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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.


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