The market traded in a range but with the downward bias.
Nifty close down by .37% and banknifty was largely flat, down .15%, today the day was MPC announcement, the fear of some negative surprises got the markets down early in the morning even below 16300 for a short time. However no big surprise came and markets run back.
The key decision by MPC were
- 0.5% increase in Repo Rate,
- CPI Inflation forecast for F23 5.7% to 6.7%,
- GDP forecast unchanged to 7.2%, what does that means higher EMI, thing being expensive but growth in general to be good.
- Some positive announcements regarding home loans head realty stock like DLF, Sunteck realty, Oberoi, Shobha etc they moved up. Even metals and pharma healthcare show some promised today.
Tomorrow there’s weekly market expiry, market could be volatile that’s what I feel.
Levels for Tomorrow (9 June 2022)
NIFTY = Support 16100- Resistance 16600
BANKNIFTY= Support 34300- Resistance 35700