As the RBI tightened its key policy rates (repo and reverse repo) further by a sharper-than-expected 50 basis points each, the markets took a free fall as interest rate sensitive stocks bore the brunt of heavy sell off.
"The spike of interest rates caught investors on the wrong side, as it was much higher than street estimates. Going forward, the Nifty in August series is likely to tread in the range of 5,500 and 5,700 levels, unless 5,500 is broken out,
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