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Nifty and BankNifty Chart for 10th April 2023

 Market Context -   Context is still positive. RBI’s action to pause the rate hike this time gave a relief and it will definitely give more boost to the market. Broader market is showing some strength and it will reflect in our indices as well.

 

Nifty50 – 

After a good bullish and trending week, Nifty may consolidate in this upcoming week. I am expecting Nifty to play in range of 17400-17800(+50, -50 points) weekly.

For Monday, if market opens gap up, wait for market to settle for first 30 minutes and then plan trade accordingly. Upside I am not expecting much this week but still 17750-17800 is a first target.

If market opens gap down near 17550-17560, which will act as a flip zone, we can wait for some bearish patterns and then plan for a short trade. Targets will be 17500, 17450.

 

Chart for reference- 

 


 

BankNifty-  

 BankNifty’s rally was small relatively yet bullish. 41200-41250 is a good resistance level. Expecting a pullback before continuing further on upside.

Range for BankNifty this week 40200- 41200.

If we open gap down, let market settle and we can plan for a short trade. Targets will be 40800,40700.

Flat to gap up opening may create a trap on upside so not recommending a gap up to chase. Wait for reversal and we can get good R: R trade from there.

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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