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 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.

Search This Blog