Date: 23-03-2020
Analysing Chart of Nifty 50 : 15 min Time Frame
Subject: 1.What should your Strategy to trade on 24-03-2020
Is Bottom Creation Completed for Nifty?
2. Today's Market Movers and News of the Day
3. Levels for Nifty and Banknifty for 24-03-2020
4. Didn't provided calls because we aren't got Proper Technical Analysis.
Hey My Brothers & Sisters,
Hope your Day spends Good, Let's come to our Today's topics as I mentioned in Subjects.
1.What should your Strategy to trade on 24-03-2020
Is Bottom Creation Completed for Nifty?
Nifty 50 closed DOWN by -1135 Points (-13%)
Presenting the Chart of Nifty 50 of 15 Min time frame
> As we all know that the Corona Virus Pandemic is now spraid all over india and Each and Everyday there are new cases comes Positive.
> This thing makes a Panic in stock market and Nifty given gap down opening today morning Down by -812 Points.
> It was almost -9.30 Percent, At 10% there is a Circuit breaker for Nifty, Around 9.45 AM we have Hitted a circuit breaker and Market Halts trading for 45min, It's a worst schenario where we are hitting circuit breaker 2nd time in this Rally.
> As per technical views Nifty has opened at 7933 today Morning. As we mentioned the Levels in previous Blog that 7900 is a Major support for Nifty.
> By opening price Nifty has tested the Upper resistance of 8088 and then tested 7900. After that we have Hitted a circuit breaker of 10% and Exchange halts for 45 Mins.
> Then Market again Opens at 10.58 AM, Below the Major support of 7900, tested the level of 7900 and then Rushed to lower levels as mentioned in Previous blog.
> Rushed to lower levels , Breaks the Important level of 7700 and then made 7581 as Day's low price.
So Now, What's the next? What's going to happens on 24-03-2020? What should be the Levels for 24-03-2020?
Let's discuss the Levels. The Final levels we will Provide at the End of the Blog.
> As mentioned in the above image there is a Major support level found at 7508.
> Today Nifty has breaks major supports and given lower levels. But If still there isn't any good news comes for Corona pandemic then we can see lower levels till 7200-7000-6800 Respectively.
> As RBI has declared Rs. 10000 cr Relief for stock markets, so it can pull out markets from the sell off, We may see some Bounce back from current position of market if RBI takes action.
> Upper resistance level is listed at 7707 and then 7900, If the level of 7707 may break by Nifty with high volume then we can see the targets till 7900 and Above, If and if RBI takes place.
> Let's see how's the Global markets, Dow jones and SGX Nifty reacting in their Trading sessions.
So It's Our Technical analysis Views about Nifty 50 for Upcoming Trading sessions.
At the End of the Blog we will provide Levels for Nifty and Banknifty for 24-03-2020.
Now Let's Talk about Banknifty Chart Analysis.