Nifty and BankNifty Context with levels for 28th April 2023

Recap -

Today Nifty was relatively stronger than BankNifty and gave almost clear upside move. BankNifty was trying to go down in first half and was giving erratic moves. But ultimately it started trading on upside.

In Nifty both our targets (17860,17910) were hit today. Also in BankNifty I just gave one target of 43000 yesterdays and eventually it came in second half which was sufficient for today.

Market Context for tomorrow -

Now Monthly expiry is done. Expecting some cool down in the market. We can see some sideways action now and that will be healthy for the market. We can plan for some positionally long trades.

My view for tomorrow is sideways.

Nifty50 –

Nifty has almost given back to back trending days (slow in moves but one sided). Expecting some consolidation now.

Flat opening near PDH will be best to trade in long side. Keep target as 17950, 18010. 18000 can act as a psychological resistance and we may witness some profit booking in this area.

For short trade, Nifty should start trading below the PDH (17863) and then we can plan for negative side trade with targets up to 17800. Keeping small target here as overall trend is positive so don’t go against it. Scalping will be best.

Chart for reference-

BankNifty-

BankNifty is also following Nifty on upside and today touched 43000. Expecting some consolidation here as well.

On upside, only take a trade if BankNifty sustains above PDH at least for thirty minutes. Initial target will be 43150.

Below 42950, we can plan for some short trade with targets up to 42800. Full-fledged shorts are not recommended at this moment. Stay with the trend and book small profits in short trades.

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.

Comments

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Nifty | BankNifty | FinNifty context with levels on chart.

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