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Kotak Securities flags 22,700 resistance for Indian stocks ahead of rate moves
The Nifty finished down 0.76% at 22,603 after the RBI lifted the repo rate by 25 basis points.
Indian stocks fell on Wednesday after the Reserve Bank of India raised its repo rate by 25 basis points and signaled that more hikes could follow, according to LiveMint Markets. The Nifty ended 0.76% lower at 22,603, forming a bearish daily pattern.
Kotak Securities technical research said 22,700 is a key resistance zone for day traders over the next one to two weeks. It noted that if the market stays below 22,700, sentiment is likely to remain weak and could retest the 22,450 to 22,400 area.
The same analysis added that a sustained move above 22,700 could extend the pullback toward 22,800 to 22,850, while describing the near-term trend as non-directional and favoring level-based trading for day traders.