Daily Nifty/BANK NIFTY News Letter
Nifty gave the biggest fall of the month after the release of Repo Rate. Where Governor Mr. Urjit Patel kept the rate unchanged to 6.25% and focused on maintaining the Cash Reserve Ratio (CRR) on 4% where consumer prices index (CPI) is maintained at 5%. For coming days we look ahead with the strategy of Sell On Rise where 8250 is a strong resistance and bellow 8000 level selling may intensify.
Bank Nifty Outlook
Banking index got a jaw down fall today just after the release of RBI Rate Cut. A down side of 710 points was marked on chart just in three minuets and prices hit to five months low at 17980, the price we saw on 8th July 2016. Although there was no change in Rate Cut, and was same at 6.25 % Weakness can be observed in Banknifty for coming days. 17950 will be a major support to watch.
Nifty Day Performance