Indian Benchmark Nifty added another 60 points and stands at 9920 level in first half of the today’s trading session. Nifty opens gap up by 25 points at 9884 and continues to capitalize on the same, ahead of the monetary policy scheduled to be announced today at 2.30 PM. Currently nifty has immediate resistance at the level of 9930 above which 9990-10040 can be retested on the higher side. On the contrary nifty spot may find immediate support at the level of 9850-9970 in the downside.
Bank Nifty index open with marginal gain at 24124 and continue to trend sideways. Bank Nifty trading in range of 24000-24230 from the last three trading session and waiting to get clues from the monetary policy. An upside breakout of the trading range in fashion may retest the level of 24350-24450 in the upside whereas below the level of 24000 it may correct down to the level of 23870-23600 in the downside.
Bottom Line: – Traders are advised to remain stock specific as Market expected to remain in broader range. Crucial support is intact at 9685 level. So buy on dip with stop loss below 9685 level can be a good strategy in short run. Market may face stiff resistance at the level of 10000-040 and closing above this level only may see some fresh buying further on the long side.