Nifty Tips:- The NSE main index Nifty50 Opens gap up 300+ points in the early trade but later wildly swung between profit and losses before finally settled in green with the marginally gain of 18.80 points or 0.22% at 8660.25. The Nifty index in intraday trade made day high and low of 9038.90 and 8522.90 respectively.
VIX :-The volatility index drops -1.60% to 70.38 in intraday trade. The index showed some relief in day trading though trading at near 11 years high levels.
Coronavirus:- The number of coronavirus cases increased to 724 in India and the death toll reached 17, Whereas around 5,42,000 people infected and more than 24,000 deaths reported worldwide from COVID-19
RBI Policy Announcement by Governor Shaktikanta Das:-
1) RBI cuts Repo Rate by 75 basis points to 4.4%.
2) Reverse Repo Rate cuts by 90 basis points to 4.0%.
3) CRR of all banks to be reduced by 100 basis points to 3.0%.
As mentioned in my last report( Markets:- How to Trade Nifty50 on Friday?)the stimulus effect is already price in the rally and today we have seen the market fizzled out soon after the relief package announced. Our paid clients have cashed that selling opportunity from a higher level.
The index has nearest support at 8490 below that it may test 8340-8190 to the downside whereas it has immediate resistance at 8770 above that it may show some more relief to the level of 8970-9130 to the upside.
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Also Read:-Markets:- How to Trade Nifty50 on Friday?