Indian Stock Market would open flat with positive bias. US Fed leaves rates unchanged for atleast one more month and investors would now have to worry for another month whether the rates would be hiked or not?
This uncertainty would keep market choppy and consolidated in a range. Market would fell down again in upcoming days. Now, the key trigger is RBI Interest Rate policy which can save Indian Stock market at this point of time.
FIIs were again net sellers of Rs.337.27 crores whereas DIIs were net buyers of Rs.423.81 crores in last trading session.
Nifty would see strong support at 7850-7800-7765-7700 whereas strong resistance would be seen at 7930-7962-8005-8091 levels.
NSE Nifty: (7899) The support for the Nifty is 7850-7800-7765-7700 and the resistance to the up move is at 7930-7962-8005-8091 levels.
NSE BankNifty: (16965) The support for BankNifty is at 16680-16500-16300-16200 and the resistance to the up move is at 17060-17172-17269-17380-17570 levels.
BSE Sensex: (25964) The support for the Sensex is at 25671-25500-25395 and the resistance to the up move is at 26011-26150-26302-26505-26670 levels.
US Feb Leaves Rates Unchanged:
US Fed after a 2-days meeting, kept the Federal funds rates unchanged. US Central Bank was supposed to come out of zero interest rates policy in September 2015 but but instead it opted to hold steady for at least one more month. Investors will have at least one more month to worry about whether the Federal Reserve is raising rates.
Following the decision, U.S. stocks initially traded lower but later jumped. Meanwhile, Treasury bond yields hit session lows and, safe-haven gold rose to highs not seen since September 4.
“The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term,” the Federal Open Market Committee post-meeting statement said.