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 Chart for 11th April 2023

Market Context - Sideways. It will play in range. Long at support regions and short at resistance regions. Simple. Nifty50 – In last blog I mentioned that Nifty may consolidate now. Same happened today. Expecting the same tomorrow as well. No big one sided moves but it will be in range. Hence long/short at S/R zones only to get favourable R: R. If Nifty opens around 17600, we will plan for long trade with targets 17650 and 17700. 17650 can act as a flip zone hence suggesting to book partial profit here if Nifty shows reversal sign. If Nifty opens gap up around 17700, after some bearish reversal signs, we can plan for a short trade. Chart for reference- BankNifty - As I mentioned in last blog to not chase the gap up as it can be a trap, exactly same happened. BankNifty was more bearish today compared to Nifty and give good swing moves. Flat opening near 40850-40900 will act as a good flip zon...

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 7th August 2023

Market Context for Tomorrow – Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish. Nifty50 – Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL. If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680. Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300. Chart for reference- BankNifty- In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350. Below 44770-44800, we can plan ...

Nifty and BankNifty Chart for 13th April 2023

Market Context - Sideways to bullish. Tomorrow is weekly expiry and I am expecting a one side trend on either side given that market is slowly going up yet consolidating with moves in both directions this week. Nifty50 – Today Nifty has reached and crossed its important level of 17800. I mentioned yesterday that a flat opening can give us a trade for long up to this level. Nifty is trading in a bullish channel so we can take help of it to take trades at the end zones of this channel. A flat opening at 17800 can give us opportunity to go longs. We can book our profit in every 40-50 points movement of Nifty. Targets for tomorrow 17850, 17900. If Nifty opening gap down and started trading below 17750 for thirty minutes, we can plan for a short trade and expecting at least 100+ points fall from there. Chart for reference- BankNifty - BankNifty kind of sideways yet slowly...

Nifty | BankNifty | FinNifty context with levels on chart.

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