Crucial Levels for Nifty and Bank Nifty to Watch Out for Tomorrow - 21st April, 2023
As the stock market gears up for another trading day tomorrow, market experts are keeping a close eye on the key levels for Nifty and Bank Nifty. Technical analysis indicates that these levels will play a crucial role in determining the market direction for the day.
For Nifty, the level to watch out for is 17650. If the market manages to trade and sustain above this level, it could pave the way for an up move till 17700-1730. However, on the downside, the 17600 level will be equally important. If Nifty fails to hold above this level, it could trigger a downward move towards the 17530-17500 level.
It is interesting to note that Nifty has already taken a bounce from the same level of approximately 17580 on the daily chart frame. Therefore, if the market sustains below that level, it could potentially trigger a further down move towards the 17530-17500 level.
Meanwhile, in Bank Nifty, the crucial level to watch out for is 42300. The market has failed to sustain above this level on a couple of occasions. If Bank Nifty breaks this level, it could pave the way for an up move towards the 42400-42500 level. On the downside, the 42200 level will be a key support level. If Bank Nifty breaks this level, it could trigger a downward move towards the 42100-42000 level.
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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