Let us analyse BankNifty on 6th Dec 2016. Bank Nifty traded in a very narrow range of around 130 points all throughout the day ahead of the RBI monetary policy meet to be held on 7th Dec. The high of the day was made around 18500 and the low was made around 18370.
Traders could have initiated a long at B (18370) since the support was retested till 18500. Though a small range, but the trend was very clear and the resistance was also at the psychological level of 18500. Also, short could have been initiated at point 2 (18500) since this level was retested and failed to go up.
Overall market traded on a cautious note.
What caused the almost flat trade?
- Neutral global cues
- Caution before the RBI monetary policy the next day.
For the day, Bank Nifty formed a bearish candle.
Bank Nifty Opening:
Bank Nifty Closing:
High of the Day:
Low of the Day:
Percent Change:
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