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

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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