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Nifty and BankNifty Context with levels for 4th May 2023

Recap -

A sideways day in Nifty and some action in BankNifty. BankNifty was trying to go below the 43100 but seems like Nifty has helped in staying flat.

Overall market has managed to close flat on the day end.

Today both Nifty and BankNifty opened gap down at our first target and then took support from there so no trade formed.


Market Context for Tomorrow - 

Nifty’s data is looking more bearish compared to BankNifty. Tomorrow market may react more on basis of the USA’s Fed meeting outcome. Also it is an expiry day hence any negative sentiment can give a good trending day on downside.

Both Nifty and BankNifty needs to be in sync to give a trending day otherwise same range day can be seen.

 

Nifty50 –

 Today Nifty has moved just in 60 points range for whole day. Both PDH and PDL are crucial now for any significant moves.

Plan is simple. An opening above PDH and trading there at least thirty minutes can give us a long side trade. Targets will be 18170, 18200.

Below PDL, we can plan for a short trade with targets up to 17960, 17910.

Chart for reference-

 


 

BankNifty-

 BankNifty has again shown some strength after opening gap down.

43220-43235 can act as a good flip zone. We can wait for BankNifty start trading here. If bullish price action is formed, we can take a long trade with targets 43350,43400. Else go for a short trade with targets up to 43120,43080.

For any major action, PDH and PDL needs to be broken then we can be more comfortable on either side for taking 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 PURPOSES. TRADE WISELY.

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