Indian Stock Market Analysis - 29/03/2023 & Predictions for 31/03/2023
The stock market had a great day today, with the Nifty closing at 17080. This is a positive sign for traders, as long as the market doesn't drop below 16920. It is expected that the market will experience a significant fall only if it falls below this level.
If we examine the line chart on a daily basis, we can see a W pattern formation, with the neckline at 17150. This means that if the market breaks above 17150, there will be a big momentum on the upside with the first target being 17300-17450.
The Bank Nifty index has also closed above the previous 3-day high, which is a positive indication. It's important to mark the 40000 level on Bank Nifty. Once the market moves above 40000, the first target will be 40700-750 and then it will move towards 41600. However, investors should avoid creating short positions unless the market moves below 39150.
There is also a W pattern formation in Bank Nifty, and it has given two bottom conformation in the pattern, indicating that it's ready for a significant upswing.
Kindly find the attached screenshot for our today's trades based on our analysis.
Educational Disclaimer -
Please note that the information provided in this article is intended solely for educational purposes and should not be construed as financial or investment advice. Any decisions made based on this information are made at your own risk, and we cannot be held responsible for any gains or losses that may result.
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