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Nifty Intraday Outlook on RBI Policy Day

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We discussed the last Nifty Intraday Outlook. Bulls are in a strong position to rise further, and bears have their chance only below 11900 levels.

On Tuesday, the Nifty intraday session was range-bound at 90 points. Bulls are in a strong position and need to protect 12010 on an EOD basis for further growth.

Nifty Bears will get active below 12010 for the move towards the 11960/11910/11800 price level.

Today, we have the RBI Policy, so we can expect volatile intraday moves in the Nifty, which is good from a day trading perspective.

Nifty Intraday Outlook on RBI Policy Day

Intraday support is at 11990/11945/11870, and intraday Resistance is at 12072/12115/12190.

P.S. – Nifty closing below 12010 may also trigger short-term bearishness in the index.

Note: The above-mentioned price projection & other Information are for educational purposes only.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.