On August 10, the market reversed its gains from the previous day and ended the session in the negative territory. As widely expected, the RBI opted to keep its policy rates unchanged, maintaining the repo rate at 6.5%, and affirmed its commitment to gradually withdraw accommodation measures. However, the negative surprise in today's policy meeting was the increase in projected annual inflation rate and introduction of an additional cash reserve requirement of 10% for banks.
NIFTY: The index opened 27 points lower at 19,605 and made a high of 19,623 before closing at 19,543. Nifty has formed a bearish candlestick pattern with minor upper and lower shadow on the daily chart. Its immediate resistance level is now placed at 19,650 while immediate support is at 19,500.
BANK NIFTY: The index opened 83 points lower at 44,797 and closed at 44,541. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 45,000 while support is at 44,300.
Stocks in Spotlight
▪ Zee Entertainment Ent: Stock rallied over 16%, hitting a new 52-week high after NCLT approved its merger with Sony India.
▪ Force Motors Ltd: Stock raced 10% to hit a 52-week high and was locked in the upper circuit after the automobile company turned profitable in the April-June quarter.
▪ Thomas Cook Ltd: Stock gained 3.2% after the travel services firm swung back into the black in Q1 with a net profit of Rs 70.9 crore.
▪ European markets traded higher on Thursday as investors digested a fresh round of corporate earnings and looked ahead to a key US inflation print, which could provide hints about the Federal Reserve’s next monetary policy move.
▪ The dollar dipped against most currencies on Thursday ahead of US inflation data later in the day, though the greenback did touch a one-month high against the Japanese yen, partly on higher energy costs.
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