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Nifty

Nifty finding resistance near the 23750 zone witnessed some profit booking and slipped below the 50EMA zone of 23660 level, once again to form a lower top formation on the daily chart awaiting the RBI Policy in the coming session. As mentioned earlier, the index would have the near-term support at 23500 zone which needs to be sustained and on the upside has the important 200 period MA at 24000 level which needs to be breached decisively to establish conviction for further rise in the coming days. Sensex indicated another lower top formation on the daily chart resisting near the 78700 level and slipping down for the second session having the 77000 zone as the important support level as of now. As mentioned earlier, a decisive breach above the significant 200 period MA at 79000 zone is necessary to establish conviction and expect for the higher targets of 80000 and 81200 levels in the coming days. The support for the day is seen at 23500 levels while the resistance is seen at 23800 levels.

Bank Nifty

Bank Nifty once again remained range bound resisting near the 50500 zone during the session, once again maintaining the support near 50300 levels before the RBI Policy announcement day. The bias is still maintained optimistic having 49700 level as the important support zone and as mentioned earlier, on the upside has the significant 200 period MA at 50900 level which needs to be breached above to carry on with the positive move further ahead. Bankex witnessed a sluggish session once again resisting near the 57300 zone and closed near the significant 50EMA zone of,57000 level awaiting the RBI policy outcome, thereafter, which shall decide the directional move of the index. The near-term support would be 55600 levels while the 200 period MA is positioned near 57900 levels which shall be near-term hurdle which needs to be breached decisively. Bank Nifty would have the daily range of 50000-50900 levels.

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