Nifty and BankNifty Chart for 11th April 2023

Market Context -   Sideways. It will play in range. Long at support regions and short at resistance regions. Simple.

 

Nifty50 – 

In last blog I mentioned that Nifty may consolidate now. Same happened today. Expecting the same tomorrow as well. No big one sided moves but it will be in range. Hence long/short at S/R zones only to get favourable R: R.

If Nifty opens around 17600, we will plan for long trade with targets 17650 and 17700. 17650 can act as a flip zone hence suggesting to book partial profit here if Nifty shows reversal sign.

If Nifty opens gap up around 17700, after some bearish reversal signs, we can plan for a short trade.

Chart for reference-

 

 

 

 

BankNifty-  

 As I mentioned in last blog to not chase the gap up as it can be a trap, exactly same happened. BankNifty was more bearish today compared to Nifty and give good swing moves.

Flat opening near 40850-40900 will act as a good flip zone. Trade according to the pattern formed(bearish/bullish). Upside targets are up to 41070. Downside targets will be near PWL.

Any gap up, I think it will get sold off, hence expecting sell on rise in BankNifty.

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.