RBI Credit Policy Today, Go Long In BankNifty Only If It Closes Above 18615 Levels.
Last Trading Session: Indian Stock Market opened gap positive. Nifty moved sharply higher and saw highs right near its resistance of 8180 levels. Market fell down sharply from there. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Today is the RBI Policy day and we would see huge volatility in the market. Traders can go long in BankNifty only if it closes above 18615 levels on spot basis. Nifty would see reversal if it closes above 8193 levels. Nifty, if it closes above 8193 levels today than traders can go long in the market. Market has been waiting for RBI Policy to determine the next direction and today, we may see a final trend depending on the RBI Policy. EquityPandit expects a rate cut of 25 bps. Anything more than that would be a big surprise for the market to see a breakout and if there is no rate cut than market would slide down.
FIIs were net buyers of Rs.161.80 crores whereas DIIs were net sellers of Rs.164.68 crores in cash market for last trading session. Nifty would see strong support at 8117-8100-8050-7050-7916 whereas strong resistance would be seen at 8180-8200-8250-8288 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results To Be Disclosed Today: Crompton Greaves, GMR Infrastructure and Prestige Esates Projects Ltd.
NSE Nifty: (8143) The support for the Nifty is 8117-8100-8050-7050-7916 and the resistance to the up move is at 8180-8200-8250-8288 levels.
NSE BankNifty: (18421) The support for BankNifty is at 18322-18262-18188-18000-17800 and the resistance to the up move is at 18540-18690-18780-18888-19000 levels.
BSE Sensex: (26392) The support for the Sensex is at 26280-26180-26124-26060-25950 and the resistance to the up move is at 26540-26720-26809-26950 levels.
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