Ashwini Shami of OmniScience Capital also expects the RBI to cut interest rates at least once this year to balance the currency impact of a similar action by the US Federal Reserve
The monthly options data indicated that 22,500 is the expected next key resistance for the Nifty 50 on the monthly expiry day, followed by 22,700, with support at the 22,300 level.
Based on the OI percentage, a total of 66 stocks were on the short-covering list which included Voltas, L&T Technology Services, Dr Lal PathLabs, Bata India, and Hindustan Copper.