Indian Stock Market Analysis - 28/03/2023 & Predictions for tomorrow - 29/03/2023

The Nifty index in the stock market has shown decent closing, with a triple bottom formation occurring around the 16900 level on the daily chart. If the market continues to trend downward and breaks below 16900, it may be a good opportunity for traders to go short and trail the stop loss until the market hits 16855. At this point, there is a high possibility that the market will reverse and move upwards.

However, if the market does not open lower tomorrow, we may see short covering in the second half of the day, which could push the market up to targets of 17020-70-120.

As for the Bank Nifty index, traders should avoid going short unless it gives a closing below 39150 on a daily basis. For tomorrow, if the market opens below 39270, then trailing the stop loss for a target of 38900 may be a viable option. Once this level is broken, the market may move towards 38600.

On the other hand, if the Bank Nifty opens positively, it may test the level of 39950, with a major hurdle at 40000. If the market crosses 40000 and sustains above it, traders can consider going long for a target of 40150-200. If 40200 level gets broken, we may see the market move towards 40700.

Overall, it appears to be a good opportunity to buy on dips in the current market conditions. 

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