Market Minutes: Did a new rally start after RBI's gift? These 2 signals increased hope

News Topical, Digital Desk : Market Minutes News Today : The bigger than expected gift from the Reserve Bank has filled the stock market with enthusiasm. The stock market has seen a sharp jump today and there are indications that the market is now preparing to reach new levels. 2 big signals from the market are confirming this. The Reserve Bank's steps have given a strong push to the banking sector which will determine the future direction for the entire market. At the same time, after the market momentum, short cover by FIIs is expected, the effect of which will also be seen.
 

Has a new rally started now?

According to Anuj Singhal, Managing Editor of CNBC Awaaz, there were constant signs of strength in the market but today's market movement has made it clear that a new rally has started. According to him, the last resistance of 25050 to 25150 is left for Nifty and it is expected that the market will break it soon.

He said that today already many shorts of FIIs must have been covered. The real covering is yet to come. According to him, the movement of stocks from India VIX was showing strength for a long time but now the policy of the Reserve Bank has proved to be a big trigger for the market. According to Anuj, after the relief in income tax and the gift of the Reserve Bank, now it is expected that relief in GST rates and fuel prices will also be announced in the coming time. All these signs are positive. According to the news quoted from sources a day ago, the government can abolish the 12 percent tax slab and can take the goods and services related to the common people to the 5 percent slab.

 

what is the strategy

Anuj Singhal said that we had taken a long view on Nifty a day before. Those who are moving ahead with this view should take their stop loss to 24800 with today's gain.

At the same time, do not think of profit booking before the level of 58000 in Bank Nifty and also do not think of shorting because this market is not going to be shorted.
 

What is the opinion of experts

According to market expert Rajesh Agarwal, the Reserve Bank has given a double bonanza today. This has given a clear signal to the market that the Reserve Bank is ready to take all steps for growth. This step will increase liquidity in the system. According to him, these steps will help the banking and financial sector and looking at their impact on Nifty, there is every possibility that if bank and financial stocks move, then Nifty will also move.

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