31 Jul, 2015, (9:06 AM IST)
The Reserve Bank of India will declare its short term policy measures on Tuesday, 4th August. As usual, Indian markets have started to inch up in hopes of a rate cut.
In last two sessions, Nifty had gained some 100 points but the index seems to be facing resistance near its previous high level (8,460).
SGX Nifty has tried to reach its previous high but faced strong selling pressure each time.
In Indian indexes, Nifty and Bank Nifty, both are displaying mixed signals on technical charts. Bank Nifty is showing less enthusiasm about racing forward while Nifty continues to show more buying support.
A positive opening is indicated in Indian markets today. But, like yesterday, these markets might face resistance near higher levels.
Nifty faces resistance near 8,451- 8,480 and finally at 8,500 mark.
As long as this index trades above 8,429, it will remain in an uptrend. 8,408 has proved to be a very strong support till now for Nifty, so effectively this index is now range bound between 8,400 and 8,500 levels.
Watch how Nifty behaves after the gap up opening and then trade with the trend.
Good luck, enjoy the session.