Finally 4900 is broken and that too with record volumes

Markets saw a sudden fall due to hawkish statements by Reserve Bank of India. Hawkish statements by RBI indicate that the central bank is ready to take aggressive steps to curb inflation and aggressive step may also include rising key interest rates.

Meanwhile RBI has announced an hike of hundred basis points to 25 % in SLR ( Statutory Liquidity Ratio ) which means that banks has to park more funds as cash, gold or G-sec ( Government securities) with RBI

NIfty view: Nifty after breaking the crucial level of 4920-4950 has been precariously placed at a very good support around 50 day moving average and now the move will depend upon the unknown causes or circumstances that may take place.



Stock view:

Divis Lab

The stock that entered into parallel channel in the month of May has a very good support at around 475 levels ( the lower trendline ). Long term investors should start accumulating the stock from the 500 odd levels






Have a happy trading day

Regards

Ankit