RBI Policy Day, Market can volatile, Bank Nifty levels 6th OCT

6 oct. 2023

Good Morning Guy's

Banknifty opened on gap up but witnessed consolidation for most of the day and closed at 44213, On the hourly chart, indicator showing positive divergence and crossover, which is bullish sign in Banknifty. We can expect Banknifty towards 44800/45000 in coming days. GIFT nifty also showing gap up opening, global market is looking good, we can see greenery in most of the major indices. And we have an even also today (RBI POLICY) so market will be highly volatile, so guy's trade carefully, and go with less qty.

Important levels for Bank nifty:-

Support zone 43800
Resistance zone 44600

Buy above 44385, if levels sustains at least for 15 mints
Targets we can see in upside 44506/44655
Keep stop loss at 44139

Sale below 44139, if levels sustains at least for 15 mints.
Targets we can see in downside 44022/43893
Keep stop loss at 44385

Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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