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 for BankNifty. If we open around PDC or PDL, wait for price action to form for any fresh shorts.

As market is continuously falling, we may see a profit booking/pullback anytime.

If we get any good green candle after opening gap down, we can plan for buying upto 39200. Again at this level, market will give good risk reward trade, for both long and short. Just wait and watch the price action before taking any trade.

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 and BankNifty Chart for 11th April 2023

Market Context - Sideways. It will play in range. Long at support regions and short at resistance regions. Simple. Nifty50 – In last blog I mentioned that Nifty may consolidate now. Same happened today. Expecting the same tomorrow as well. No big one sided moves but it will be in range. Hence long/short at S/R zones only to get favourable R: R. If Nifty opens around 17600, we will plan for long trade with targets 17650 and 17700. 17650 can act as a flip zone hence suggesting to book partial profit here if Nifty shows reversal sign. If Nifty opens gap up around 17700, after some bearish reversal signs, we can plan for a short trade. Chart for reference- BankNifty - As I mentioned in last blog to not chase the gap up as it can be a trap, exactly same happened. BankNifty was more bearish today compared to Nifty and give good swing moves. Flat opening near 40850-40900 will act as a good flip zon...

Nifty and BankNifty Chart for 5th April 2023

Market Context - Positive to sideways. Nifty50 – In gap up scenario, wait for Nifty to settle around PDH and then only plan for a long trade. 17480-17500 is a good resistance for Nifty where we can see at least a good rejection. In gap down scenario, let Nifty start trading below the PDL, and we can plan for a short trade with targets of 17200, 17100(one gap pending to be filled). Chart for reference- BankNifty - BankNifty is showing good strength compared to Nifty. I am expecting at least 41200 in BankNifty and then a pullback before continuing further. Chart is looking simple and will plan for long trade above PDH and short trade below PDL. In between, the market will be volatile. Chart for reference- Abbreviations used in Chart- PDH – Previous day High PDL – Previous day Low PWH – Previous Week High PWL – Previous Week Low ...

Nifty and BankNifty Context with levels for 3rd August 2023

Recap – Today’s market has shown some good amount of sell off. My bias for today was sideways to bullish but market went totally opposite but I managed to ride it as I always mention that below a particular level we can go for short trades. Hence be prepared with your levels for both sides. The levels for short given in all three indices has worked pretty well. Market Context for Tomorrow – Always be prepared for both side moves with proper levels. This makes our work easy during live hours of market. For tomorrow my view is to work on sell on rise till a particular level which I mention separately in indices below. Also GiftNifty trading in negative at the time I am writing this blog indicating we can open gap down and then at every rise we can plan for sell. Nifty50 – For tomorrow, we will be only bullish if Nifty sustains above 19620. Otherwise we can again see sell on rise till this level is not broken on upside. If market opens flat and we see Nifty showing weakne...

Nifty | BankNifty | FinNifty context with levels on chart.

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