As expected Bank Nifty traded lower awaiting RBI decision on rate change. Once news is out it fell and made low of 21488 and sharply bounce back making day's high at 21674. It closed at 21622.
Hourly chart shows prices bounced back from LBB and closed above MBB. RSI also bounced from 50 level. These are indications of possibility of up move.
Daily chart shows Bank Nifty moving along UBB and RSI 65 level is providing support. We can expect target of 21800/22000 in coming 1-2 trading sessions.
Tomorrow above 21650 target is 21750/21850. Below 21590 target is 21500/21400.
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