Bank Nifty support is awaited and a positive outcome in the Policy meeting shall drive Bank nifty above 27750. Or else we can find a big fall if there is any disappointment. It is prudent to wait till the policy release tomorrow. 27750 is the high during the last 3 months. This number is very critical for BN to cross 28k.
The index is very interestingly poised. Nifty spot closed at 10935. The top formed in Dec- Jan is 10941.2,10983.1 and 10983.5 respectively. Unless we find a daily close above 10983.50 index could be again range bound.
Keep an eye on Nifty 500 Index. This index gives an idea about the market participation of top scrips. One has to wait for this index to stay above 9152 to see nifty moving above 11100/200 levels.
This month target for nifty is 11277. If that happens before 3rd week, then our next target is 11600. Look for these targets if you find Nifty 500 Index is favorable.
Good Luck!
Trade with caution and Good Luck!
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