Nifty Rangebound Ahead Of RBI Policy: SEBI Ras Flag Key Levels To Watch

With markets awaiting the Reserve Bank of India's policy decision on Friday, analysts expect the Nifty index to trade within a defined range unless it sees a decisive breakout.

SEBI-registered analyst Mayank Singh Chandel said that Nifty opened strong on Thursday and showed early signs of bullish dominance but faced sharp resistance near 24,900 - the same as in previous sessions. 

Intraday profit booking dragged it back toward 24,700, though bulls held their ground to close with gains. 

Chandel added that India VIX dipped to a two-month low, calming nerves ahead of the RBI Monetary Policy Committee outcome. 

He noted that Nifty continues to hover just below a key falling trendline on the daily chart, respecting the broader 24,500–25,000 range. 

Price action is consolidating with lower intraday volatility, indicating a buildup ahead of a larger move.

According to Chandel, resistance remains at 24,900, and a firm breakout above this zone could open the doors to 25,000–25,200. 

Immediate support is at 24,600, with a more critical base around 24,500. 

He advised that the index may continue moving sideways within the current band until it makes a decisive close above 24,900. 

The broader trend favors a bullish continuation, but short-term caution is warranted, Chandel said. Traders should avoid aggressive positions and focus on level-based strategies. 

The analyst said scalping opportunities remain active within the range, with buying dips near 24,600–24,650 and booking profits near 24,900 until a breakout confirms.

Meanwhile, SEBI-registered analyst Bharat Sharma of Stockace Financial Services said that the market breached all key exponential moving averages (EMAs) resistance with the channel's upper rope in the first candle and maintained upside status from all key EMAs till the close. 

He identified immediate support between 24,700 and 24,660, with further support at 24,580–24,500 if breached. 

On the upside, Sharma sees immediate resistance at 24,800 and, if breached, expects 24,880–25,000. 

He noted that prima facie, all key EMAs can provide support.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

MENAFN06062025007385015968ID1109644109