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Nifty and BankNifty Chart for 3rd April 2023

 

Market Context -   Monthly both Nifty and Bank Nifty has formed a Doji candle which is indicating that we may see a more upside moves in upcoming days/weeks.

Overall context looks positive for our market.

Nifty50 – 

After consecutive three weekly red candles finally the last week went positive. Expecting this move to continue at least till 17500 and more. We can plan for a long trade if market opens flat to positive near PDH/PWH.

Any small gap down around 17300, wait for price action to form and we can again plan for a long trade. For any downside move, PDL is the support level below which we can plan for a short trade.

Moreover, data and chart is showing a bullish sentiment so will avoid any short trade.

Chart for reference-

 


 

 

 

Bank Nifty-  

 

Bank Nifty has crossed 40000 level and sustained there comfortably. I am hoping this upside move to continue at least till 41200.

 If Bank Nifty opens around 40800 levels wait for price action to form before going for a long trade at that is immediate resistance.

 Plan for short trade only below PDH.

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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