NSE Nifty are likely to open flat ahead of RBI’s monetary policy meeting and on disappointing US wage growth data that dented prospects for an early interest rate hike by the Federal Reserve.
Market sentiments would be driven by RBI’s monetary policy meeting schedule today. Looking at the Inflation , Monsoon data and Falling Commodity prices all indicating reduce in interest rates today. But we assume RBI might unchanged the rates.
RBI has already flushed more than 40k Crs into PSUs , reduced oil prices indicate not further rate cut.
We advise to go short on Bank nifty with strict SL 19130 TGT 18700-590