Nifty and BankNifty Chart for 13th April 2023

Market Context - Sideways to bullish. Tomorrow is weekly expiry and I am expecting a one side trend on either side given that market is slowly going up yet consolidating with moves in both directions this week.

Nifty50 –

Today Nifty has reached and crossed its important level of 17800. I mentioned yesterday that a flat opening can give us a trade for long up to this level.

Nifty is trading in a bullish channel so we can take help of it to take trades at the end zones of this channel.

A flat opening at 17800 can give us opportunity to go longs. We can book our profit in every 40-50 points movement of Nifty. Targets for tomorrow 17850, 17900.

If Nifty opening gap down and started trading below 17750 for thirty minutes, we can plan for a short trade and expecting at least 100+ points fall from there.

Chart for reference-

BankNifty-

BankNifty kind of sideways yet slowly closed near day high. Expecting same for tomorrow.

Any big gap up, don’t chase it. Let it settle down for first thirty minutes and then we can plan accordingly.

Flat to positive opening can give us a long trade with targets of 41750, 41900.

We can plan for short trade below 41400-41420.

Between PDH and 41450 we wont get much trades in our favour and it will tend to hit the stop loss.

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

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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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