Nifty: RBI Policy tomorrow... Whats in for you

Nifty
Closing price 10498

Observations

- Nifty has seen a sharp sell - off since Budget day

Do read our Budget day Post

- After a big gap down opening today, the Markets recovered substantially to close well off the lows

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- With RBI Policy tomorrow will there be any positive surprises...???

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Looking at charts...


There is series of resistance on the upside
10594 - 10665 - 10760 - 10820

- Any move on the upside needs to be watched carefully... there could be more selling pressure coming in the days ahead...

- We are still not out of the woods... SGX Nifty as I write is -76 points

- However On the lower side, further weakness will creep in only if we see Nifty closing below today's low of 10276.

- In that case, Doors will open up for Nifty to fall up to 10066 / 9820 / 9685 levels


There you go...

Important levels have been mentioned...


Plan your trade accordingly


Ideally would like to see Nifty giving a bounce back and would consider selling on rise if price action indicates rejection at higher levels

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Take care & safe trading...!!!

Comment:

Nifty opened at 10604 and In 1st 5 mins itself came below 10594 and started drifting lower indicating rejection at resistance level. What followed was a further drop of 130 points making an intra day swing low of 10464 so far

Intra day traders can look to book profits

The idea is still the same sell on rise & or if Nifty closing is below 10276

Hope the levels were helpful in planning your trade...!!!

Take care & happy trading...!!!