Tech view: SBI, Canara Bank ready for a rally as RBI cuts repo rate to 6%

Rate sensitive stocks had been on a roll ahead of the policy with the Nifty PSU Bank index rising 20 per cent and the Nifty Private Bank index that rose 12 per cent since March 5 till date

After a sharp rally from 10,800 to 11,650 levels from March 5 till date, Nifty50 has taken a breather as the Reserve Bank of India (RBI) announced its first bi-monthly monetary policy for 2019 - 20. In the last three sessions, the index tried to conquer 11,700 levels convincingly. It climbed a new high of 10761 but slipped to 11,650. A rate cut would have boosted the market sentiment.  
 

Rate sensitive stocks had been on a roll ahead of the policy with the Nifty PSU Bank index rising 20 per cent and the Nifty Private Bank index that rose 12