Nifty Takes Support Of 10770 As RBI Softens Policy Stance




The Outlook for 6th December 2018
Nifty Daily Chart Levels
In today’s trading, Nifty Future closed at 10834, which is marginally below the crucial support zone of 10850 approx. The RBI softened its stance in today’s policy meeting and hinted at possibilities of rate cuts in future if the inflation targets continue to remain below the central banks projected targets.
Going forward, Nifty is likely to find the final support around the 200 DMA (10747approx). The nearest upside target for the index is around 10894 approx. Although further upside remains capped, traders must take note that the index might scale up to the 100 DMA (10970 approx), if it trades above the daily upper Bollinger band (10944 approx). On the other hand, if Nifty breaks and trades below the 20 DMA (10684 approx), it will scale down to the 50 DMA (10610 approx).
 
Nifty Hourly Chart Levels
In the hourly session, Spot Nifty has closed around the 5 HMA high (10789 approx). The index is likely to find support around the 100 HMA (10744 approx). The nearest upside target is around the 20 HMA (10850 approx). However, if the index trades below 10715 approx, it will scale down to the 200 HMA (10610 approx). 





Bank Nifty Options Data

" data-username="AMPLIFYKOLKATA" data-message="asksdfds">
India’s benchmark Nifty took the support of yesterday’s 200 DMA (10787 approx) as the RBI softened its stance and announced a likelihood of reducing repo rates if the inflation trajectory dropped below the Central Bank’s projected target. In a surprise move, the RBI also reduced the SLR rates by 25 bps in today’s policy meet. The current SLR rate stands at 19.5%. Post the RBI policy meeting, Nifty bounced back from the intraday low of 10787 and closed around 10834 approx. Going forward, the index will find the final support zone around the 200 DMA (10747 approx). The nearest upside target for the index is around 10894 approx.

Stocks Under The Scanner
In today’s trade Hindustan Unilever shares rose 2.45%, HDFC shares rose 1.60%. Sunpharma shares dropped 5.80 % in the course of the day’s trade.



The Outlook for 6th December 2018
Nifty Daily Chart Levels
In today’s trading, Nifty Future closed at 10834, which is marginally below the crucial support zone of 10850 approx. The RBI softened its stance in today’s policy meeting and hinted at possibilities of rate cuts in future if the inflation targets continue to remain below the central banks projected targets.
Going forward, Nifty is likely to find the final support around the 200 DMA (10747approx). The nearest upside target for the index is around 10894 approx. Although further upside remains capped, traders must take note that the index might scale up to the 100 DMA (10970 approx), if it trades above the daily upper Bollinger band (10944 approx). On the other hand, if Nifty breaks and trades below the 20 DMA (10684 approx), it will scale down to the 50 DMA (10610 approx).
 
Nifty Hourly Chart Levels
In the hourly session, Spot Nifty has closed around the 5 HMA high (10789 approx). The index is likely to find support around the 100 HMA (10744 approx). The nearest upside target is around the 20 HMA (10850 approx). However, if the index trades below 10715 approx, it will scale down to the 200 HMA (10610 approx). 





Bank Nifty Options Data

Recent Articles
Sell Off In Ultratech Cement10th September 2018