Indian Stock Market Analysis - 27/03/2023 & Predictions for tomorrow - 28/03/2023

The Nifty index closed at an average of 16,985.7, and for tomorrow 16950, will be an important level. If this level is breached, the market may drop to the 16,900-16,840-16,800 levels. So, if you plan to take a fresh short position, then wait until the 16950 level gets broken.

On the upside, there is a hurdle at the 17,000 level, with the next hurdle at 17,070. So, if the market opens around the 17,070 level and reverses, then you can go short by trailing the stop loss. But be careful as the market may not be bullish until the 17,150 level is crossed.

 

Similarly, the Bank Nifty index closed at an average of 39,431.3, and it has major support at the 39,300 level. So, it is advisable not to go short unless the market moves and sustains below this level; and if the 39,300 level gets broken, the market may drop to the 39,000-38,900-38,800 levels.

Mark the upside level at 39500. If you plan to go long, then trail the stop loss above 39,500 until 39,700.

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