Indian Stock Market Analysis - 05/04/2023 & Predictions for 06/04/2023
As of today, Nifty has crossed out target of 17520, which was set above the previous level of 17430. For tomorrow's trading session, it is expected that 17500 will act as a significant support level for Nifty. This means that traders can consider creating short positions only if the index sustains below this level. In such a scenario, the eventual target could be 17430.
On the other hand, if Nifty trades above 17580, traders can consider creating long positions with a target of 17700. However, if the index faces rejection from the 17580-600 level, traders can create short positions by trailing the stop loss. It is important to keep a close eye on the movement of the index to make informed trading decisions.
Moving on to Bank Nifty, it is expected that the 41200 level will act as a resistance level. Bank Nifty has a support level at 41000, and if it sustains above today's high of around 41080, traders can go long with a target of 41200. If Bank Nifty trades and sustains below 40900, traders can consider creating short positions with a small target of 40800. However, if the index goes further down below 40800, we could see a test of 40500 level tomorrow itself.
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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