Domestic shares advanced for fourth trading session on Thursday after Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) on Thursday refrained from slashing repo rate and maintained an accommodative stance. Sentiment improved after RBI estimated a 6% GDP growth rate for 2020-21 while projecting a 6.2% growth rate for Q3 December 2020. It revised the CPI inflation projection for Q4 March 2020 to 6.5% and 5.4- 5% in the first six months of 2020-21 and 3.2% in the third quarter of 2020-21.
Cost cuts helped Nokia to a surprise rise in its October-December underlying profit although the Finnish telecom network equipment maker flagged European shares rose to a record high on Thursday as China’s intention to cut tariffs on U.S. goods and a swathe of strong bank earnings energized equity markets.The pan-European STOXX 600 index (STOXX) rose as much as 0.7%.
Nifty50 closed higher at 12133.65 level,+44.50 points, or +0.37 per cent. Nifty Support : 12100 and 12040 Resistance : 12170 and 12270. We recommend Buy on dip, Nifty Target 12170 and 12220 with strict stoploss below 12040.
