Nifty and BankNifty Chart for 15th March 2023

Market Context - Sideways. Now market is at the stage where it can give a pullback and then again come down. Bears will sell on every rise. So there will be some tussle between bulls and bears at least this week which will make market more of a sideways.

Nifty50 –

The zone between 17145-17185 can act as a resistance. We can plan to take a counter trade here on downside. Scalping can be best for 2-3 days.

Below todays’s low which is around 17000, we can again expect a good fall of 150-200 points.

Chart for reference-

BankNifty-

Sentiments are bad for banks already. Be cautious before going long. Also any strong selling can come below PDL. 39600-39700 is a zone which will act as a resistance if market opens gapup.

Chart for Reference-

Abbreviations used in Chart-

PDH – Previous day High

PDL – Previous day Low

PWH – Previous Week High

PWL – Previous Week Low

NOTE: THIS BLOG IS ONLY FOR EDUCATIONAL PURPOSE. TRADE WISELY.

Comments

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...

Nifty and BankNifty Chart for 3rd April 2023

Market Context - Monthly both Nifty and Bank Nifty has formed a Doji candle which is indicating that we may see a more upside moves in upcoming days/weeks. Overall context looks positive for our market. Nifty50 – After consecutive three weekly red candles finally the last week went positive. Expecting this move to continue at least till 17500 and more. We can plan for a long trade if market opens flat to positive near PDH/PWH. Any small gap down around 17300, wait for price action to form and we can again plan for a long trade. For any downside move, PDL is the support level below which we can plan for a short trade. Moreover, data and chart is showing a bullish sentiment so will avoid any short trade. Chart for reference- Bank Nifty - Bank Nifty has crossed 40000 level and sustained there comfortably. I am hoping this upside move to continue at least till 41200. If Bank Nifty...

Nifty and BankNifty Chart for 16th March 2023

Market Context - Bearish to sideways. Sell on Rise will work beautifully. As per SGX Nifty we will be opening gap down. Let market settle in first half hour. Any rise can give an opportunity to short and ride it whole day. Pullback may come but data is showing otherwise. Nifty50 – It was a good trending day. Now Nifty has closed below the 17000 which is a physiological level. More downtrend is possible up to 16800 at least for tomorrow. If we get Nifty around previous day close, let it make some price action for short and we can trade accordingly. 17100 is zone to short the market again and get a better risk reward. Any buying/long we can only see above PDH and levels around 17180-17200. Chart for reference- BankNifty - Same goes fo...

Nifty | BankNifty | FinNifty context with levels on chart.

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