Pravesh Gour, Senior Technical Analyst, Swastika Investmart said,The Indian stock market will closely monitor the Reserve Bank Governor-headed six-member monetary policy committee (MPC) meeting, which is scheduled for October 4–6, 2023. Reports suggest that the RBI is likely to maintain its pause on interest rate hikes at this meeting. Market participants will keep an eye on the movement of the rupee against the dollar and crude oil prices. Investments by foreign institutional investors (FIIs) and domestic institutional investors (DIIs) will also be monitored. The Nifty is witnessing a correction where 19,500 is an immediate demand zone. The potential target on the downside is the 19,300–19,250 zone. On the upside, 19,800 is an immediate and critical hurdle; above this, we can expect bulls to get a grip for a move towards the 20,000–20,200 zone.Read more:
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