MARKET VIEW: Rate cut below expectations
Market was hoping a 50 basis point cut and the 25 point cut was already discounted so markets closed in negative today. In near term, the markets would be now guided by global cues and remaining corporate earnings.
Technically there is an immediate support at 9950 and below that there is a good support zone of 9700 – 9800. Short term trend will become downward if Nifty falls below 9800 but for the long term trend to reverse, it has to fall below 9450.
Investors should stay invested with a cautious view. They should avoid small caps and focus on large caps, diversified, and balanced funds.
Market View: Rate cut below expectations /02/ Aug /2017.