Nifty and Bank Nifty Levels for 9th April 2019

Nifty

What happened and what we predicted

Nifty started on a sluggish note – ie the prices in the first 5 minutes did not cross the previous candles high. This indicated that the markets may fall. There are cases, where the first 5 minutes may be sluggish and later the markets may charge ahead. If that were the case, then a buy should be triggered above the last day’s candle. Today however, the prices did not move above the first 5 minutes. The Nifty had the a resistance at the 9 daymoving average on the hourly chart and in the last hour of trade, the Nifty pulled back a bit.

Prediction for 9th April 2019: We expect the downtrend to continue until 11550, so short at 11620 levels keeping a stop loss of 11643 and target 11550.


Bank Nifty

What happened and what we predicted

Bank Nifty could not move upwards and weakended until 30050 levels where it broke. This could have a great place and time to make good money. The charts indicate that there is more downside, with the prices taking the hourly 9 day moving average as a resistance.

Prediction – Keep selling until 29500.

 

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