RBI is expected to continue easing, as some officials have not hesitated to highlight the need for monetary easing. RBI will be cautious because inflation pressures picked up a bit, as WPI rose 6.95% year over year in February vs. 6.55% year over year in January. Foreign equity inflow has continued but the pace is decelerating on concerns about continued economic slowdown.
Key Levels: Resistance near 51.63 (retracement from December -February drop).
Support near 50.5 (trendline from February) and just below 50 (March lows).
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