- US markets closed Positive Yesterday.
- So Asian markets are Flat.
- SGX Nifty is down 10 points.
- Yesterday in second half we witnessed a heavy short covering in Bank Nifty.
- 22000 is the major support level for Bank Nifty and it bounced back exactly from that zone.
- Bank Nifty is highly Unperforming Nifty still.
- A 800-1000 Point recovery here cannot be ruled out.
- Day before Yesterday , IT stocks ruled the market.
- Yesterday Pharma and Reliance.
- Reliance is Unstoppable and will continue to hold Nifty.
- So being bearish on Nifty wouldn't work as the saviour Reliance won't let it drown.
- So currently I'm Bullish on the Market.
- Every dip will witness buying Opportunity.
- DII's were net sellers but FII's net buyers.
- Market are Likely to consolidate with Positive Bias.
- Bank Nifty should recover most of its losses.
- Nifty might Trade between 11420-11600 today.
- stockmarketadvisory.in
U.S Markets closed higher yesterday. Asian markets are higher. SGX nifty is up 150 points. Yesterday was a very tricky and unexpected session. As soon as Market opened there was a continuous selling. Market was falling left , right and center without taking any support. I was wondering why is the Market going against the global cues Then we got the news about RBI Governer press conference. So some informed people already knew about this rate hike. Hence there was a sudden selling in the markets. RBI hiked repo rate by 40 basis points and Cash Reverse ratio by 50 basis points. Repo rate is the rate at which banks borrow money from RBI. When the rate is increased banks borrow money at higher cost and in turn loans also get costlier. This slows down the growth and liquidity in the Market temporarily. Cash reserve ratio is the interest free deposit money which banks have to keep with RBI. RBI uses that money without having to pay any interest on it. Increasing CRR means RBI is
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