Nifty and BankNifty Context with levels for 2nd May 2023

Recap -

Both Nifty and BankNifty were sideways to bullish the whole day with major action coming in last thirty minutes which is mostly due to adjustments done by big players.

Our targets on the upside were hit on both indices.

This whole week indices were opening flat and closing at a day high, especially in Nifty which gave almost one sided move daily.

Market Context for Tomorrow -

Now for next week, I am expecting some consolidation as both indices have crossed their psychologically big number of 18000 in Nifty and 43000 in BankNifty.

A pullback is needed before the market starts trading upside. This will allow us to create fresh longs with a favourable R: R ratio.

Nifty50 –

The plan is to wait for a pullback before going for a long trade.

If Nifty opens flat or near 18000, wait for some bullish price action to form at least on 15 min candle chart. Then our target will be near PDH or 18100.

If the market opens a big gap down or starts trading below 17960, then only we should plan for taking a short trade. Targets will be PDL and 17830.

Chart for reference-

BankNifty-

BankNifty should also show some consolidation now.

A gap-up opening can give us a short opportunity with targets up to 43100.

If BankNifty opens the gap down and starts trading below 43100 at least for thirty minutes, we can again plan for short trade with targets up to 42900.

On the upside, I am not much interested to take trade till a decent pullback comes. Yes, if it still starts trading above PDH/PWH for thirty or more minutes, then we can plan for a scalp trade up to 43350.

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 PURPOSES. TRADE WISELY.

Comments

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Market Context for Tomorrow – Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs. Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains...

Nifty | BankNifty | FinNifty context with levels on chart.

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