Daily Nifty50 Analysis

8/2/2024
Overview-
RBI Repo Rate remains at 6.5%. The Reserve Bank of India (RBI) has maintained its inflation projection at 5.4% for 2023–2024. CPI inflation is predicted to be 4.5% for the upcoming fiscal year 2024–2025, with Q1 at 5%, Q2 at 4%, Q3 at 4.6%, and Q4 at 4.7%.

Outlook for 9/2/2024- Nifty remained trending throughout the day, a stark contrast from the last 3 trading sessions. The sentiment was dominated by RBI Policy. Important support levels at 21660 and resistance at 21819 and 22020. 21660 is an extremely important level as market would become bearish below it.

Note- This is purely educational and not investment advice.