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Nifty and BankNifty Context with levels for 24th April 2023

 Market Context -  

 So we have seen a decent consolidation previous week with a good down move especially in BankNifty which we were waiting for. Now what’s next?

As this is last week of April, I am expecting both the indices and overall market to remain bullish. Major companies/stocks have given good result in past week expecting some long moves now.

Although PCR (Put/call ratio) is slightly bearish but it is not a major concern as it can turn bullish any time after the positive sentiment in the market.

My view for this week is Bullish to sideways.



Nifty50 – 

Flat to bullish opening can give us a long opportunity for targets up to 17767.

Any big gap up of 100-150 points, don’t chase it. Let market come at our levels of 17600-17620 then we can plan for a long trade.

IF Nifty opens gap down, we will only take a short trade after it breaks it PWH in thirty minutes or one-hour candle.  

Chart for reference- 

 


 

 

BankNifty-  

If BankNifty opens flat to bullish near 42200, we can plan for a long trade for targets up to 42380, 42500.

 Don’t go short heavily in BankNifty even if it breaks the PDL. Wait for confirmation on higher time frames with bearish price action and then only we should plan to take a short trade. Targets will be near 41850.

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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