Markets rallied on the event happening day of RBI Policy Review. Strong opening of European markets helped nifty future to move towards the strong resistance level of 5330. It took support near to its 100 day EMA which remained its day low i.e. 5221. Nifty is close to the upper band of channel on daily charts which if it is able to break then it is expected to test level of 5410. Meanwhile, if some reversal is seen from this upper band then 5220 is seen as strong support for it.
SUPPORT: 5280 & 5220 RESISTANCE: 5360 & 5410
Major Market News-
- Sensex gains 200 pts; RComm, Rel Infra, Rel Cap surge 5-6%.
- RBI in its monetary policy has cut repo and reverse rate by 50 bps to 8% and 7% respectively while CRR unchanged at 4.75%.
- MindTree Q4 profit surges 2 times.
- Hindalco aims to raise up to 30 bln rupees via bonds.
- McNally Bharat bags order worth Rs 165.3 mn.
- SKF India Q4 profit rises 8%.
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