Markets opened weak and selling pressure dominated the indices post RBI Monetary Policy in which Repo rate cut by 25 bps was in line with market expectations while surprise was rebasing of Reverse Repo rate hike and MSF, finally closing the indices in red losing 2%. Nifty future had free fall and dragged towards the major support of 7600. This may be start of short reversals on index charts and any closing below 7590 will find next major support at 7520. Intraday Res is seen near 7700.
SUPPORT : 7580 & 7540
RESISTANCE: 7670 & 7710
1). Market tanks more than 2 percent; Sensex below 25000 mark.
2). RBI cut repo rate by 25 bps to 6.5% and Reverse repo hiked by 25 bps 6%.
3). Interest rate sensitive stocks falls post RBI policy.
4). Aurobindo Pharma gets approval from USFDA for Polymyxin B.
5). Larsen & Toubro wins orders worth Rs 21.25 billion; stock tanks.
6). Lupin gains as launches generic Intermezzo Sublingual tablets in US.
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