Nifty Formed a G2 High (Resistance Zone) at 16550 with an ongoing daily negative sentiment for the very short term. Post the RBI Policy announcement market opened a gap down on Thursday session and trapped fresh sellers at the open followed by late momentum traders buying above value area thereby trapping the late buyers around the close.
Overall higher timeframe still remains down with reduced volatility. For the last three days price rotated between 15300-15550 levels with three days of balancing. Price breaking the balance on the downside could accelerate the price towards 16200 and 15900 levels in the very short term.
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