Skip to main content

Nifty and BankNifty Context with levels for 21st April 2023

 Market Context -  

Today was a typical expiry day with very less movement. Clearly our view of sell on rise has worked and all major action was in first one hour. Same sell on rise we can carry for tomorrow as well if market opens gap up.

We can clearly see that market is trading in a very narrow range day by day. Expecting a one sided move soon. Although I mentioned yesterday as well that we can see a trending day below previous day lows but that didn’t happen.

Ideally now market has made a good setup for a blasting move. Hopefully we can see it tomorrow. I will be more interested towards downside action.

 

Nifty50 – 

I will keep it very simple. PDH and PDL are the main resistance and support line respectively. Beyond those a one side move can come now.

If we are opening in between near 17660, then wait for some bearish price action to get formed before taking a short trade with targets 17620, 17580.

Chart for reference- 

 



 

 

BankNifty-  

Same goes for BankNifty as well. I am very much interested in one sided move now above PDH and below PDL.

So will avoid trading in between and watch the market’s volatility. J

Still if we want a short trade let BankNifty open flat to gap up and we can plan for a short trade near 42300-42330.

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.

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 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...
Post a Comment
Read more