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Today is all important India Reserve Bank meeting: Markets expect the repo and reverse repo rates to get raised by 25bp to 8.50% and 7.50%.
RBI came up with macro economic report yesterday and revised growth Expectation at 7.4% and Acknowledged the fact 12 Rate Hikes from last 12 months has dented the business confidence but unable to dent the Stubborn Inflation.
Will RBI Hike One more Rate Hike Today as a wishful thinking it should not and let the previous rate hike show little effect. We are gaining worldwide importance because of our Growth Story and RBI rate hikes are putting growth in drain which is not a good factor for India for its long term growth story.
Lets look How Bank Nifty is looking technically before this all Important event
Bank Nifty is facing resistance at its trendline drawn 9916 and reacted sharply from that resistance line but able to close above all important support of 9570 which means the recent uptrend is still intact, Bank Nifty is going technically strong ahead of Policy meet and if no surprises comes and bank Nifty is able to break 9916 expect the close above 10000 on BN ahead of the auspicious Mahurat trading day.
Buy above 9723 Tgt 9840,9916 and 10033
Sell below 9570 Tgt 9530,9492,9413 and 9284
State Bank Of India
SBI was the mail culprit yesterday for Nifty fall from the High of 5146 but if we look technical charts the fall was very much expected, as stock was trading closer to its trendline resistance of 1989 and was not able to cross it and hence the anticipated fall.
Recent uptrend in SBI is very much intact till it do not close below 1875. Hence Dip buying looks a valid strategy for the stock.
Buy above 1927 TGT 1968,1985 and 2031
Sell below 1875 Tgt 1840,1824 and 1798
Hindustan Unilever (HUL)
HUL/ITC can play an important role in Nifty breaking above 5169 based on its weightage on Nifty so keep a close eye on these Stock in Nifty.
Buy above 338.5 Tgt 341,343.5 and 347