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

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 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...

Nifty | BankNifty | FinNifty context with levels on chart.

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