Nifty performed well for the day. It closed red but sustain well above the previous day closing. For the day nifty opened gap up by 43 points and moved in a consolidation range where in last hour we found a pull back in the prices of index. Prices dipped to 8726 level and closed @ 8729 handle. We believe to continue in the same band and give some fresh buying
Since the inflation rate is 5.39 and we are expecting RBI Credit Policy tomorrow. We believe market to be volatile for the day, little change in Monitory Police could effect the banking sector first and then the production companies.
Bank Nifty made red candle for the day but the good part was that it sustained well above the previous day closing and supported the trend as well, as tomorrow we have the Credit Policy by RBI and Bank Nifty is expected to be volatile for Credit Policy. For the day Bank Nifty opened at 19060 and close at 19012 where the high was marked at 19104.
|Nifty Resistance & Support|
|R1 / R2||8810/8880|
|S1 / S2||8700/8650|