Nifty Weekly Overview before RBI Policy

Last week we gave Trend Deciding level as 5686 Nifty  Nifty opened with big gap up and traders were unable to enter longs :( .The government unveils data of inflation based on the wholesale price index (WPI) for August 2013 on Monday, 16 September 2013. WPI inflation is seen accelerating to 5.9% in August 2013 from 5.79% in July 2013, as per the median estimates of a poll of economists.The FOMC holds a two-day policy meeting on Tuesday 17 September and Wednesday 18 September 2013 to decide on Fed Tapering. The Reserve Bank of India will release a Mid-Quarter Review of Monetary Policy 2013-14 at 11:00 IST on Friday, 20 September 2013.
Lets analyze how to trade Nifty next week.

Nifty Hourly Chart

Nifty Hourly charts as shown above is trading in a channel,Unable to close above ..

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