Nifty and BankNifty Chart for 13th April 2023

Market Context - Sideways to bullish. Tomorrow is weekly expiry and I am expecting a one side trend on either side given that market is slowly going up yet consolidating with moves in both directions this week.

Nifty50 –

Today Nifty has reached and crossed its important level of 17800. I mentioned yesterday that a flat opening can give us a trade for long up to this level.

Nifty is trading in a bullish channel so we can take help of it to take trades at the end zones of this channel.

A flat opening at 17800 can give us opportunity to go longs. We can book our profit in every 40-50 points movement of Nifty. Targets for tomorrow 17850, 17900.

If Nifty opening gap down and started trading below 17750 for thirty minutes, we can plan for a short trade and expecting at least 100+ points fall from there.

Chart for reference-

BankNifty-

BankNifty kind of sideways yet slowly closed near day high. Expecting same for tomorrow.

Any big gap up, don’t chase it. Let it settle down for first thirty minutes and then we can plan accordingly.

Flat to positive opening can give us a long trade with targets of 41750, 41900.

We can plan for short trade below 41400-41420.

Between PDH and 41450 we wont get much trades in our favour and it will tend to hit the stop loss.

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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Nifty | BankNifty | FinNifty context with levels on chart.

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