Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

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...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 22nd August 2023

  Recap- Today market opened gap up and well above the zone marked for intraday. After a slight pullback it gave a decent rally. Nifty was better in all three indices for taking trade as it gave a best entry near 19300 and then hit all the targets for the day. After a brief rally, market consolidated in second half of the day. Market Context for Tomorrow –  If we see positionally, market is consolidating and no trend change as of now. Today’s upside move was more of a retracement. The zone given worked pretty well today and it was clear that when we need to be bullish and when bearish on intraday basis. For tomorrow also, we need to be prepared with our levels for trading on either sides as market is consolidating hence we can get trades on both sides. Nifty50 – For tomorrow, 19350-19360 is a good zone for trading. If market opens gap up and sustain above PDH atleast for thirty minutes, then we can plan for some bullish trades. Targets will be upto 19500.  ...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 20th June 2023

  Recap – Today from first minute market was in bearish grip and we saw some good moves. It is more of a profit booking at higher levels. The zones given yesterday worked really well in all three indices. Yesterday I had mentioned that be cautious on upside direction as we can see some retracement. Market Context for Tomorrow –  Again OI data has changed totally and it looks bearish. PCR is near 0.7 in all three indices and VIX has also increased today which somewhere suggests that context for coming days can be bearish. Sell on rise will give us favourable trades.   Nifty50 – Nifty has again opened near all-time high but fail to sustain and we saw a sharp fall today. The flip zone (18780-18790) worked perfectly and keeping it as it is for tomorrow as well. If market opens near this zone and we get any bearish signal, it can give us a good short trade. Targets will be 18720, 18685. Plan for long trade above this zone only when Nifty sustains for more than ha...
Post a Comment
Read more