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MARKET LAUDS RBI'S ACCOMMODATIVE APPROACH
As a result of today's market reaction, the RBI's MPC
members decided to keep key policy rates unchanged and maintain an
accommodative stance "as long as necessary" to support the economy
amid the COVID-19 pandemic.
This is the third time in a row that the market has closed in the green.In keeping the key policy repo rate and reverse repo rate unchanged, the central bank adhered to its accommodation stance. There were gains across sectors, with Bank, Financial Services, Metal and IT indices rising more than 1 percent each.On the daily charts, the Nifty50 formed a bullish candle similar to the Hanging Man. Experts believe the index needs to decisively surpass 20-day moving average to extend the uptrend in coming sessions, till then there could be range bound and volatile trade.After initial correction to 17,427, the Nifty50 recovered gradually after the policy decision and reached a day's high of 17,639. The index closed at 17,605.80, up 142 points or 0.81%.
|
RESISTANCE |
R1 |
R2 |
R3 |
|
|
17683 |
17772 |
17982 |
|
SUPPORT |
S1 |
S2 |
S3 |
|
|
17473 |
17352 |
17142 |
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