Nifty and BankNifty Chart for 16th March 2023

Market Context -   Bearish to sideways. Sell on Rise will work beautifully. As per SGX Nifty we will be opening gap down. Let market settle in first half hour. Any rise can give an opportunity to short and ride it whole day. Pullback may come but data is showing otherwise.

                         

 

Nifty50 – 

It was a good trending day. Now Nifty has closed below the 17000 which is a physiological level. More downtrend is possible up to 16800 at least for tomorrow.

If we get Nifty around previous day close, let it make some price action for short and we can trade accordingly. 17100 is zone to short the market again and get a better risk reward.

Any buying/long we can only see above PDH and levels around 17180-17200.

Chart for reference- 

 

 

 

BankNifty -  

 

 

Same goes for BankNifty. If we open around PDC or PDL, wait for price action to form for any fresh shorts.

As market is continuously falling, we may see a profit booking/pullback anytime.

 If we get any good green candle after opening gap down, we can plan for buying upto 39200. Again at this level, market will give good risk reward trade, for both long and short. Just wait and watch the price action before taking any trade.

 

Chart for Reference- 

 

 

 

 

Abbreviations used in Chart-

 

PDH – Previous day High

PDL – Previous day Low

PWH – Previous Week High

PWL – Previous Week Low

 

 

NOTE: THIS BLOG IS ONLY FOR EDUCATIONAL PURPOSE. TRADE WISELY.