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Nifty and BankNifty Chart for 21st March 2023


 Market Context -  Sideways to Bullish. Volatility is so high that market is giving good swings on both sides as I mentioned in last blog. Same is expected for this whole week. Global markets are trading in green so expecting our market to open gap up. Still sell on rise is working perfectly.

               

Nifty50 – 

Today there was selling pressure from first minute in Nifty. And then again it recovered whole downside movement almost.

Tomorrow after opening gap up, if we get Nifty around PDC (17000-17020), wait for market to sustain there and then we can plan for long trades. Target can be around 17100 and 17150.

Any bad news or Nifty starts trading below PDC, we can again see levels of PDL and PWL.

Chart for reference- 

 


 

 

BankNifty-   

BankNifty was stronger compared to Nifty today. It didn’t breach its yesterday lows as well.

Flat to bit positive(50-60) points opening can give a good long opportunity with targets of 39600,39700.

Any downside rally is possible only below PDL.

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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