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Nifty and BankNifty Context with levels for 21st April 2023

 Market Context -  

Today was a typical expiry day with very less movement. Clearly our view of sell on rise has worked and all major action was in first one hour. Same sell on rise we can carry for tomorrow as well if market opens gap up.

We can clearly see that market is trading in a very narrow range day by day. Expecting a one sided move soon. Although I mentioned yesterday as well that we can see a trending day below previous day lows but that didn’t happen.

Ideally now market has made a good setup for a blasting move. Hopefully we can see it tomorrow. I will be more interested towards downside action.

 

Nifty50 – 

I will keep it very simple. PDH and PDL are the main resistance and support line respectively. Beyond those a one side move can come now.

If we are opening in between near 17660, then wait for some bearish price action to get formed before taking a short trade with targets 17620, 17580.

Chart for reference- 

 



 

 

BankNifty-  

Same goes for BankNifty as well. I am very much interested in one sided move now above PDH and below PDL.

So will avoid trading in between and watch the market’s volatility. J

Still if we want a short trade let BankNifty open flat to gap up and we can plan for a short trade near 42300-42330.

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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