Nifty Futures made a one-sided journey from 12000 levels to 10800 levels during July -August series. A day before RBI Policy announcement there is a marginal bounce from the lows when the entire global markets are bleeding on the trade war news sentiment.

Immediate resistance level for this series comes around the previous swing low around 11132 levels and immediate support for the series comes around 10800 levels. Possibly market might starts consolidate in the band of 10800-11132 levels if failed to break the immediate resistance levels at 11132.
Breaking the resistance level 11132 could push the price towards 11340 and 11410 levels in the short term. RBI Policy announcement could be the key catalyst for any upside swing to continue.

Open Interest for the monthly expiry is maintaining at 11000 levels. For the uptrend to continue nifty spot requires to sustain above 11000 levels. Spot failing to close above 11000 levels too indicates weakness.
Nifty Futures Market Profile

Nifty Futures ended Tuesday trading session with a pullback low. which is the key reference level to monitor on RBI policy announcement. Trading is expected to be compressed before the policy announcement which is likely to be followed by two-way auction process.
Post the RBI Policy announcement price trading above 11960 levels (pullback low) will be considered as sign of strength which could one more time push the price towards 11150 levels. Failure to hold above 11960 post RBI policy is a sign of weakness.