Indian Stock Market Analysis - 06/04/2023 & Predictions for 10/04/2023

Starting with the Nifty, it's important to note that the 17550 level is a critical support level. This means that the market is unlikely to sustain below this level. If it does, traders should consider deploying short positions, and set a stop loss at the target of 17500-450. However, if the market manages to stay above 17550, traders should avoid short positions and wait for a potential breakout either to the upside or downside.

On the upside, the day's high of 17635 is a key resistance level that traders should watch. A move above this level could trigger an easy up move to the levels of 17700-750-17800. However, it's important to note that the 17635 level is also a hurdle level on a daily chart basis at the 100EMA, which means that the market might face resistance at this level. If the market manages to break above this level, it could trigger a bullish trend.

Moving on to the Bank Nifty, it's important to note that it's currently weaker than the Nifty. Traders should watch the 40950 level on the downside and 41100 on the upside. If the market moves above 41100, there's a chance of an up move till the levels of 41200-250. However, a big breakout is only possible if the market moves above 41250. On the downside, if the market moves below 40950, there's a chance of a down move till the level of 40800. If the market moves below 40800, there's a possibility of a big downfall.

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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