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Nifty and BankNifty Chart for 17th March 2023

 

Market Context -   Sideways to positive. Global markets opened positive and trying to sustain there. Also SGX nifty is trading positive at the time of writing this article.

Definitely it will give our market also a positive opening if things remain positive till morning.

                         

 

Nifty50 – 

Nifty has given a decent rise from a good support region of 16800-16850 today. It can continue tomorrow as well.

If Nifty opens flat to bit positive, we can see a good rise upto 17150. Follow the trend line drawn on the chart for upside levels.

By any chance gap down or if price action shows a bearish sign (big red candle in first 30 minutes, shooting star etc), again we can go upto PDL.

Chart for reference- 



 

 

 

BankNifty-  

 

If opens flat around 39200 level and sustain it for first half hour, Bank nifty can easily reach 39600. Any big gap up, don’t try to chase the market as it can again start sell on rise from PDH.

Below the trend line drawn, we can touch PDL and again start journey downwards.

 

Chart for Reference- 



 

 

Abbreviations used in Chart-

 

PDH – Previous day High

PDL – Previous day Low

PWH – Previous Week High

PWL – Previous Week Low

PDC – Previous Day Close

 

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

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