The preference for a CRR (Cash Reserve Ratio) cut as opposed to further open market operations (OMOs) seems to reaffirm that it is shifting its focus from inflation. By cutting CRR, the RBI injected Rs 32,000 crore liquidity into the banking system while keeping the repo and reverse repo rates unchanged.
Nifty closed with quite heavy volumes in today’s trading session. Now Nifty is just 130 points away from the trend line resistance in the daily charts at 5250. Eventually managed to touch 200 EMA in today’s session at 5140.
Bank stocks like SBI gained 5%, ICICI 3.7% with the infrastructure stocks like L&T with 6% up-move supporting the rally.
I should say Nifty is in the last leg in this bigger downward channel where big shorts are ready. Same time let’s keep fingers crossed at-least this time I wish Nifty should cross the channel upside and let the investors regain confidence in our markets.
Trading Levels 4960 – 5020 – 5065 – 5140 – 5220
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