Nifty and BankNifty Context with levels for 27th April 2023

Recap -

Today market gave a surprise move by closing on day highs. We were expecting some bearishness or consolidation at lower levels but that didn’t happen. In first 30 minutes’ market gave some signs of going down but after that it took a reversal.

Both Nifty and BankNifty came up to the first target which I mentioned in last blog. From there it took support and went up.

Market Context for tomorrow -

Tomorrow is weekly as well as monthly expiry so be cautious with non directional trades (spreads basically). Market can go one side anytime especially in second half as big players will try to close their positions. This can give a momentum.

We should stay with the trend of Bullish and expecting same to continue tomorrow as well.

Nifty50 –

Again Nifty has closed above 17800. If one side rally has to come tomorrow, then 18000 is possible tomorrow.

Still stay light on quantity and book profit in every 50 points on upside at 17860, 17910. This is valid if market opens near PDH and then after we witness a bullish price action we can go longs.

Short trades can again create a trap, hence avoid it. If market opens gap down and start trading for thirty minutes below PDL, then only we will plan for some short trade.

Chart for reference-

BankNifty-

Same goes for BankNifty. We will stay bullish and trade with less quantity.

If BankNifty opens around 42800-42850, wait for some price action to form. Because daily it is removing weak players by going down for half hour then slowly and steadily moves upside.

Above PDH or if opening range breaks on positive side, we can go longs with target 43000.

Plan for short trade only below 42500 or PDL. In between we may get some scalp trade but volatility can be high as it is monthly expiry.

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

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Nifty | BankNifty | FinNifty context with levels on chart.

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