Bulls manage to hold the 200 DMA and the up move has been encouraging. With continued Growth revisions downwards, bulls cheering as that would either keep the rates low or inflation low. Bad news remains good news. Ahead of MPC in August near term base shifts to 36400-37400 range than any directional bias sans clues from overseas markets. The mood in banking space with encouraging all round results is on a bid note relative to other sectors. This would keep the rotation in this sector within the broad market moves. Inclined to be in the range while bulls rise their base building and bears searching for a hold to cap. Dice is in favour of bulls.
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