It’s in the RBI’s meeting room tomorrow. While Sensex and Nifty climbed over 0.9%, analysts are watching the rupee (still hovering at ₹96.42) and bond yields more closely than ever. Why? Because this rally isn’t just about global cues or oil prices; it’s riding on anticipation of the RBI’s next move. If the central bank signals stability or even a rate cut, expect a bigger surge. But if yields stay high or the rupee weakens further? This bounce could be short-lived. Mid-cap and banking stocks led the charge today; a sign of renewed confidence. But don’t be fooled: this is still a fragile recovery. One policy statement could flip the script. Keep your eyes on Wednesday; it might decide whether this is a recovery… or just a rebound.