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Nifty and BankNifty Context with levels for 20th April 2023

 

Market Context -   Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside.

 

Nifty50 – 

Levels are working beautifully and it will be intact for tomorrow as well.

If Nifty opens gap up near 17650, we can plan for a short trade with targets up to PDL.

Flat to gap down will again give a good chance for Bears to take a full control and market can go one sided in downwards direction. Targets will be 17500, 17450.

Upside I am not much interested as Nifty hardly goes 30 points up and then sell off starts.

Chart for reference- 

 


 

 

BankNifty-  

BankNifty is still strong compared to Nifty. Levels will be same. Plan is to find and take a short trade.

Any gap up near 42250, we can plan to take a short trade. Targets will be 42100, 42000.

Below PDL we can get a trend day in BankNifty as well. Targets will be 41850, 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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