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RBI Monetary Policy Today, Go Short If BankNifty Closes Below 37480

Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. Indian Stock Market tried to recover but was not able to hold near resistance levels and fell down sharply from there. Finally, the Indian Stock Market closed negative for the day.

Today: Indian Stock Market will open flat. Technically, Nifty has entered into the negative zone whereas BankNifty is still in the positive zone. BankNifty will also enter into the negative zone if it closes below 37480 levels. BankNifty is trading near its reversal levels. If BankNifty manages to close below these levels then we will see sharp downfall in the market. RBI will disclose its Monetary Policy today and hence traders are suggested either to trade with proper hedging or wait for Monetary Policy outcome before taking directional trades. For excellent profits in Intraday, traders can follow Breakout and Breakdown signals at Unicorn Signals.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.5009.62 crores whereas DIIs were net buyers of 1774.70 crores in the cash market for the last trading session. Nifty will see strong support at 17540-17450-17365-17270 whereas strong resistance would be seen at 17715-17770-17825-17880 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17640) The support for the Nifty is 17540-17450-17365-17270 and the resistance to the up move is at 17715-17770-17825-17880 levels.

NSE BankNifty: (37557) The support for Bank Nifty is 37365-37240-37110-36940 and the resistance to the up move is 37740-37870-37952-38075 levels.

BSE Sensex: (59035) The support for the Sensex is 58815-58700-58608-58470 and the resistance to the up move is 59270-59385-59540-59660 levels.

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