Nifty To Recover If 10635 Breached, RBI Monetary Policy Today
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market would see consolidation-cum-Profit Booking. Equitypandit also predicted that further profit booking till 10550 levels for Nifty would be seen and exactly same happened. Indian Stock Market saw highs right at EquityPandit’s predicted resistance levels of 35075 for Sensex and fell down sharply from there as predicted by EquityPandit. Nifty saw lows right at EquityPandit’s predicted target of 10550 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Nifty also entered into negative zone. BankNifty is still in negative zone. Now, today RBI Policy would be disclosed and it would affect Indian Stock Market direction. Street expect Rate hike this time. Nifty has seen Hammer Candlestick Pattern whereas BankNifty saw Doji type of candlestick pattern. Both suggest indecisiveness and a reversal may be on the cards. So after RBI policy is disclosed, market is expected to see positive movement in upcoming days. Once Nifty breaches the levels of 10635 and BankNifty breaches the levels of 26345 on Intraday basis, we would see sharp positive rally whereas if Nifty breaches levels of 10550 with volumes then it can slide down to 10550-10420 levels again. Overall, traders are suggested to wait for RBI Policy to be disclosed and take the positions accordingly.
FIIs were net sellers of Rs.157.51 crores whereas DIIs were net buyersof Rs.474.33 crores in cash market for last trading session. Nifty would see strong support at 10550-10495-10420 whereas strong resistance would be seen 10635-10680-10705-10735 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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NSE Nifty: (10593) The support for the Nifty is 10550-10495-10420 and the resistance to the up move is at 10635-10680-10705-10735 levels.
NSE BankNifty: (26251) The support for BankNifty is at 26100-26078-25980-25600 and the resistance to the up move is at 26325-26380-26450-26518 levels.
BSE Sensex: (34903) The support for the Sensex is at 34820-34740-34610 and the resistance to the up move is at 35075-35185-35303 levels.
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