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Nifty and BankNifty Context with levels for 19th April 2023

 

Market Context -   Market is sideways and very volatile at the moment. It is opening gap up but all gains are getting sold off. Expect the same volatility to continue in this week as market made a big range on Monday.

 

Nifty50 – 

If Nifty again opens gap up, wait for price to settle. We will plan to take trade near 17660-17650 zone.

If market opens gap down and start trading below PDL, we can see plan for a short trade and it can be a good sell off in same direction with targets 17500, 17450.

Chart for reference- 



 

 

 

BankNifty-  

Same goes for BankNifty as well. If opens gap up, don’t chase it for long or short trade. Let it settle around 42300-42330 zone. Then we can take trade accordingly.

For a short trade, the best will be to BankNifty starts below PDL and then we may get a trending tomorrow in downside. Initial targets will be around 41870 and then 41700.

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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