Today RBI meet or statement at 10AM for interest rate hike. So extra volatility will be observed. It is expected 0.25% interest rate hike and if no unexpected announcement mkt should move up. Make money using our Bank Nifty option tips on a daily basis.
Keep position size under control.
BankNifty Spot View For: 08/02/2023
Cmp: 41490.95
Support & Downside Range: 41095—40609--40300
Resistance & Upside Range: 41770—42195--42600
Short Term Trend Reversal Level: --
Trading View: in today's trading session key level to watch is 41095 spot levels after RBI policy if we may hold 41095 and moves above 41770 spot then we may see strong short covering which may lead bank nifty intraday towards 42195 as minimum upside projection whereas if we slip below 41095 then view goes weak to sideways again.
RBI Policy Update - Outcome
- In the recent RBI Monetary Policy, the policy setting committee hiked the policy rates by 25bps to 6.5 % citing sticky core inflation.
- Standing Deposit Facility rate stood now at 6.25% while Marginal Standing Facility rate was now at 6.75%.
- The outlook on global growth has improved despite the persistence of geopolitical hostilities and the after effects of policy tightening by central banks across the world. Nonetheless, global growth is expected to decelerate during 2023.
- On the other hand, global inflation was exhibiting some softening from elevated levels, prompting central banks to moderate the size and pace of rate actions.
- India’s real GDP growth is at 7.0% (y-o-y) for 2022-23, driven by private consumption and investment. High frequency indicators suggest that economic activity has remained strong in Q3 and Q4:2022-23.
- India’s headline inflation moderated to 5.7% (y-o-y) in Dec’22 – after easing to 5.9% in Nov’22 – on the back of double digit deflation in vegetable prices.
- Domestic demand has been sustained by strong discretionary spending. Urban demand exhibited resilience as reflected in healthy passenger vehicle sales and domestic air passenger traffic. Rural demand is improving.
- Outlook for India’s inflation looks mixed. While prospects for the rabi crop have improved, risks from adverse weather events remain.
- Global commodity price outlook is subject to uncertainties due to geopolitical tensions.
- India’s CPI inflation is projected at 5.3% for 2023-24, with Q1 at 5.0%, Q2 at 5.4%, Q3 at 5.4% and Q4 at 5.6%, and risks evenly balanced. 
- India’s real GDP growth for 2023-24 is projected at 6.4% with Q1 at 7.8%, Q2 at 6.2%, Q3 at 6.0% and Q4 at 5.8%, and risks broadly balanced.
- The RBI Gov has also proposed to allow foreign tourists to make merchant payments while in India via UPI.
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