RBI's initiative of rate cut failed to cheer up the markets, RBI has reduced the repo rate by 50 basis points to 5% and reverse repo rate by 50 basis points to 3.5%. Sensex touched an intraday low of 8166 before closing at 8197 down 248 points or 2.94%. Nifty closed at 2576 after hitting low of 2564 down 2.59% or 68 points. There are many stocks that have hit the 52 week low today. HCL Tech, HDFC Ltd, ICICI Bank, LT, Rcom, Rel capital, State bank, Suzlon. We can see the Sensex chart, the RSI is showing that the Sensex is reaching its oversold zone. Nifty can further fall to 2525 -2502 levels. Nfity will find good suppor at the same. Once again, Inflation for the week ended Feb 21 was 3.03% v/s 3.36% wow. This too could not boost the market.
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