Pre Open Thoughts: Corrective Rebound??
Ø A mind troubled by doubt cannot focus on the course to victory. Same Way Trouble for Our market continues to swing on both sides amid heightening worries.
Ø We expect start to be muted as most Asian markets are also in the muted. But we do not rule out a ‘corrective’ rebound but be careful as volatility will remain elevated.
Ø Overall our market is in a transitory phase. Today’s movement will also hinge on global market. For our markets, the crucial event will be the RBI’s policy meeting on April 17.
Ø On Nifty, 5170 will act as a support on break of which we can see a slide up to 4800. Overall we maintain our view that the near-term outlook is cautious till the Nifty closes convincingly above 5350 for the Trend to reverse.
Ø SBI will be in focus as according to sources with direct knowledge of the development, country’s largest bank will restructure loans worth 25-30 billion rupees in the fourth quarter. This is significantly higher than loans worth 26.62 billion rupees that were restructured by SBI in the first nine months of this year.
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