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Nifty and BankNifty Chart for 20th March 2023

 

Market Context -  Sideways. Again market can take a swing on both side like it did on last Friday. Global cues are negative. Also SGX Nifty showing a negative opening so expecting a gap down opening tomorrow.  

                         

 

Nifty50 – 

If opening a gap down and we get Nifty around 17000-17020, wait for price action to form. We can see a rise first up to 17100 and then 17150.

Any downside move which can make a trend will come below the PDL. First target should be around 16900 and then PWL.

Chart for reference- 



 

 

 

BankNifty-  

 

If any big gap down of 200-300 points, don’t chase it. Let market settle in first half hour. Gap down can again create a long opportunity.

 

If market has to fall and make a trending day, I am expecting it below 39200.

 

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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