Indian Stock Market Analysis - 23/03/2023 & Predictions for tomorrow - 24/03/2023
The Indian stock market has been volatile today because of weekly expiry, with the Nifty 50 index facing bearish sentiment after testing the 17200 level four times.
However, the market will not be considered more bearish until the 17022 level is broken. If the market opens below and sustains below this level, then the bearish sentiment will likely continue. The first target in such a scenario would be around 16950/16840.
On the other hand, if the market goes above the 17120 level, then traders should trail their stop loss till the 17200 level. If the market opens gap up above 17200, the immediate first target would be around 17310. Nevertheless, any opening in between the two levels mentioned above may provide a selling opportunity.
While the Nifty 50 is facing bearish sentiment, the Bank Nifty (BN) index is displaying more strength. If the BN sustains below the 39600 level, the easy targets would be around 39400-300. In case the BN opens gap down around 39400, traders should trail their stop loss for a small up move till the 39600 level. If it sustains above the 39600 level, traders should exit from their shorts.
The BN index would be considered more bearish if it opens gap down below the 39150 level. On the other hand, if the market opens gap up above 40150, then traders can expect the 40200-300 and even the 40800 level to be tested.
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