Indian Stock Market Analysis - 31/03/2023 & Predictions for 03/04/2023

On the 3rd of April 2023, the Indian stock market is expected to open with a positive bias, following a strong closing on the previous trading day. The Nifty gave an uptick to 17,381 after sustaining above 17,150, achieving the target range of 17,300-400, as discussed in the previous blog.

The daily chart of the Nifty shows a strong closing above the 20 moving average, which is indicative of a bullish trend in the market. If the market opens positively above 17,400 and sustains this level, the first target is likely to be in the range of 17,480-17,520, which is the 50 moving average. A closing above 17,500 will pave the way for a further uptick towards 17,800-18,000.

For intraday trading, the key level to watch out for is 17,330, and short positions should not be deployed unless the market sustains below this level. In case the market sustains below 17,330, traders should trail the stop loss till 17,250.

The bearish position for the Nifty can only be considered below 17,200, which is the 20 moving average on the daily chart.

The Bank Nifty is also expected to give a big move positionally if it sustains above 40,800, leading towards 41,200-41,300. For intraday trading, the key level to mark is 40,500, and short positions should not be deployed unless the market sustains below this level. In case the market sustains below 40,500, traders should trail the stop loss till 40,350-40,200. A big fall in the Bank Nifty can only be expected below the 40,200 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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