Stories
Trading Plan: Can Nifty 50 and Bank Nifty Break Key Levels Ahead of RBI Policy?
M
Moneycontrol•07-10-2026, 08:14
Trading Plan: Can Nifty 50 and Bank Nifty Break Key Levels Ahead of RBI Policy?
- •Nifty 50 needs follow-up buying towards the 22,800-23,000 resistance zone to strengthen bullish momentum, with immediate support at 22,700 and 22,400.
- •Bank Nifty faces a crucial test ahead of the RBI policy meeting, where a decisive breakout above 55,200 could open the way towards 55,700-56,200.
- •Markets have shown signs of recovery in early October following a sharp sell-off in September, supported by oversold RSI levels and cooling India VIX.
- •Experts advise caution and recommend monitoring key support and resistance levels closely as traders await the outcome of the RBI monetary policy meeting.
Key Questions Answered
The Nifty 50 faces immediate resistance in the 22,800 to 23,000 zone, while crucial support levels are established at 22,400 and 22,200.
On October 6, the Nifty 50 surged 220 points, or 0.98 percent, to close at 22,776, while the Bank Nifty jumped 414 points, or 0.76 percent, to 55,128.
A decisive breakout above 55,200 on the Bank Nifty could open the way toward the 55,700 to 56,200 range, though failure to sustain this level could trigger profit booking towards 54,800.
