Nifty:
Nifty Outlook
Nifty opened gap up and traded with a positive bias right
through the day before gaining further traction in the final hour of trade
after the Reserve Bank of India kept the repo rate unchanged at 6% in the first
Monetary Policy Committee (MPC) meet of financial year 2019. Nifty closed above
10,350 mark for the first time since March 15 this year. The index formed a
Bullish Marubozu Candle on the daily chart and negated the effect of the
Bearish Engulfing pattern which was formed in the previous session. For now,
Nifty is looking bullish in coming session for now 10250 will act as an
immediate support for it.
Bank Nifty:
Bank Nifty Outlook
Bank Nifty started with a big gap thanks to strong global
cues picked up momentum soon after Banks welcomed the RBI statement saying the
implementation of Indian Accounting Standards (IndAS) deferred by one year and
lower inflation forecast for current financial year 2018-19. PSU Bank index
rallied 5 percent followed by Nifty Bank, Financial Services and Private Bank that
gained around 2.5 percent.
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