On December 7, the Nifty experienced erratic movement and
ultimately broke 18,600 at the close. The index's first line of defense has
been breached by this. The index's future course of action will be determined
by the key level of 18,500. The index will enter a brief consolidation if that
is violated on a closing basis. The bulls may retaliate up until that point.
The Bank Nifty, on the other hand, is still clinging to its short term support
zone of 43,000-42,900. On the higher side, the immediate resistance zone moves
lower to 18,650-18,670.
The much-anticipated decision by the RBI to raise the repo rate by 35 basis
points aims to control inflation. Despite the fact that this will result in a
slight increase in lending rates, the real estate industry, supported by the
positive sentiments of homebuyers and strong demand influenced by the price
rise of Indian real estate in the days to come, may not be deterred by this.The
mortgage rate will be less affected by the current stance on the repo rate
because the rate of increase has slowed down and is now seen positively by
homebuyers. The Reserve Bank of India (RBI) has been closely monitoring the
advancing changes and taking immediate corrective action in the best interest
of economic growth as it continues to float above 4% in the upcoming year,
resulting in a moderate level of inflation. We are optimistic about a positive
turnout because the growth forecast is 6.8% and the manufacturing services PMI
for India in November was among the highest in the world.
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