*NIFTY & BANKNIFTY WRITE-UP & TECHNICAL OUTLOOK 07th-FEB-2025* http://m.phillipcapital.in/disclaimer  RBI to announce its sixth bi-monthly monetary policy for FY25 today. New RBI Governor Sanjay Malhotra is set to chair his first Monetary Policy Committee meeting with widespread expectations of a 25-Basis point rate cut to 6.25% (Prior to this RBI last reduced the repo rate in May 2020 & began rising it in 2022*  A rate cut is inevitable along with liquidity enhancement measures. Initially it looks market has discounted 25 bps rate cut followed by another 25bips later this year thus interest rate sensitive sectors can continue to remain in focus with “Hedged Long Outlook” in weeks to come.  Weaker Ruppee / Trump Factor undertainity & the pending quarterly results of biggies like ITC/ Bhartiartl/ Heromotoco & Britannia can impact the short-term trend of the market.  Yesterday, *Index Nifty-50 Spot* consolidated under pressure between 23770 & 23550 before ending the session at 23603 down -0.39%. As per price study the Index bias remains “Range to Up” above 23200 & 24000 levels. While 13th-Feb Weekly Open Interest data too has immediate resistance at around 24k levels while maximum PE build-up is at around 22500/22k Strike Rates. Overall, shorts are still in system who expect upside is capped in Index. Thus one need to be lite & hedged with long positions & avoid leverage bets.  *In respect with BankNifty spot* outperformed Nifty-50 & ended marginally in green up 0.08% at 50382 despite SBI ending the session at its lows post result numbers. Its last one month high is at 50447 indicating 51k (which is also 200-DMA) is crucial levels for the Index in short-term. As per price study the Index is approaching towards interim resistance levels of 51k & 52k levels on higher-end which need to be held in-order to witness short-covering. While 49k remains crucial immediate support levels for the Index above which downside remains capped.  *For intraday today* Nifty Spot 23500 & Banknifty 49800 can be looked as important level between bulls & bears. Overall, bias can be range to pressure at per OI data. Stock specific momentum can remain in focus amid consolidation.