Nifty and Bank Nifty Chart Analysis
Nifty almost fell by 400 points to close at 16,677.60 which has broken the 16800 level and also touched 16600 level in today’s session.
The reason for this fall is RBI Monetary policy which announces a hike in repo rate by 40 bps to 4.4% from the existing 4%. CRR too hiked by 50 bps to 4.5% from 4%, the market reacted negatively to this unexpected announcement.
Immediate support range- 16600-16650
Pullback range- 16500-16550
Resistance level- 16800-16850 which was the previous support level.
Bank nifty registered 900 points fall led by a monetary policy which will increase lending rates for the customers and liquidity in the system will also decrease with the rise in CRR.
Support Range- 34600-35000
immediate resistance level- 35500-35550