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.

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 and BankNifty Chart for 5th April 2023

Market Context - Positive to sideways. Nifty50 – In gap up scenario, wait for Nifty to settle around PDH and then only plan for a long trade. 17480-17500 is a good resistance for Nifty where we can see at least a good rejection. In gap down scenario, let Nifty start trading below the PDL, and we can plan for a short trade with targets of 17200, 17100(one gap pending to be filled). Chart for reference- BankNifty - BankNifty is showing good strength compared to Nifty. I am expecting at least 41200 in BankNifty and then a pullback before continuing further. Chart is looking simple and will plan for long trade above PDH and short trade below PDL. In between, the market will be volatile. Chart for reference- Abbreviations used in Chart- PDH – Previous day High PDL – Previous day Low PWH – Previous Week High PWL – Previous Week Low ...

Nifty | BankNifty | FinNifty context with levels on chart.

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