A morning walk down Dalal Street | Holding long positions, add fresh positions only after breakout above 10,985

Bulls took control of D-Street from the word go as both Sensex and Nifty reclaimed crucial resistance levels on the January expiry day. The S&P BSE Sensex reclaimed 36,100 while the Nifty50 closed a shade below 10800 levels.

Despite muted activity across the globe, Indian market managed to stage a smart rebound. oil prices have cooled off from recent highs which should act as a tailwind for India markets. 

With the Monetary Policy Committee (MPC) statement to be declared on 7th Feb, rate sensitive stocks will remain in focus. Most experts expect RBI to retain a ‘pause’ on interest rates, but there could be a change in stance to Neutral from ‘calibrated tightening’ as of now.