Credit policy announcements will determine the direction of trade in the immediate future. Though after the fall over the past few trading sessions, it is quite likely that markets have already factored in an interest rate hike of around 50 basis points and monetary tightening measures as well to rein in the soaring inflation. Fuel price hike is also imminent and has contributed to the declines in the indices. We do not expect too much downside from the present levels and view the present correction as a buying opportunity.
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