Sensex and Nifty sinks on rate hike and negative europeon cues. The Sensex fell 146.36 points to close at 17,985.88 and the Nifty stood at 5,396.75, down by -50.75 points.
RBI hiked interest rates by 25bps today for the 10th time in 16 months as it struggles to tackle the rising inflation. These rates are increased to tame the increased inflation in the market. Rates sensitive shares are expected to be on selling pressure. The May inflation rate stood at 9.06%.
In upcoming trading session there is higher possibility that nifty spot manages between narrow range of 5360 - 5415 and if it breaks the level 5360 then it would be go down and next support would be 5310 and if it breaks the level 5415 then would go higher and next resistance would be 5455 i.e nifty would vary between broad range of 5310- 5455.
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