Nifty and BankNifty Context with levels for 17th April 2023

Market Context - Sideways to bullish. Expecting now market to be range bound before giving a further breakout. BankNifty gave a good one side rally which I wrote in previous blog. Nifty was bit of choppy as it has already given good rallies in past one week.

Nifty50 –

Nifty has made consecutively three green candles on weekly basis.

For next week I am expecting to Nifty to consolidate more as many companies has results on upcoming week. Range can be between 17600- 18100 weekly.

For tomorrow, 17785-17800 can act as a flip zone.

If Nifty opens flat or gap up, we will wait for it to settle down near 17800 before going for a long trade. Upside target will be 17850,17890.

If opens gap down, same it should take a bounce till 17800, After that if bearish price action is formed we can go for short with targets as 17730, 17700.

Chart for reference-

BankNifty-

Last week BankNifty also gave a very good rally especially on Thursday. This week we may see some consolidation as market will react on results of major banks.

Range on weekly basis: 41500- 42700.

If BankNifty opens gap up, the risk reward will not be favourable, hence avoid taking any trade upside.

Let it give some pullback at least till 41870-41900 which can act as flip zone , then we can plan for a long or short trade. At this level with proper price action formed the target for upside will be PDH and for downside will be PDL.

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.

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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 14th August 2023

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Nifty and BankNifty Context with levels for 10th August 2023

Recap- Today market and especially Nifty has given a swift move on both the direction. First thirty-minute candle gave an impression that today is going to bearish to sideways day but the second half of market was really surprising as market just went up without any pullbacks. BankNifty and FinNifty has not moved if we compare it to Nifty. Market Context for Tomorrow – Tomorrow is an expiry day and also RBI monetary policy announcement is scheduled at 10 am. Hence stay cautious and better to trade after these events as market can be really volatile tomorrow. One of the main reason BankNifty was silent for almost three days is this event which is going to happen tomorrow. Looking at today’s price action, if BankNifty becomes bullish tomorrow then definitely it is going to support Nifty and we can go upside. Nifty50 – Today Nifty has given almost 200-point rally in second half and that was quite out of the context after a good sell off in morning. For tomorrow if ...

Nifty | BankNifty | FinNifty context with levels on chart.

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