NIFTY 11630-11640 is a critical number for any rally hence forth. Market showing continuous strength for last many sessions and closing positively. Due to this, market moved into overbought zone.
Some relief in market quite possible. Buying again without any consolidation in price and time, will prove costly in NIFTY.
NIFTY is above all important levels, which is quite reasonable for many days buying. RBI meeting is current event to watch.
Our timeless suggestion of yesterday NIFTY report, suggesting 11740 as resistance and 11640 support. Exact buy and sell decision will emerge after RBI meet over.
Catchcash Suggestion. HOLD NIFTY LONG with SL of 11630-640. Tgt -11760/11820.
BANKNIFTY DAILY REPORT
BANKNIFTY RANGE 30540 at higher end and 30150 at lower end is a fix consolidation. One can expect RBI meeting is happening, BANKNIFTY Play rangebound movement.
Post RBI event over by Wednesday/Thursday, one can expect range to breakout decisively on upward direction.
Catchcash Suggestion. Buy BANKNIFTY in
30100-250 Level, for forward target range of 30750/30900.
Which we expect it will come sooner , once
RBI meeting over and decision on Interest rate will emerge.