Web Exclusive: Should you exit rate sensitive stocks?
The markets have given a thumbs-down to the RBI’s review of the Monetary Policy today. Should you sell interest rate sensitive stocks and switch to defensive bets? Check out what Hormuz Maloo, technical analyst, Geojit BNP Paribas Securities suggests.
Smartinvestor : The markets have plunged after the RBI kept the repo rate and the CRR unchanged, contrary to the expectation of a 25 bps cut. What are the key levels for the Nifty that you are keeping a tab on now?
Hormuz Maloo : Last week we were looking at certain long term resistances which were existing near the 200dma, which is currently around 5070 pts. Right now the Nifty is slightly above this level but I do not think that the resistances have been convincingly crossed on the upside. I think the Nifty is still testing these longer term resistances.
Smartinvestor : What is the strategy one should adopt for the rate sensitive stocks now, especially banking and auto counters?
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