This post tracks the higher timeframes Daily and hourly timeframe in Nifty Futures to understand the ongoing sentiment in Nifty Futures ahead of the RBI policy announcement.
Nifty Daily Sentiment
Nifty on the daily sentiment (turbo rsi indicator) turned negative on Monday trading session indicating a short-term downtrend in progress.
Nifty Hourly Timeframe
Nifty on the hourly timeframe we often look into v-lintra V5 trading system which got turned negative on Monday’s trading session. which brings the resistance above 16650-16700 levels in the short term. Only a positive sustained move above the zone 16650-16700 levels could bring a complete change from bearishness to bullishness.
Overall the Market Environment favors a short-term downtrend focusing downside towards 16350 and 16200 levels.