Bank Nifty will be in focus today as RBI will unveil its credit policy today at 11 AM, Market Participants , Government and Corporate India have long standing expectations of an interest rate cut to boost sagging growth.
RBI said in its report on Macroeconomic and Monetary Developments issued yesterday “Given the preponderance of non-monetary factors behind the current slowdown in an environment where risks from high inflation, current account and fiscal deficits still remain, the scope for supportive monetary policy action is constrained”
As per above statement it has dimmed the hope of rate cut but final verdict will be out only at 11 AM as Mr. Subbarao is very unpredictable person in his action.
Lets see How Bank Nifty is technically looking before the Policy.
Bank Nifty gave a breakout above 12600 gave a 200point move with a high of 12908 and since than have been trading in range of 12509-12836. RSI has formed a double bottom at 38% and bounced and Stochastic has given a buy signal. Bank Nifty above 12910 and show a quick move till 13100 if RBI policy is market supportive, else can move to lower end of trading range at 12510.
Bank Nifty Fibo Fan Chart
As per Fibo Fan theory Bank Nifty is at Fibo resistance of 12822 which was yesterday high also. SO higher move above 12822 will only come else pullback back to 12500 odd levels.
Bank Nifty Weekly Chart
Bank Nifty Trading Levels
Buy above 12836 Tgt 12890,13031 and 13100
Sell below 12750 Tgt 12651,12570,12509 and 12420
We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.
Follow on Facebook during Market Hours: http://www.facebook.com/pages/Brameshs-Tech/140117182685863
You can register your email address under Post In your Inbox(Right Side Column) if you want to receive mail instantaneously as soon as site get updated. You will receive a confirmation mail in your registered email address you need to click on link to get it confirmed.