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RBI Hikes Interest Rates Today 26 July 2011, REPO and Reverse REPO Hiked by 50 bps, Banking stocks down

By Bhaveek Patel Leave a Comment

The Reserve Bank of India (RBI) has hiked its key interest rates, repo and reverse repo rates by 50 bps (basis points). Market has expected the hike by 25 bps and this has given a shock to the market participants. The rate hike has taken the reverse repo to 7% and the repo rate to 8%. Also RBI has kept the cash reserve ratio (CRR) unchanged at 6%.

Seeing this the markets has reacted badly, we have seen that banking stocks dropped by about 3% and the market sentiment has changed. We are seeing that market may need much time to digest this interest rate hike by RBI. We advice to trade short in front line banking stocks like ICICIBANK, SBIN, HDFCBANK, AXISBANK.

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Category: NEWS Tags: RBI/ REPO/ Reserve Bank of India/ Reverse REPO

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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