Nifty and BankNifty Chart for 23rd March 2023

Market Context -

Tomorrow market will mostly react on the outcome and commentary of FOMC meeting in USA. Volatility will be high. Better to trade on light quantity or no trade at all if the market will be out of pattern.

Nifty50 –

Same levels will continue for this whole week. Today was sideways and Nifty was trading exactly between the levels marked on the chart.

17200 will be a good resistance and 17100 is a support as of now. This 100 points zone is just full of volatility. Let market make some pattern and we can trade accordingly.

Chart for reference-

BankNifty-

Today Banknifty was also trading in almost 150 points zone from 39850- 40000.

It can act as a good flip zone. Anything above and below this zone can give us better trade opportunity for tomorrow.

Chart for reference-

Abbreviations used in Chart-

PDH – Previous day High

PDL – Previous day Low

PWH – Previous Week High

PWL – Previous Week Low

PDC – Previous Day Close

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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