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Nifty and BankNifty Chart for 22nd March 2023


Market Context -  

Sideways to Bullish. As expected and mentioned yesterday that market can be sideways to bullish. Ultimately it did the same and closed on positive side. Tomorrow again we can see a similar pattern.

                         

 

Nifty50 – 

Levels given yesterday worked beautifully. Same levels will work for tomorrow as well. Any flat to a bit gap up around 17100 levels can again give a long opportunity for the targets 17200 which is a very good resistance as of now.

We can plan for downside only if market goes below 17050 again and then we can see Nifty again at 17000 and 16950.

Chart for reference- 



 

  

BankNifty-   

Again Bank Nifty was stronger compared to Nifty.

If there is any big gap up, wait for BankNifty to settle for first half hour. 40000 is a good resistance as well psychological level where we can see some sell on rise kind of market. If market sustain at that level, then we can plan for long trades upto 40300 and 40400.

Any flat opening or gap down at levels of 39700, we can get a buying opportunity as market has created some sort of support at this region.

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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