28 Sep, 2015 (9:13AM IST)
Indian markets are waiting eagerly for the RBI’s meeting tomorrow and market are hoping for a rate cut from the central bank.
The RBI governor has bee under immense pressure ever since the new government came in power and if the new FM could, he would have rates slashed every month no matter how bad the inflation or economic conditions are.
It has been a lone battle for the central bank governor, Raghuram Rajan, who has, till now, refused to buckle under undue political pressure. It will be interesting to see what the RBI governor does tomorrow, specially considering the Fed is going to hike its own interest rates very soon.
Although SGX Nifty is trading negative in early session, in recent session this futures index has been following Nifty’s trading pattern.
For Nifty, 7,800 has become a strong support recently. For intraday trading 7,855 will be immediate support for this index and below this, 7,811 and 7,800 will provide support. On upper levels, 7,907 will be first resistance if Nifty trades above 7,855 mark.
Speculators tend to take markets high before such central bank meetings so watch for out for a speculative rally.
Good luck, enjoy the session.