Bank Nifty - 25 April 2023 Closing Analysis & Trade Plan
Let's analyze bank nifty move using indicator free pure price action.
To have a clear understanding we need to look back what happened a day before i.e. 24th April 2023.
Buyer's made a strong upward 1st push followed by a pull back.
Buyer's then made a 2nd upward push followed by another pull back.
Therefore yesterday buyer's were in complete control and they managed to create a breakout with 2 strong push.
Since the 2nd push consisted of strong green candles (7 candles in a row), there was a higher probability of another push by buyer's next day to push prices even higher.
What happened on 25th April 2023 !!
As expected, after 9.15 candle took support at 42600, buyer's made another rally of Approx 200 points till the high of 1000hrs candle. This was a good call buy opportunity.
Bull's party was spoiled by 1015hrs red candle which completely engulfed the 1000hrs green candle.Tthis indicated weakness in buyer's ability to push prices any further up. This was the exit point for call trade.
After this buyer's could not breach the day high of 42685 and market went into a trading zone.
What to expect on 26th April 2023 !!
Market is still in "Always in long" until the support zone of 42538-42595 is breached by seller's.
Case 1 - If market bounces of this support (which it already did in the last candle of the day), an upward rally of 200 pts is in sight.
Case 2 - If market breaches and goes below the above support, we wait for it to take support (Approx 42500)
To have a clear understanding we need to look back what happened a day before i.e. 24th April 2023.
Buyer's made a strong upward 1st push followed by a pull back.
Buyer's then made a 2nd upward push followed by another pull back.
Therefore yesterday buyer's were in complete control and they managed to create a breakout with 2 strong push.
Since the 2nd push consisted of strong green candles (7 candles in a row), there was a higher probability of another push by buyer's next day to push prices even higher.
What happened on 25th April 2023 !!
As expected, after 9.15 candle took support at 42600, buyer's made another rally of Approx 200 points till the high of 1000hrs candle. This was a good call buy opportunity.
Bull's party was spoiled by 1015hrs red candle which completely engulfed the 1000hrs green candle.Tthis indicated weakness in buyer's ability to push prices any further up. This was the exit point for call trade.
After this buyer's could not breach the day high of 42685 and market went into a trading zone.
What to expect on 26th April 2023 !!
Market is still in "Always in long" until the support zone of 42538-42595 is breached by seller's.
Case 1 - If market bounces of this support (which it already did in the last candle of the day), an upward rally of 200 pts is in sight.
Case 2 - If market breaches and goes below the above support, we wait for it to take support (Approx 42500)
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