RBI Policy Today, Market Would Be Highly Volatile, Initiate Short Only Below 17603 For Nifty

Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market is still bullish and traders can go long at dips until Nifty holds above 17550 and exactly the same happened. The Indian Stock Market moved sharply positive as predicted. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market will open flat. Technically, the Indian Stock Market is still in a positive zone. Market would be considered bullish until it holds above 17603 for Nifty and 37213 for BankNifty. Today is RBI Monetary Policy and the market would be highly volatile. Traders should remain cautious as huge swings are expected in the market. Overall traders can hold long until the market holds above 17603 for Nifty and 37213 for BankNifty. Fresh short positions can be initiated if the market closes below these levels.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.1764.25 crores whereas DIIs were net buyers of Rs.2528.64 crores in the cash market for the last trading session. Nifty would see strong support at 17615-17540-17505-17450 whereas strong resistance would be seen at 17825-17880-17940-18035 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17790) The support for the Nifty is 17615-17540-17505-17450 and the resistance to the up move is at 17825-17880-17940-18035 levels.

NSE BankNifty: (37753) The support for Bank Nifty is 37660-37540-37365-37240-37110 and the resistance to the up move is 37870-37952-38110-38270 levels.

BSE Sensex: (59678) The support for the Sensex is 59615-59508-59365-59240 and the resistance to the up move is at 59770-59888-60036-60110 levels.

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