Markets were moving with positive momentum and gains were extended after unexpected RBI announcement of keeping interest rates unchanged. Nifty future on daily charts showed strong pull back after lower lows since last six consecutive sessions and was able to close above 21 day EMA of 6220 indicating strength where 38.2% retracement of 6290 may act as resistance while 6200 is seen as good support. Key event to affect markets is FOMC meet.
TREND: SIDEWAYS :
SUPPORT : 6200 & 6160
RESISTANCE : 6290 & 6320
DAILY MARKETS TREND :
- Sensex gains over 250 points; realty, capital goods rise.
- RBI keeps repo, CRR unchanged.
- FMC allows Blackstone to raise stake in MCX to 4.99%.
- Trent soars on reports Tesco may buy 50% stake in company unit.
- Future Retail rallies nearly 5% on stake sale reports.
Source : Trifid Research