The brokerage expects MPC to retain its FY23 Consumer Price Inflation (CPI) and real GDP growth forecasts, at 6.7 per cent and 7.2 per cent, respectively.
Last week, RBI Governor Shaktikanta Das said that headline inflation, which came at 7.04 per cent for April, is appearing to have peaked.
There is a possibility for MPC to adopt a more aggressive measure and deliver a 0.50 per cent hike in rates like it did in June, joining some developed market and regional central banks who have sent out more decisive signals.