The markets are in a “hold” mode ahead of a policy announcement by the RBI today.
The highs have been at 5877, marginally better than the 5875 from yesterday.
The seller operates there.
Below 5840 which is VAL, is a conservative short for a possible 5805 today.
A break above 5877 will put in firmly in control for 5913 later today.
All eyes are on the Bank nifty, which is not showing a lot of participation at the moment. We have noted the presence of some put buyers at 12000 and 11900, but all that can be just anticipatory.
A break of 11960 BNF will be the first sign of weakness, followed by a break of 11910 as confirmation.The target can be 11755 on the downside too, if some aggressive selling happens later today.