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Nifty and BankNifty Chart for 23rd March 2023

 

Market Context -  

Tomorrow market will mostly react on the outcome and commentary of FOMC meeting in USA. Volatility will be high. Better to trade on light quantity or no trade at all if the market will be out of pattern.                     

 

Nifty50 – 

Same levels will continue for this whole week. Today was sideways and Nifty was trading exactly between the levels marked on the chart.

17200 will be a good resistance and 17100 is a support as of now. This 100 points zone is just full of volatility.  Let market make some pattern and we can trade accordingly.

Chart for reference- 



 

 

 

BankNifty-  

 

Today Banknifty was also trading in almost 150 points zone from 39850- 40000.

It can act as a good flip zone. Anything above and below this zone can give us better trade opportunity for tomorrow.

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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