Tech View: Nifty forms long bull candle ahead of RBI policy. Is record high in the vicinity?

The Nifty50, the benchmark index of the National Stock Exchange (NSE) of India, broke through the critical resistance level of 18,700 points and even closed higher at 18,726.40 points on Wednesday, signalling an attempt at an uptrend. Analysts predict that the Nifty could reach an all-time-high of over 18,889 in the short term, with immediate support at 18,650 and resistance around 18,900. The Nifty has already broken out of a sideways pattern, which positions it for a positive move ahead of the expected RBI rate decision tomorrow.

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