NIFTY 8 DEC 23: RBI Interest rate decision
RBI likely to keep the rate unchanged @ 6.5%
Generally,market remain calm before the announcement and become volatile after RBI's announcement,a very risky day to trade.
Technically on chart:
Nifty remain sideways for 2 days in between 20960 and 20850.
For UPSIDE.
If open above 20920 and breaks 20940/60 upside and sustain it then then 21096 can be seen upside
For DOWNSIDE:
If open in between the day's range and breaks below 20850, have to be cautious as 20805,20785,20771 are support levels.
If 20785/20771 is broken down ,then intraday move to 20611 can be seen downside provided that 20712 is also broken down
Generally,market remain calm before the announcement and become volatile after RBI's announcement,a very risky day to trade.
Technically on chart:
Nifty remain sideways for 2 days in between 20960 and 20850.
For UPSIDE.
If open above 20920 and breaks 20940/60 upside and sustain it then then 21096 can be seen upside
For DOWNSIDE:
If open in between the day's range and breaks below 20850, have to be cautious as 20805,20785,20771 are support levels.
If 20785/20771 is broken down ,then intraday move to 20611 can be seen downside provided that 20712 is also broken down
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