Inflation was at 7.14 % as compared to 7.41% a week ago. CRR has been increased by 50bps as mentioned earlier, to control inflation. According to another increase in the CRR or Repo rate is on the cards. Wait till the next move, for futher clarification.

Finally Nifty closed above the major resistance level of 4950. It closed at 4958. On 11th of april the Nifty chart showed a breakout. On Friday Nifty closed well above the 23.6% retracement level.

Banks will come down on the back of increase in CRR rate. If the Nifty closes above the retracement and the 4950 levels, the next target for Nifty is 5200-5300 levels.