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Nifty and BankNifty Context with levels for 17th April 2023

 Market Context -   Sideways to bullish. Expecting now market to be range bound before giving a further breakout. BankNifty gave a good one side rally which I wrote in previous blog. Nifty was bit of choppy as it has already given good rallies in past one week.

 

 

Nifty50 – 

Nifty has made consecutively three green candles on weekly basis.

For next week I am expecting to Nifty to consolidate more as many companies has results on upcoming week. Range can be between 17600- 18100 weekly.

For tomorrow, 17785-17800 can act as a flip zone.

If Nifty opens flat or gap up, we will wait for it to settle down near 17800 before going for a long trade. Upside target will be 17850,17890.

If opens gap down, same it should take a bounce till 17800, After that if bearish price action is formed we can go for short with targets as 17730, 17700.

Chart for reference- 



 

 

 

BankNifty-  

 Last week BankNifty also gave a very good rally especially on Thursday. This week we may see some consolidation as market will react on results of major banks.

Range on weekly basis: 41500- 42700.

If BankNifty opens gap up, the risk reward will not be favourable, hence avoid taking any trade upside.

Let it give some pullback at least till 41870-41900 which can act as flip zone , then we can plan for a long or short trade. At this level with proper price action formed the target for upside will be PDH and for downside will be PDL.

 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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