Indian Stock Market Analysis - 03/04/2023 & Predictions for 05/04/2023
The stock market has seen a positive closing on Monday after a period of consolidation. Traders have created positions on both short and long sides, indicating that there may be a big movement in either direction.
Looking at the daily chart, it's important to note the 17360 level, which represents the high of the previous day's candle. Traders are advised to avoid creating any short positions unless the market sustains below this level. If the market falls below this level, the first target should be 17300, with a subsequent target of 17230. On the upside, traders should mark the high of today's candle, which is around 17430. As mentioned in the previous blog, the first target above 17430 will be 17480 and 17520.
Additionally, traders should keep an eye on the 40800 level for Bank Nifty. If Bank Nifty opens gap up above 41000 and sustains above that level, then it may be an easy move up to 41300. However, if the market opens gap up around 41000 and gets a reversal from 41000 and again breaks the 40800 level, then there may be an easy down move to 40600. If the market opens sideways and breaks the 40600 level, then traders should trail their stop loss till 40300.
Based on current data, Nifty appears to be more tradable than Bank Nifty. Traders should keep these levels in mind and make informed decisions when trading in the stock market.
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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