10-year yield to trade in 6.25-6.40% range: Ajay Manglunia

Ajay Manglunia of Edelweiss said, "The RBI measures to suck out surplus liquidity will cause a partial reversal of the recent stellar rally as banks rush to make the necessary arrangements to provide for 100 percent CRR on incremental deposits between September 16 and November 11.""The banking system, however, will continue to receive a steady flow of deposits under the demonetisation window in place till December 30 and the immediate impact on gilt yields is likely to be limited to 10-20 bps across the curve.""The 10-year benchmark yield is likely to trade in a range of 6.25-6.40 percent today," he added.