HOW TO TRADE BANK NIFTY WITH CREDIT POLICY?

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BUY BANKNIFTY ABOVE 20410 TGT 20550/20650 SL 20349

SELL BANKNIFTY BELOW 20349 TGT 20250/20150 SL 20410

Nifty was trading in negative territory for whole day and closed in red at 8768  levels, down by 32points or 0.37%. Sensex closed at 28335levels, down by 104points or 0.37%. Technically, Indian Stock Market is still in positive zone. Market would consolidate and wait for the next trigger i.e. RBI Policy meeting,  that would be disclosed tomorrow. Some Profit booking can’t be ruled out at this point of time. BankNifty is near its last resistance of 20575 levels and once it closes above those levels, there is no looking back as it would confirm an Inverse Head and Shoulder pattern that would force BankNifty to see lifetime highs and even breach those levels with sharp positive momentum. This trigger would be seen if RBI see rate cut tomorrow. Overall, market is positive and traders should continue to hold long positions for now.. The support for the Nifty is 8765-8700-8688-8665 and the resistance to the up move is at 8830-8850-8900-8970 levels.The support for BankNifty is at 20330-20285-20165-20130 and the resistance to the up move is at 20576-20610-20780-20900 levels.

RBI POLICY MEETING

Expect the RBI to cut the repo rate by 25 basis points on Wednesday after December inflation hit a two-year low. But they warn it will be a close call since the central bank may even opt to maintain status quo until its next review in April.RBI may keep rates unchanged as it continues to assess the impact of the crackdown on high-value notes on inflation