Nifty became volatile ahead of the Reserve Bank of India's monetary policy event. After a positive start, Nifty erased initial gains and hit a low of 14,574, eventually finishing in positive territory at 14,684. Nifty formed an inside bar chart pattern (that is, it traded within the high/low range on Monday). The sectoral trend reversal is mixed and Nifty's widening range was moderately positive. It represents the action of the sector or actions at stake. Nifty's non-directional final phase is likely to continue between the 14400-14950 range. Ideally, the strategy focuses more on stock-specific actions.
Nifty Bank continued its weak performance as the intraday rally stalled near 33,000. Bank Nifty requires sustainability for any revival.
Positive traction appears in the pharma space. All components of the pharmaceutical stock ended in the green.
Meanwhile, the metal index surpassed its peak on March 18. The index has more room for the upside. Consequently, stock-specific rallies within this space are likely to continue.
Target: Rs 295
Multiple support appears near the region of Rs 273-275. Sustenance above the same can attract buying interest.
Buy National Aluminum close to Rs 59
Stop Loss: Rs 57
Goal: Rs 63
The rapid recovery of the support zone ensures the resumption of the dominant uptrend.
Also Read: Get Rs 1.7 Lakhs To Stay Away From Your Phone For 24 Hours