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Nifty and BankNifty Context with levels for 25th April 2023

 

Market Context -  

So week started with a sideways in first half to a good rally in second half. The same should continue for whole week. Yes, there will be some consolidation phase but that is a sign of a healthy market which we want for an upside rally.

For tomorrow also I am bullish and expecting all the major stocks to do well given that results are good. PCR of both Nifty and BankNifty is also above 1 which I mentioned yesterday that it won’t take long to turn the data bullish. Stay with the trend and plan for a upside trade only which will give good rewards.

Nifty50 – 

Nifty almost reached our target of 17767 which was given yesterday.

For tomorrow, again if Nifty opens around 17700-17720, we can go long after a bullish price action is formed on chart. Targets will be 17767, 17800.

Any big gap up above 17800, don’t chase it as this zone will act as a good resistance zone. Let market settle down in first one hour.

We will plan for short trade only below PDL now. No random short trades in between as overall market sentiment is positive.

Chart for reference- 

 


 

 

BankNifty-  

 

BankNifty is more bullish compared to Nifty. The same should continue for tomorrow as well.

If it opens around PDH, wait for the first 15 minutes range to break on upper side before going longs. If we get BankNifty near 42500, this will be a good point to take a long trade with risk reward favourable. Targets will be 42800, 42950.

Short trades only below PDL and PWH which is highly unlikely for BankNifty to go at that level at least tomorrow.  

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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