Chart Check: How to trade banking stocks ahead of RBI policy

NIFTY BANK: The Nifty Bank is witnessing higher volatility ahead of Monetary Policy announcement by the Reserve Bank of India (RBI) later today. The current level on technical chart indicates upper band resistance around 26,860 – 26,920 levels. The index has gained strength over the past few sessions. The 100-day exponential average (DEA) is hovering around 26,050 levels, which the index has been honouring since the last four – six sessions. The outlook for Nifty Bank index remains stable, though the impact of monetary policy could adversely affect the rising trend for the December series, as the technical chart suggests.