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Nifty and BankNifty Chart for 27th March 2023

 

Market Context -  

On weekly basis now we have three consecutive red candles. It shows the strength of Bears who are selling/shorting every bounce. Bulls are not able to push market upside much and it get sold off quickly.

A good pullback is pending maybe we can see this coming week and then a sideways market. Monthly expiry is on Wednesday so expect a good volatility.

Nifty50 – 

Nifty has again tested 16950-16900 levels. This levels needs to be defended and sustained for Nifty to start an upside rally. RSI (Relative strength index) is showing kind of a divergence in daily chart, hopefully a bullish to sideways we can see in upcoming week.

Below 16900 which is around PDL, again Nifty can go till 16800 and this time maybe beyond that as well.

For any upside move, Nifty has to trade above 17000 and sustain at least there.

Chart for reference- 

 


 

 

BankNifty-  

 

BankNifty will react more on the foreign bank issues of USA and Europe. Any bad news will again take us downside.

BankNifty below PDL can again test 39000 odd levels easily and go upto PWL.

For any upside move, 39500 is an immediate resistance where it has to start trading above here and sustain. Upside targets are 39600, 39750.

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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