Nifty to open gap down by 44 points: Dynamic Levels
Dynamic Levels’ Market Outlook:
RBI is set to announce its interest rate decision at 2:30 PM today and expected to keep rates unchanged. Repo rate currently stands at 6 percent, Reverse Repo rate stands at 5.75 percent, Marginal Standing Facility is at 6.25 percent and Cash Reserve Ratio stands at 4 percent.
All eyes will be on Repo rate as it directly gives advantage to the borrower; if RBI reduces Repo Rate market will have positive impact. However expectations are that RBI may keep its rates unchanged.
The NSE Benchmark Index Nifty has corrected more than 300 points from its recent high of 10410 made on 28th Nov and made a low of 10069 in last trading session. The major players, FII and PRO have built huge short position of 400536 contracts in Index Options in last few days. In yesterday’s trading session, they have made a short position of 12423 contracts.
Yesterday bench mark index opened and closed at 10118 after making a low 10069. The Cash Market Benchmark Index Small Cap also has given a correction of 415 points from its recent high of 8823 made on 1st Dec and made a low of 8408 yesterday. If the Index trades below 8408, then the next level will be its Month 1 low of 8247.
Nifty Future is opening gap- down by 44 points against yesterday close of 10146 as indicated by SGX Nifty which is currently trading at 10099.
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