Bank Nifty Weekly Technical Analysis before RBI event.

RBI Governor shocked the market participants on 24 July evening with increase in Interest rate to stabilize the rupee, Weekly Trend Deciding level of 10946 achieved the first target on upside  and than collapsed to achieved all weekly target on downside. Cool 600 Points pocked by positional traders in matter of week :). Lets see How Bank Nifty Technical are faring out before crucial RBI Policy.

Expectations from RBI in the Policy Review on July 30, 2013
RBI will be maintaining “Status Quo” in the policy
RBI will be watching the rupee movement closely and stability around 58 to 58.50 will keep the RBI away from taking further short term measures and continue with the recent measures for the next 2-3 months. If rupee is not getting stable around this level the RBI can raise CRR by 50bps. However, the measures taken recently are effective enough to check the volatility in the rupee and policy will be turning up to a “Non Event”

Bank Nifty Hourly

Bank Nifty on hourly chart  is near the lower end of channel,Holding 10336 bounceback can be expected till 10700 odd levels,

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