Nifty Levels on 10 April 2023: Is the Market Turning Bearish?

 Nifty Levels on 10 April 2023: Is the Market Turning Bearish?

As we look at the Nifty levels on April 10, 2023, it seems that the market may be turning bearish. The current trend is showing a continuation of lower highs, indicating a possible downward trend. The market may become even more bearish if the Nifty closes below 17800.

Major resistance is expected at the 17700-1750 zone, which may prove to be a challenge for the bulls. Only a close above this resistance zone will indicate a change in trend and a possible upward movement.

Intraday levels for the day suggest that if the Nifty reaches 17730, it may be a good time to exit the Call Option. However, if it breaks above this level, it may be an opportunity to buy the Call Option.

If the Nifty breaks below 17650, it may indicate a bearish trend and a potential opportunity to buy the Put Option. However, if it breaks above this level, it may be an opportunity to buy the Call Option.

At 17600, the market may be in a neutral position, and it may be wise to wait for a clear indication of the trend before taking any positions.

If the Nifty breaks below 17570, it may be an opportunity to buy the Put Option. However, if it breaks above this level, it may be a sign of an upward trend.

Finally, if the Nifty breaks below 17500, it may indicate a strong bearish trend and may be an opportunity to buy the Put Option.

In conclusion, the Nifty levels on April 10, 2023, suggest that the market may be turning bearish. However, traders should remain vigilant and wait for a clear indication of the trend before taking any positions.

Chart of 5 min with Trend line

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