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Nifty and BankNifty Context with levels for 26th April 2023

 Market Context -  

Today was a very sluggish day with no major action and not good for trading. Both the indices faced a resistance at their major levels and tried to break and sustain it but failed.

Positionally stay with the bullish trend but don’t go long blindly as market is showing some consolidation and can give a pullback now.

 

Nifty50 – 

Nifty gave a trade after it came around 17720 and the first target of 17767 was achieved.

Unable to sustain above 17800 as of now. And from candlestick pattern we can see that it can go downside at least tomorrow.

A gap up can give us a short trade with targets of 17750 and 17700.

17650-17660 is a zone where if market opens we have to wait for Nifty to form a price action and trade accordingly.

Chart for reference- 

 


 

 

BankNifty-  

 Today BankNifty was more bearish and expecting same to continue for tomorrow as well.

We can plan for a short trade below PDL with targets of 42500, 42400. Any big gap up, don’t chase it as it can be a trap for bulls. Around 42800 if BankNifty is making bearish pattern, plan for a short trade.

We will take long trade only above PDH where it should sustain at least for one hour.

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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