Support- 16800 Resistance- 17400 This week RBI MPC meeting wi | Stock Shiksha
Support- 16800 Resistance- 17400
This week RBI MPC meeting will be held and RBI is expected to raise interest rate by 30-40 basis points. But market participants will be watching what comments comes from RBI Governor. Crude and other commodities are again trading higher after correction in dollar. OPEC+ meeting will be held on 3rd Aug.
On technical chart, gaps are continuously have been formed which is not giving comfort to buy at higher level. RSI is also above 70. PCR is at 1.36 and FIIs position in index is at 61%. This is also not giving comfort to buy. So buying should be avoided at higher level and wait for 16800-16900 range. At higher level, sell on gap up opening with stop loss above 17400. This is positional trading view. Actually there is no stopping in journey of Nifty to upside and finding intraday level is difficult. Trade with stop loss
We are not SEBI registered investment advisors. Whatever we share here, has sole purpose of knowledge sharing. Profit and loss is subject to market risk and trader himself has to bear the risk....
