Investors are advised to stay bullish on markets as long as Nifty trades above its panic low of 10,276.
Nifty50 which started higher failed to keep the momentum going on Wednesday after the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6 percent but highlighted its cautious view on rising inflation.
The index which surpassed 10,600 levels in the opening trade slipped below its crucial support level of 10,500 towards the closing of the trade forming a bearish belt hold kind of candle on the daily candlestick charts.
Nifty50, which opened with a gap on the higher side at 10,607, rose marginally higher to hit an intraday high of 10,614. The bulls soon took over D-Street and pushed the index below 10,500 levels in the last 1 hour of the trading session. The Nifty closed 21 points lower at 10,476.
Investors are advised to stay bullish on markets as long as Nifty trades above its panic low of 10,276 recorded on Tuesday. The next target is closer to 10,700 levels.