Genuine Bank Nifty Tips for Today

BankNifty Spot View For 07/12/2022

Cmp: 43138.55

Support & Downside Range: 43076--42950--42850

Resistance & Upside Range: 43210-- 43420—43520 zone—43750--44000

Short Term Trend Reversal Level: -- 42850

Trading View: Intraday bias remains weak till bank index trading below 43210 spot levels, bank index goes in safer zone once it starts trading above 43210 spot and in such case move gets extend towards 43420—43520 minimum and max 43750—44000 zone whereas if bank index does not go above 43210 and breaks 43076 than we may see a intraday fall minimum towards 42950—42850 and here 42850 acts as short term trend reversal level and if 42850 gets break than we may see some 800-1000 points cooling off correction in bank index.

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RBI Policy Update

RBI’s Monetary Policy Committee hikes RepoRate by 35 bps to 6.25%. The policy rate is now at the highest level since August 2018.

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