Nifty : Tomorrow is RBI day and much inventory adjustment will happen based on what the market feels about the news from the Reserve bank.
I’m tracking a composite profile of the past there days with a high around the high volume point of 4848 and the lows around 4730.Today’s break away from the composite profile was retraced in the second half of the day so that the market remained essentially flat prior to tomorrow’s open. The day was again neutral and had evidence of longer time frame selling at the open and responsive buying near the lows.
The possibilities are for a move through the balance to bring 4810 and 4848 or back below 4730 towards 4660-4640.
The BankNifty chart will be on focus tomorrow. As mentioned yesterday, the selling seems to have stopped in the bankNifty.
Above the HVN of 8526, target would be 8701.