As expected Nifty opened with huge gapup yesterday and moved to 6140 levels where it has found some resistance, I feel for intraday this can again act as resistance and 6070 as support area at lower level. If Nifty breaks either way you are going to see huge move either way to 6200 - 6220 or 5900 levels on intraday basis or in few days with expected profit booking before expiry which is due very shortly. With the expected policy being announced anything can happen.
I suggest traders to wait till the event and take call as Nifty may open flat and wait for the cues. In the short term USDINR is looking oversold and could see a relief rally atleast till 63 again it will depend on the type of data we are going get from RBI.
My conclusion is if your long since last 3- 4 days I suggest to book profit at these levels or wait with strict SL of 6060 spot and play safe for short term. Intraday traders should wait for the cues till policy announced and take a call based on the move.
I suggest traders to wait till the event and take call as Nifty may open flat and wait for the cues. In the short term USDINR is looking oversold and could see a relief rally atleast till 63 again it will depend on the type of data we are going get from RBI.
My conclusion is if your long since last 3- 4 days I suggest to book profit at these levels or wait with strict SL of 6060 spot and play safe for short term. Intraday traders should wait for the cues till policy announced and take a call based on the move.
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