Nifty and BankNifty Context with levels for 28th April 2023

Recap -

Today Nifty was relatively stronger than BankNifty and gave almost clear upside move. BankNifty was trying to go down in first half and was giving erratic moves. But ultimately it started trading on upside.

In Nifty both our targets (17860,17910) were hit today. Also in BankNifty I just gave one target of 43000 yesterdays and eventually it came in second half which was sufficient for today.

Market Context for tomorrow -

Now Monthly expiry is done. Expecting some cool down in the market. We can see some sideways action now and that will be healthy for the market. We can plan for some positionally long trades.

My view for tomorrow is sideways.

Nifty50 –

Nifty has almost given back to back trending days (slow in moves but one sided). Expecting some consolidation now.

Flat opening near PDH will be best to trade in long side. Keep target as 17950, 18010. 18000 can act as a psychological resistance and we may witness some profit booking in this area.

For short trade, Nifty should start trading below the PDH (17863) and then we can plan for negative side trade with targets up to 17800. Keeping small target here as overall trend is positive so don’t go against it. Scalping will be best.

Chart for reference-

BankNifty-

BankNifty is also following Nifty on upside and today touched 43000. Expecting some consolidation here as well.

On upside, only take a trade if BankNifty sustains above PDH at least for thirty minutes. Initial target will be 43150.

Below 42950, we can plan for some short trade with targets up to 42800. Full-fledged shorts are not recommended at this moment. Stay with the trend and book small profits in short trades.

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 20th April 2023

Market Context - Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside. Nifty50 – Levels are working beautifully and it will be intact for tomorrow as well. If Nifty opens gap up near 17650, we can plan for a short trade with targets up to PDL. Flat to gap down will again give a good chance for Bears to take a full control and market can go one sided in downwards direction. Targets will be 17500, 17450. Upside I am not much interested as Nifty hardly goes 30 points up and then sell off starts. Chart for reference- BankNifty - BankNifty is still strong compared to Nifty. Levels will be same. Plan is to find and take a short trade. Any gap up near 42250, we can plan to take a short trade. Targets will be 42100, 42000. Below PDL we can get a trend day in BankNift

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 | BankNifty | FinNifty context with levels on chart.

Search This Blog