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| "RBI Credit Policy Update" |
Very unexpected yet good move from the RBI. Mr D (Subbarao) kept the prices unchanged and this brought a relief rally in the Indian Share market. Cash reserve ratio (CRR) has been kept unchanged at 6%, repo rate unchanged at 8.5%, reverse repo at 7.5% while SLR is at 24%. Consequently, the marginal standing facility (MSF) too remains at 9.5%
Effect of RBI Policy on Indian Share Market
Inflation risks remain high, rupee remains under stress and industrial growth moderating is a serious concern. On the Daily chart, we are observing that prices intraday breached the crucial support of 4700 level, but have managed to stay close above it. Further, on the hourly chart we are witnessing a positive divergence in the momentum oscillator which suggests continuation of up move.
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