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 Context with levels for 13th June 2023

Recap - Nowadays market shows all the major action in first half hour and then remain silent for whole day with price hovering around first 15-minute candle. Indices are not in sync hence not getting any big moves on either side. Scalp and run is the way for traders to make some money. Market Context for Tomorrow - PCR remains almost same in both the indices. Expecting the market to remain sideways to bearish. Both Nifty and BankNifty are at good support. If any big move has to come the support needs to be broken first and then we can see some good move downside. Nifty50 – Nifty has hardly given 30-40 points move today. For good trades, it needs to go above PDH or below PDL. Hence plan will be to wait for Nifty to start moving on either side breaking PDH/PDL and then we can plan our trade accordingly. Still on upside go with less quantity. Targets will be 18680, 18720. On downside keeping target as 18520, 18480. Chart for reference- BankNifty- BankN

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

Nifty and BankNifty Chart for 20th March 2023

Market Context - Sideways. Again market can take a swing on both side like it did on last Friday. Global cues are negative. Also SGX Nifty showing a negative opening so expecting a gap down opening tomorrow. Nifty50 – If opening a gap down and we get Nifty around 17000-17020, wait for price action to form. We can see a rise first up to 17100 and then 17150. Any downside move which can make a trend will come below the PDL. First target should be around 16900 and then PWL. Chart for reference- BankNifty - If any big gap down of 200-300 points, don’t chase it. Let market settle in first half hour. Gap down can again create a long opportunity. If market has to fall and make a trending day, I am expecting it below 39200. 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 Cl

Nifty | BankNifty | FinNifty context with levels on chart.

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