Nifty and BankNifty Context with levels for 24th April 2023

Market Context -

So we have seen a decent consolidation previous week with a good down move especially in BankNifty which we were waiting for. Now what’s next?

As this is last week of April, I am expecting both the indices and overall market to remain bullish. Major companies/stocks have given good result in past week expecting some long moves now.

Although PCR (Put/call ratio) is slightly bearish but it is not a major concern as it can turn bullish any time after the positive sentiment in the market.

My view for this week is Bullish to sideways.

Nifty50 –

Flat to bullish opening can give us a long opportunity for targets up to 17767.

Any big gap up of 100-150 points, don’t chase it. Let market come at our levels of 17600-17620 then we can plan for a long trade.

IF Nifty opens gap down, we will only take a short trade after it breaks it PWH in thirty minutes or one-hour candle.

Chart for reference-

BankNifty-

If BankNifty opens flat to bullish near 42200, we can plan for a long trade for targets up to 42380, 42500.

Don’t go short heavily in BankNifty even if it breaks the PDL. Wait for confirmation on higher time frames with bearish price action and then only we should plan to take a short trade. Targets will be near 41850.

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 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...

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 ...

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 | BankNifty | FinNifty context with levels on chart.

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