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| NF Daily Chart |
Though RBI CRR cut of 50 bps has given a good rally to Nifty, which helped the index to cross over 5100 mark. RBI rate hike is to boost liquidity in terms of Rupee appreciation and also to boost banks for overnight borrowings. Everyday banks borrow money overnight from RBI @18% and that has come down to 16% which will give them more liquidity. But is the rate cut season has started? I do not think so as the fiscal deficit is churning up and it was predicted that it should be around 4.6% of GDP but it may go up to 6% GDP which is more pain for government. Unless Indian government takes some fiscal reforms and measures things are looking gloomy.
Now about Nifty, it may target 5070 for today's close as well as today is the expiry of F&O. Nifty is highly ovebought and investors/traders can short at this level upto 5150.
2-45 pm IST Update
Nifty testing the patience of traders who have shorted. As today is the expiry NS trying to close above 5150 to get the most rollovers.
TT Data has been updated.
Before Trading please see the Golden Rules and TT Data
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