450-5500 remains intact. sl updated to 5810 from 5890
Our short at 5920 has yielded close to 300points....enjoy!!
- Repo rate hiked 50bps to 7.25%
- Reverse Repo hiked 50bps to 6.25%
- CRR remains unchanged at 6%
- MSF rate fixed 100 bps higher at 8.25%
- Savings bank deposit interest rate increased from 3.5% to 4%
As mentioned in the previous post, Nifty traced our 1st possibility and has broken down without crossing our levels.
Nifty has made a low of around 5620 after the RBI announcement. Expect 5580 levels to give some support to the markets for the time being considering the oversold zone nifty is in and open interest addition in 5600 and 5500PE. This might be the 7th consecutive negative closing for nifty. So a dead cat bounce can be expected. Exit all weak longs in any such rally.
Our short term tgt of 5450-5500 remains intact. sl updated to 5810 from 5890
Our short at 5920 has yielded close to 300points....enjoy!!
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