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Nifty broke out above the 18,800 level and is close to surpassing the peak of 18,887 levels, accompanied by a long positive candle with minor upper shadow on the daily charts. The MACD showed a bullish crossover with a resistance level of 19,000 predicted to be on the horizon. Although the RSI and Nifty can keep the index strong, the moving averages are below the current index value, which reinforces a bullish outlook. Finally, the writers of call options at the 18,800 strike were seen closing their positions, signaling positive sentiment.
The Reserve Bank of India is likely to stay put in the June monetary policy on the back of a lower inflation print in April and a higher-than-expected Gross Domestic Product growth rate in the January-March quarter, economists said