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Indian equity markets may edge lower in early trade on Thursday, tracking subdued cues from Asian peers. The SGX Nifty, which was trading with losses of 18 points at 9,678, indicated that domestic bourses may open negative at the opening bell.
The Nifty50 index has respected the support level of 9,630 and now it needs to hold above the level of 9,680 if it were to extend its upward rally towards the levels of 9,710 and 9,735. On the downside, the level of 9,620-9,630, may continue to act as a strong support level and if this support is breached, it is likely to slide down to the level of 9,570.
Back home, Indian markets ended Wednesday's session with modest gains after the RBI kept the repo rate unchanged at 6.25%, which was on expected lines, but cut the SLR rate by 0.5%. Post the RBI's announcement, banking stocks saw buying interest and Bank Nifty touched all-time high.
The Nifty50 index has respected the support level of 9,630 and now it needs to hold above the level of 9,680 if it were to extend its upward rally towards the levels of 9,710 and 9,735. On the downside, the level of 9,620-9,630, may continue to act as a strong support level and if this support is breached, it is likely to slide down to the level of 9,570.
Back home, Indian markets ended Wednesday's session with modest gains after the RBI kept the repo rate unchanged at 6.25%, which was on expected lines, but cut the SLR rate by 0.5%. Post the RBI's announcement, banking stocks saw buying interest and Bank Nifty touched all-time high.
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