ArthavrkshRA
7 Oct • 8:08 AM · SEBI-Registered Analyst
Nifty Faces RBI Policy Day Amid Weak Cues
As anticipated in yesterday’s view, Nifty traded with a positive bias. It broke above the falling trendline in the previous session and extended the up-move yesterday, but fell short of the 22,809 test after clearing 22,650, making a high near 22,730 before closing near 22,720. RSI at 62.04 has moved well above the midline, with the positive divergence from the lows continuing to support the recovery.
Resistance: 22,850, then 22,925. Support: 22,640, then 22,490.
The pivot cluster for the day is 22,740-22,670. A sustained move above 22,740 could open the way to 22,850, with 22,925 as the extreme level. On the lower side, 22,640 is the support zone, and a sustained break below it could pull the index back toward the 22,500 area. The bias stays positive while 22,640 holds on a half-hour closing basis.
Today's RBI policy adds event risk. GIFT Nifty is trading about 100 points lower at the time of writing, and Brent has recovered above $101, which keeps the inflation backdrop in focus.
Rate-sensitive sectors are the ones to watch for reactions, including banks such as


