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With eyes on RBI policy, Bank Nifty may see buying on dips; Exide a good bet for short term
The Nifty yesterday ended 1.14 percent down at 10,128.40. Early morning positive opening got sold off, amid US-China trade worries, towards ending the session below critical supports placed around 10,210 and 10,170. Nifty ending the session with a big bearish candle soon after yesterday’s Falling-Wedge pattern breakout is disappointing for the bulls.
However, Falling- Wedge pattern breakout and the critical support placed around 10,080 are well intact and may arrest severe down fall here on. Next support is placed around 10,050. Also, RBI’s bi-monthly monetary policy scheduled to be released today is awaited.
On the Nifty hourly chart; midsession violent sell off led the Index closing below the neck line, placed around 10,210, of the Inverse “Head-and-Shoulder” pattern discussed in our previous communication. Hence, it may remain under pressure in today's session. However, that’s not an enough proof to invalidate the bullish reversal pattern as of now. Pivotal support is placed around 10,080. Pull back may face resistance on rise around 10,180 and 10,210.
Nifty patterns on multiple time frames show, it nosedived from day’s high towards finishing off the session on a bearish note. However, Falling-Wedge breakout pattern is still intact despite today’s bearish candle formation on daily chart. Hence, it may again see buying on dips around critical supports. However, decision on monetary policy by RBI scheduled to be released today is going to be a trend determining factor.
The Bank Nifty on previous session ended 1.55 percent down at 24,129.50. It reacted down from 30 daily EMA placed around 24,700, day’s high was 24,666. Downside critical supports are placed around 24,050 and 23,800.
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