Markets finished the choppy session on a weak note after RBI kept key rates unchanged in its bi-monthly monetary policy review and stated that further rate cuts will depend on the reform measures announced in the Union Budget 2016. Meanwhile, losses in the global equities on further drop in oil prices accentuated the decline. The Sensex shed 286 points to close at 24,539 and the Nifty lost 100 points to end at 7,456. The RBI at its sixth bi-monthly monetary policy review today kept the repo rate unchanged at 6.75% and the CRR was also unchanged at 4%. Meanwhile, RBI revised the inflation projections for FY2017 to 5% vs. 4.8% earlier without factoring the implementation of seventh pay commission and it retained its inflation projections of 6% for January 2016.
Nifty Trend For Tomorrow:
Nifty ends the day’s trading at 7,456 with a loss of 100 points althogh Nifty is looking bullish for tomorrow’s trading. If it goes to 7500 level then it may touch 7550 level too. Nifty has a support at 7400 and 7350. One can buy Nifty on dips in tomorrow’s trading.
Stock Tips For Tomorrow: 3rd Feb
- Buy NDTV above 89, target for Intraday trading are 90-91-92, Stop loss at 87
- Buy RS software above 74.50 with a Stop loss at 72.50 for Intraday Target of 75.50-76.50-77.50
- Sell NCLIND below 100, for the Target at 99, 98 and 97, Stop loss at 102 level