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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 22nd August 2023

  Recap- Today market opened gap up and well above the zone marked for intraday. After a slight pullback it gave a decent rally. Nifty was better in all three indices for taking trade as it gave a best entry near 19300 and then hit all the targets for the day. After a brief rally, market consolidated in second half of the day. Market Context for Tomorrow –  If we see positionally, market is consolidating and no trend change as of now. Today’s upside move was more of a retracement. The zone given worked pretty well today and it was clear that when we need to be bullish and when bearish on intraday basis. For tomorrow also, we need to be prepared with our levels for trading on either sides as market is consolidating hence we can get trades on both sides. Nifty50 – For tomorrow, 19350-19360 is a good zone for trading. If market opens gap up and sustain above PDH atleast for thirty minutes, then we can plan for some bullish trades. Targets will be upto 19500.                   
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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 21st August 2023

Market Context for Tomorrow –  Market is clearly in downtrend and expecting it to continue the same. Last week market was opening gap down and then recovery comes for whole day. Yet bulls were unable to capture the upside territory. Market is currently at important support levels which has been tested multiple times which also makes it weak with time. If broken now we can see a good fall now as it will be in total control of bears. Nifty50 – 19300 is an important support level for Nifty which is defended as of now. Current scenario is “sell on rise” type of market hence long trades should be taken with light quantity. Plan for bullish trades only if Nifty sustains above 19300 and we see upside move above it. Targets will be upto 19400. If market opens gap down, again it will breach the important support levels and we can wait for some rise till 19300 and plan for short trades. Targets will be 19250, 19200. Chart for reference-     BankNifty-   43800 is an important
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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 14th August 2023

  Market Context for Tomorrow –  Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs.   Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains above 19500.
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Nifty and BankNifty Context with levels for 10th August 2023

  Recap- Today market and especially Nifty has given a swift move on both the direction. First thirty-minute candle gave an impression that today is going to bearish to sideways day but the second half of market was really surprising as market just went up without any pullbacks. BankNifty and FinNifty has not moved if we compare it to Nifty. Market Context for Tomorrow –  Tomorrow is an expiry day and also RBI monetary policy announcement is scheduled at 10 am. Hence stay cautious and better to trade after these events as market can be really volatile tomorrow. One of the main reason BankNifty was silent for almost three days is this event which is going to happen tomorrow. Looking at today’s price action, if BankNifty becomes bullish tomorrow then definitely it is going to support Nifty and we can go upside. Nifty50 – Today Nifty has given almost 200-point rally in second half and that was quite out of the context after a good sell off in morning. For tomorrow if we are op
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Nifty and BankNifty Context with levels for 9th August 2023

  Recap- Again a sideways to bullish days. Market has moved in very compact range with increase in volatility. Today FinNifty tried giving a breakout but it faded as didn’t get support from BankNifty and overall market. Nifty also tried crossing 19600 but it is acting as resistance and sell off is coming from that particular level. Market Context for Tomorrow –  Levels will be same for tomorrow as market is moving in a narrow range with no clear direction. In this kind of market, it’s better to short at resistance and buy at support so that stop loss will be small and probability of hitting target is more. If you will notice that VIX is increasing from last two days with increase in index which indicates that if market is not crossing the resistance level soon then a good bearish days are coming. My view is sideways to bullish but be prepared for both side. Nifty50 – For tomorrow, again it’s better to trade above PDH and below PDL. Here we can get decent moves. Stay cautious
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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 8th August 2023

  Recap- Today market traded in very narrow region and was very volatile. This choppiness in market leads to more SL hunting and overtrading. Although Nifty remained a bit on positive side and first target was hit after too much of volatility. Market Context for Tomorrow –  My view for tomorrow is again sideways to bullish. In all three indices Nifty looks a bit positive and will give clean moves if BankNifty is in sync with Nifty. Keeping all levels of yesterday as it is for tomorrow as market has contracted which can give a clean move soon. Nifty50 – For tomorrow, again it’s better to trade above PDH and below PDL. Here we can get decent moves. If Nifty breaks its PDH and sustain above it, take bullish trades with targets of 19680,19730. If it opens gap down and start trading below PDL, then only I will be interested in taking bearish trade so that we can capture at least 50-60 points.   Below PDL targets will be 19450, 19400. Chart for reference-     BankNifty-
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