Markets opened on a cautious note ahead of RBI monetary policy. There was a sudden decline after the policy announcement of keeping the rates unchanged. It breached 5400 level and made intraday low of 5397 but was able to close above 5400. Volatility is expected ahead of Union Budget hence cautious trading is recommended. 5300 will act as strong support for nifty while on higher side 5520 is seen as resistance for it.
TREND: SIDEWAYS
SUPPORT: 5370 & 5300 RESISTANCE: 5470 & 5520
Major market news-
· Sensex ends 243 pts down on RBI's dovish note; Budget eyed.
· Consumer durables, realty and banking were the biggest losers.
· RBI credit policy: Central bank keeps key rates unchanged.
· Realty, banking stocks slip over 2% on hawkish RBI stance.
· L&T bags orders worth Rs 11.4 bn.
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Indian markets ended green.Nifty and Sensex went up by 0.95% and 0.85%.
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