Week begun on a red note with the Indian Equity benchmark index Nifty Jan Fut opened at 6195  Slight range bound movement due to  cautiousness , as all eyes were set on  RBI's 3rd quarter monetary policy review declared on tuesday, RBI completely surprised the D-Street by hiking the Repo Rate by 25bps to 8% . This also led the index for a downward swing. Major Results this week were ICICI bank, Syndicate Bank, Oriental Bank. Nifty Feb Fut closed at 6107 down by  169 points and 30 share index sensex closed at 20498

Overall trend of Nifty Feb Fut is still looking bullish on chart trading above 200 & 50 days MA with an RSI of 40, IT has recently given a corrective move and reversed after taking support of its 200 days moving average, further if it sustains above the level of 6135 and  manages to cross its next resistance mark of 6175  further upmove  can be expected & traders can  expect a target of 6235 & 6340 in near term; while on down side it has good support of 5980  only below this level further shorts can be seen

Stocks to watch on:

IDBI BANK FUT:- Overall trend of the stock is weak from past sessions, but technically some recovery can be expected, stock is sustaining above its  50 days moving average and is trading with RSI of 62 thereby giving buy signals. Thus one can take long position in IDBI bank fut above the level of 56.50 for tgts of 58 with sl of 55

IBREALEST FUT:-  Stock is in recovery phase, it is consolidating near its resistance level from past few sessions, stock is also in an oversold region so some buying can be expected if stock sustains near 54 levels one can take long position in IBREALEST fut above 54.80  for tgts of 56 and sl of 53.95