RBI Monetary Policy Today, Some Profit Booking To Be Seen

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in positive zone and traders can hold long positions for now. BankNifty saw lows right at EquityPandit’s predicted support levels of 21500 like a dot. BankNifty recovered sharply from day lows and coincidently, saw highs right at EquityPandit’s predicted resistance levels of 21700 like a dot. Traders, who followed EquityPandit’s advice to hold long positions might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. US FED commented that US Market is too expensive relative to standard valuation measures and that triggered the profit booking in Dow Jones from +198 points to -41 points. This is a concern for all global markets at this point of time. Today RBI would disclose its Monetary Policy. Analyst across the street expects no rate cut this time. If no rate cut is seen then market would enter the consolidation zone and then some correction is possible but if there is any rate cut then it would be considered as a big surprise for the market and we can see sharp breakout in BankNifty. Market would enter into negative zone once it closes below 9185 levels for Nifty and 21381 levels for BankNifty. Traders can initiate fresh short positions only if market closes below these reversal levels.

FIIs were net buyers of Rs.340.13 crores whereas DIIs were net sellers of Rs.194.05 crores in cash market for last trading session. Nifty would see strong support at 9215-9190-9150-9130 whereas strong resistance would be seen at 9280-9305-9325-9380 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

NSE Nifty: (9265) The support for the Nifty is 9215-9190-9150-9130 and the resistance to the up move is at 9280-9305-9325-9380 levels.

NSE BankNifty: (21653) The support for BankNifty is at 21600-21500-21400-21331-21250 and the resistance to the up move is at 21700-21840-21950-22060 levels.

BSE Sensex: (29974) The support for the Sensex is at 29825-29770-29690-29540 and the resistance to the up move is at 30025-30060-30124-30270-30340 levels.

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