Nifty Tips:- In the previous session, The NSE main index Nifty 50 shut shop in red at 9039 after losing of -67 points or -0.74%. The Nifty index opens gap lower but turns positive in the early hour of trade. The Nifty 50 loses the positive momentum by the start of the MPC announcement and hit the days worst level of 8969. The MPC slashes repo rate by 40 BPS to 4% in its policy announcement. On WoW basis, The Nifty 50 closes in red with the loss of more than one percent.
Day Trading:- The Nifty index continues its failure to sustain on higher-level forms a Doji formation on the daily chart, signs of indecisiveness. The Nifty 50 index is trading with weakness and closed on a weak note but it may show some bounce back if manages to hold above 8960 but take every bounce as a selling opportunity as long as nifty fails to hold above the level of 9300 on a closing basis.
As our levels decode the daily market movements in simple support and resistance levels with high accuracy. So we recommend keeping the below levels at the back of your mind before going for the intraday trading.
Nifty Support and Resistance Level:- The index has immediate resistance at 9150 above this it may retest the level of 9220-9300 to the upside. Whereas below the level of 8960 it is looking weak and may retest the support level of 8880-8800 to the downside.
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