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MTECHTIPS:-NIFTY
The Nifty opened weak tracking negative global cues, but the markets recovered strongly from its lows to close the day with gains around the 5250 mark, as the investors ignored inflation data.The opening is expected to be weak taking cues from the negative Global peers. Nifty closed positive after making a lower low of 5183, Now holding 5170 is important for any rally till 5280 & 5315 as all depends on how markets reacts to RBI policy, where a 25-50basis point rate cut is highly expected by market. If Nifty goes below 5170 then 5120 & 5070 would become possible. The intraday trend for the index will be set by the RBI policy in the afternoon. And if the policy is positive we may soon witness 5340 levels being tested, or else supports may be broken on the downside.
The Nifty opened weak tracking negative global cues, but the markets recovered strongly from its lows to close the day with gains around the 5250 mark, as the investors ignored inflation data.The opening is expected to be weak taking cues from the negative Global peers. Nifty closed positive after making a lower low of 5183, Now holding 5170 is important for any rally till 5280 & 5315 as all depends on how markets reacts to RBI policy, where a 25-50basis point rate cut is highly expected by market. If Nifty goes below 5170 then 5120 & 5070 would become possible. The intraday trend for the index will be set by the RBI policy in the afternoon. And if the policy is positive we may soon witness 5340 levels being tested, or else supports may be broken on the downside.
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