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Nifty and BankNifty Chart for 6th April 2023

 Market Context -   Expecting a sideways market. Also tomorrow is expiry day so market can be in a range.

 

Nifty50 – 

Yesterday’s view was correct and Nifty has crossed 17500 and sustained there easily. Already Nifty has given 500 points in three trading sessions. Expecting it to spend some time near 17550 now.

If Nifty opens gap up wait for at least 30 minutes sign as I am expecting a pullback now. If market starts going upwards , the immediate target will be 17650 and then 17800.

Opening and trading near 17500 can give us a short term target of 17400 again.

 Chart for reference-


 

 

 

 

BankNifty-  

 

Today BankNifty was totally silent and was trading in only 300 points zone. Expecting a good rally on any side.

Plan is simple and clear. If trading above PDH, wait for some bullish price action and we can plan for a long trade. Targets will be 41220, 41400.

 If trading below PDL, let market form some bearish price action and we can plan for short trade. Targets will be 41500, 41250.

 

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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