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Nifty and BankNifty Chart for 12th April 2023

 

Market Context -   Sideways to bullish. Market is slowly going upside with all stocks doing pretty well. Hopefully bullish rally will continue. Also VIX is below 11, that shows no panic in market.

 

Nifty50 – 

Today Nifty was flat to bullish and gave full swings in both directions of 100 points. Expecting same to continue tomorrow as well.

Any big gap up, don’t chase it. Let Nifty settle down so that trade is in our favour.

If we open around 17800, Nifty can face resistance as historically this level is very important which play as a good flip zone. We can plan for short trade at this level.

Flat to gap down opening will again give opportunity for going longs with targets near 17800.

Chart for reference- 



 

 

 

BankNifty-  

 

BankNifty was very bullish today and closed above 41200 comfortably.

Flat opening can easily give us a long trade for targets up to 41600.

We will only plan for short trade below PDL. Don’t take a random contra trade as market’s trend is bullish and expecting same to continue.  

 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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