Market Watch

The Reserve Bank of India (RBI) on Tuesday hiked the repo rate by 25 basis points to 7.75%. The Marginal Standing Facility ( MSF) was cut by 25 basis points.

Meanwhile RBI's second quarter 'Macroeconomic and Monetary Developments' review has pointed out that a continuous policy logjam, particularly associated with delayed clearance on the part of the government, and inadequate appraisal mechanisms on the part of financiers, brought the infrastructure sector to a standstill. The Reserve Bank of India said project delays have been slowing down India's growth.

Government bond yields rose in early trade on Tuesday as the Reserve Bank of India's macroeconomic report released post-market hours on Monday was perceived to be hawkish, cementing rate hike bets at the central bank's policy review later in the day.

The RBI said on Monday it expects inflation to remain near current elevated levels for the remainder of the fiscal year that ends in March, with analysts forecasting it to raise its policy interest rate for the second consecutive review due at 1100 on Tuesday.

The benchmark 10-year bond yield was at 8.70 percent

Samsung Electronics shipped a record 88.4 million smartphones in the third quarter to take its global market share above 35 per cent, while rival Apple's slice thinned, research data showed Tuesday.

Samsung's smartphone shipments in the July-September period marked a 55 percent surge over the same period last year, the independent research firm Strategy Analytics said. The South Korean tech company's market share swelled to 35.2 percent from 32.9 percent in the third quarter of 2012.

Apple posted a 26 per cent spike in shipments over the same period to 3

Buy Maruti Suzuki at CMP 1578-1585 and Sun Pharma at CMP 606.5-609 for short term gains.

Below is the chart of CNX Nifty.

Today is the crucial day for nifty as policy from RBI is yet to come. Still the trend is most likely bearish.

6145 is the resistance level.

6070-6075 is the support level.

Above and below this , we will see new levels and it will be updated soon.

Small gap up opening in the morning is most likely anticipated.