The RBI has taken a bold step to reduce the Repo rate by 100 basis points. The markets would have welcomed other wise by 500 points on the announcement itself but failed to hold the gains made during the trading hours.
The markets are now likely to move up from these levels in case if the global indices won’t take severe knock. The only concern at this point is the corporate performance. The results announced till date are not bothering but the fear of future is threatening the growth in advancement of the Indices as a whole.
The Nifty draggers like tech lot bounced with vengeance and RIL got enough support at the lower level except DLF. The ONGC, BHEL, Unitech and DLF may try to boost the Nifty to cross the 3350 level which is very crucial.
Monday, October 20, 2008
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