RBI increased Repo rate Nifty declined, resistance and support today

RBI increased Repo rate by 25 basis points to fight inflation. This is the firs policy review under leadership of new Governor Raghu Ram Rajan.

The Reserve Bank of India raised repo rate 7.25%, RBI reduced minimum daily maintenance of the cash reserve ratio from 99% to 95% and reduced marginal standing facility rate by 75 basis points to tighten liquidity measures.

Indian Stock Market declined after RBI policy review, the 50 share benchmark Nifty declined 153 points. At 12:00 pm Nifty traded at 5961.85 down 2.51%. Bank nifty dropped 600 points. Banking stocks extended their intraday losses S&P BSE Bankex plunging 6%

Nifty future derivative down 163 points or 2.67% traded at 5981.80 touched high of 6154.55 and low at 5950.20. It may take resistance at 6107.50, 6232.20, and 6311.85 if move above 6028.85 otherwise it may take down side support at 5903.15, 5824.50, 5698.80.

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