Slowing growth, falling rupee, high current account deficit (CAD) and widening gap between wholesale and retail inflation are among factors expected to make sure the Reserve Bank of India (RBI) keeps the policy rate unchanged at its first quarter monetary policy review on Tuesday.
The policy, though, could throw some light on how long the central bank expects these conditions to persist. The RBI had maintained status quo in the mid-quarter monetary policy review on June 17.
Asian markets are trading in red zone between 1 to 2 % down and we are also in confusing state so nifty may trade with weakness till release of RBI policy tomorrow . Though nifty hourly chart is indicating convergence of macd signal lines , histogram and RSI is stable below 40 are indicating for a sharp pull back rally may start at any moment.
Trade according to trend …stock specific moves may be there .Nifty futures may trade in 5880 5950 range …and maximum time will it may stay between 5900 5930 ..as per current mood of market participants.
Trade in Nifty futures as per these levels
Buy at / above: 5931 Targets: 5948 – 5968 – 5987 – 6007
Stoploss : 5912
Sell at / below: 5912 Targets: 5891 – 5872 – 5855 – 5832
Stoploss : 5931
Nifty Outlook & Trading levels for 29 July 13: growth or market