Nifty Spot View: 31/10/2022
Cmp: 17786.80
Support & Downside Range: 17723--17654—17637 zone
Resistance & Upside Range: 17892—17920—18050--18174
Short Term Trend Reversal Level: -- 17637
Trading View: Due to the sharp recovery in the global market especially in Dowjones we are seeing an extension in the Indian market, for today's trading key level to watch is 17920 spot levels cross and sustain above it for 30 mins to 1hr we immediately open for minimum 18050 and max 18174 as next upside levels, whereas weakness starts in the market once we break downside 17723 spot levels.
For the first time since the implementation of the monetary policy framework in 2016, the Reserve Bank will submit a report to the government on its failure to keep the retail inflation rate below six percent for three consecutive quarters beginning January 2022.
The monetary policy framework, which came into effect about six years ago, mandates the Reserve Bank of India (RBI) to maintain retail inflation at 4 percent with a margin of 2 percent on either side.
In case of failure to maintain the inflation target for three consecutive quarters, the central bank, under section 45ZN of the RBI Act, is required to submit a report to the government explaining the reasons and spelling out the remedial actions it would be taken to check the price rise.
The central bank has called a special meeting of the Monetary Policy Committee (MPC) on November 3, to prepare its report on missing inflation targets for the government. The six-member rate-setting panel is headed by RBI Governor Shaktikanta Das.
Section 45ZN of the Act deals with failure to maintain the inflation target.
Governor Das had earlier said the central bank will not make the report public. It is not clear if the government too would like to keep the report confidential or make it public for wider discussions and deliberations, he had said.
To tackle the price rise, the government in 2016 gave a mandate to the RBI to keep retail inflation at 4% with a margin of 2% on either side for a five-year period ending March 31, 2021.
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