Nifty and BankNifty Context with levels for 26th April 2023

Market Context -

Today was a very sluggish day with no major action and not good for trading. Both the indices faced a resistance at their major levels and tried to break and sustain it but failed.

Positionally stay with the bullish trend but don’t go long blindly as market is showing some consolidation and can give a pullback now.

Nifty50 –

Nifty gave a trade after it came around 17720 and the first target of 17767 was achieved.

Unable to sustain above 17800 as of now. And from candlestick pattern we can see that it can go downside at least tomorrow.

A gap up can give us a short trade with targets of 17750 and 17700.

17650-17660 is a zone where if market opens we have to wait for Nifty to form a price action and trade accordingly.

Chart for reference-

BankNifty-

Today BankNifty was more bearish and expecting same to continue for tomorrow as well.

We can plan for a short trade below PDL with targets of 42500, 42400. Any big gap up, don’t chase it as it can be a trap for bulls. Around 42800 if BankNifty is making bearish pattern, plan for a short trade.

We will take long trade only above PDH where it should sustain at least for one hour.

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 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 and BankNifty Chart for 11th April 2023

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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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