Nifty and BankNifty Chart for 12th April 2023

Market Context - Sideways to bullish. Market is slowly going upside with all stocks doing pretty well. Hopefully bullish rally will continue. Also VIX is below 11, that shows no panic in market.

Nifty50 –

Today Nifty was flat to bullish and gave full swings in both directions of 100 points. Expecting same to continue tomorrow as well.

Any big gap up, don’t chase it. Let Nifty settle down so that trade is in our favour.

If we open around 17800, Nifty can face resistance as historically this level is very important which play as a good flip zone. We can plan for short trade at this level.

Flat to gap down opening will again give opportunity for going longs with targets near 17800.

Chart for reference-

BankNifty-

BankNifty was very bullish today and closed above 41200 comfortably.

Flat opening can easily give us a long trade for targets up to 41600.

We will only plan for short trade below PDL. Don’t take a random contra trade as market’s trend is bullish and expecting same to continue.

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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