Nifty trades range bound ahead of the RBI policy meet tomorrow and has support at 5020 now. VWAP @ close is 5049. Nifty closing spot price is 5046.
!) Views remain same as on weekend for longs above 5055 zone for target of 5085-5110 for intra day players. Reversal is below 5000 support level.
2) Below 5000 levels, Nifty could slide to 4930-4860 if RBI results not accepted well by the market. The 5-EMA/5-SMA level has risen to 5002/5007 now and the announcement of RBI policy will be a trigger in a highly news driven but cautious environment now. Nifty has closed above 5000 levels for third consecutive session and bias remains bullish. Happy trading :)
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