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Tech view: SBI, Canara Bank ready for a rally as RBI cuts repo rate to 6%

Rate sensitive stocks had been on a roll ahead of the policy with the Nifty PSU Bank index rising 20 per cent and the Nifty Private Bank index that rose 12 per cent since March 5 till date

Topics
Technical Calls  |  Technical Analysis  |  Stock Market

Avdhut Bagkar  |  Mumbai 

After a sharp rally from 10,800 to 11,650 levels from March 5 till date, Nifty50 has taken a breather as the Reserve Bank of India (RBI) announced its first bi-monthly monetary policy for 2019 - 20. In the last three sessions, the index tried to conquer 11,700 levels convincingly. It climbed a new high of 10761 but slipped to 11,650.

A rate cut would have boosted the market sentiment. Rate sensitive stocks had been on a roll ahead of the policy with the Nifty PSU Bank index rising 20 per cent and the Nifty Private Bank index that rose 12 per cent during this period. Among stocks, ...

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First Published: Thu, April 04 2019. 12:47 IST
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