Market Can Remain Sideways till RBI Meeting on 8 June 2022. Trading with Sideways Bias.
Simply put, trend on #NIFTY and #BANKNIFTY on daily charts is sideways.
On hourly charts also we are trading in a sideways channel in both the indices.
Option Chain is sideways to bearish on both the Indices.
Slight divergence on RSI is visible on Nifty and Bank Nifty.
Hence its safe to say that trend is sideways with a bearish bias. And it may remain so till the RBI meeting result is out on Wednesday. Till that time we may see intraday bursts to either side. Well, if we catch direction, then we will see.
For full analysis, check this youtube video: