Skip to main content

Nifty and BankNifty Chart for 2nd March 2023

 Market Context -  Bullish. 

Bank Nifty is bullish and can give a decent move on upside. Nifty is still below 200DMA and its dragging the other indices down.

Nifty50 - 

Nifty is still sideways to bullish. Expecting it to go upside for short time period. Above PDH(previous day High) target can be 17580 and 17700. 

Chart for reference- 




BankNifty-  

Tomorrow if Bank Nifty open flat to small gap up, the chances are it will move upside above 40700 and we can see the levels up to 41200. 
Incase any gap down, the zone(40580-40700) marked in below chart will act as a support, below which we can see levels of 40350 again. 

Chart for Reference- 



Labels:

Comments

Post a Comment

Popular posts from this blog

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...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 7th August 2023

  Market Context for Tomorrow –  Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of  market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish.   Nifty50 – Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL. If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680. Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300. Chart for reference-     BankNifty- In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350. Below 44770-44800, we can plan ...
Post a Comment
Read more

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...
Post a Comment
Read more