06-07-2023 04:46 PM | Source: Angel One Ltd
Market Wrap Up : Nifty regains 18700 as the market shows optimism ahead of RBI policy Says Mr. Rajesh Bhosale, Angel One
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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Nifty regains 18700 as the market shows optimism ahead of RBI policy

Following the positive momentum seen during the fag end of Tuesday, Nifty started today’s proceedings with a gap up opening above the recent congestion phase. Although there were indications of potential intraday consolidation initially, the second half witnessed a resumption of positive momentum. As a result, Nifty ended the day with a gain of 0.68%, reclaiming 18700 comfortably.

On the daily chart, a congestion breakout is observed, resembling a confirmation of 'FLAG' pattern on daily time frame. The presence of a gap further reinforces this price upmove. Based on this configuration, it is anticipated that Nifty may target the all-time high level of 18887.60 in the upcoming sessions, with 18800 serving as an immediate hurdle. While volatility may arise due to the RBI policy event, overall sentiment is expected to remain positive. Any potential dip should be seen as a buying opportunity. The immediate support zone lies within the bullish gap created today, ranging from 18620 to 18640.

The focus on the policy day will be on rate-sensitive sectors such as BFSI, Auto, and Realty. Additionally, today we witnessed the outperformance from OMCs and Metals counters, highlighting the ongoing sector churning. It is advisable to stay aligned with the prevailing theme of the day and place trading bets accordingly. 

 

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