Indian market analysis
Yesterday, the Indian stock market faced a negative trend with the Nifty falling by 91.85 points and the SENSEX witnessing a decline of 294.32 points. In the monetary policy meeting, it was unanimously decided that there will be no hike in interest rates, even though the inflation rate surpasses the established threshold.
The Nifty’s 200-day moving average is at 18,642 which is very near to the current trading price. The Nifty has strong support at 18,600 and that is also very near to the current trading price. The strong resistance is 18,860 and with that resistance breakout, Nifty could again rise 300 to 400 points can cross the 19,000 mark which is an all-time high.
The Bank Nifty is also near an all-time high with strong support at 44,000. The resistance is at 44,470. With the ease in interest rates hike, the bank nifty could highly benefit in the longer term perspective.
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