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Nifty and BankNifty Context with levels for 3rd May 2023

Recap -

Today market opened at a small gap up and then went inside a range for whole day. There was no momentum in market. Nifty and BankNifty were trading merely in 50 and 150 points respectively.  No trades at all.

 

Market Context for Tomorrow - 

PCR and OI (open interest) data giving some hints that we can go downside which will be a good pullback given that market has already shown a good rally in past weeks. Stay cautious, don’t go longs right now as R: R is not favourable on upside.


Nifty50 –

Nifty opened with a slight gap up and it was trading at our drawn level of 18135 for whole day and took support there.

For tomorrow again longs are not recommended. Any gap up we will wait for some price action to form giving signs of bearishness and then we can plan for some short trades. Keeping targets as 18100, 18050.

Big gap up will already open near 18200 and then again Nifty can show some consolidation, hence will avoid trading there.

Chart for reference-

 



BankNifty-

BankNifty is showing more bearishness. It can give a good trade now below PDL.

If it opens Flat to gap down and start trading below PDL for fifteen minutes, we can take a short trade with targets up to 43100.

In case any gap up, again it can lead to a flat day hence avoid any trade on upside as of now.

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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