Nifty Pre-Market View.

Prices, in the short term, have closed above all key averages.
"Flat Correction" seems to be completed; the direction is now "biased UP" in the ST till prices continue to close above these key averages.
However, there is a channel resistance around 7446, approx. (80%)
Holding above 7225 at the open, taking support at DLEma, ST bounce continued towards 7360-94, 50%-61.8% of last fall.
Holding below 7450, correction would resume....
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it. 
On Monday too such trade point emerged at open, the last rise (from 7219 to 7279) was retraced to 61.8% at 7242(7240) and market rose and reached DHEma plus 30 points at 7369(7371).
RBI event, if favourable, would impel prices higher. If not, prices could reverse from the above channel resistances discussed on the back of overbought hour t/a. Hence, look out for price action at channel top.