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Nifty and BankNifty Chart for 5th April 2023

 Market Context -   Positive to sideways.   

 

Nifty50 – 

In gap up scenario, wait for Nifty to settle around PDH and then only plan for a long trade. 17480-17500 is a good resistance for Nifty where we can see at least a good rejection.

In gap down scenario, let Nifty start trading below the PDL, and we can plan for a short trade with targets of 17200, 17100(one gap pending to be filled).

Chart for reference- 



 

 

 

BankNifty-  

 

BankNifty is showing good strength compared to Nifty. I am expecting at least 41200 in BankNifty and then a pullback before continuing further.

Chart is looking simple and will plan for long trade above PDH and short trade below PDL. In between, the market will be volatile.

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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