Indian Stock Market Analysis - 10/04/2023 & Predictions for 11/04/2023
The technical analysis of the Nifty and Bank Nifty charts reveals certain key levels and potential trading opportunities. The Nifty daily chart has recently exhibited a pattern where it found support on a trendline and reversed, indicating a possible short position with a stop loss at the day's high if the market creates a red candle on the daily chart.
Furthermore, a major resistance level at 17700 has been identified, prompting traders to adopt a sell on rise strategy by creating a reversal position if the market opens slightly higher and reaches near that level. In addition, a small opportunity for call side scalping is possible if the market opens flat and trades above 17640.
If the market starts trading above the resistance level of 17700 for 10-15 minutes, traders can create a long position with a target of 17800. Conversely, a breakdown below the 17600 level presents an opportunity for a short position, with a target of 17550-500.
The Bank Nifty chart analysis reveals a level of 40880 that traders are keeping an eye on. If the market starts trading above this level, traders can create long positions for the 40950-41000 levels. On the downside, a trading level below 40730 presents an opportunity for short positions with a target of 40550, trailing the stop loss. The major hurdle for Bank Nifty is at 41100.
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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