Indian Markets end 1% lower after RBI announces monetary policy - Nirmal Bang

The Indian market ended down almost 1% as the RBI monetary policy outcome disappointed the market participants. The RBI has taken cautious stand to reduce repo rate only by 25 basis point keeping the CRR unchanged at 4%.

Nifty Future closed a percent in red at 5948.25 (down 59.15 pts) shedding OI to the tune of 0.20 mn. FIIs were net buyers in cash to the tune of 954 Cr whereas they sold in Index Future to the tune of 12.6 Cr.

India VIX decreased by 4.48% to close at 15.55 touching an intra-day high of 16.55.

Though the trend reversal is visible in the markets the Nifty future is expected to get immediate support at 5900 level with the put OI build to the tune of 8.48 mn.

Highest OI build-up is seen at 6100 Call and 5800 strike Put, to the tune of 6.79 mn and 8.52 mn respectively.

Markets are likely to open on a positive note following the positive global cues and are likely to remain range bound during the day.

Source : Equity Bulls

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