Nifty and BankNifty Context with levels for 29th May 2023

Recap -

Last week, the markets were largely positive compared to various sell-off attempts. In particular, Nifty was stronger than BankNifty throughout the week and closed decisively above its near-time high from May 16th on Friday. While BankNifty also managed a close near day highs, it remains below 44100.

Market Context for Tomorrow -

Looking at current scenario, expecting market to trade on positive side. The sell offs on last week didn’t create any panic and market has created a good support for next up move now.

Nifty50 –

Nifty has given a good upside move and expects the same to continue. I am expecting Nifty to make an all-time high this time and cross 19000.

Targets on the upside are open now and we can easily take long-side trade given that it is above PWH. Any big gap up, don’t chase it. Let Nifty come around 18500 and then we should plan for a long trade.

We will only be bearish now if the market breaks its PDL, which seems to be not happening on Monday.

If opens gap down and starts trading near 18400-18420, plan for bullish trade only after looking at price action. Here we can get good risk: reward trades.

Shorting Nifty at this time is not recommended. Stay with the trend.

Chart for reference-

BankNifty-

BankNifty is hovering around its all-time high and its a matter of time it will shoot up and cross 44150. Twice it has tried to go above an all-time high but didn’t sustain.

Now this time it will be a piece of cake for BankNifty. On the upside keeping the first target as 44150 and then 44250.

Don’t short BankNifty unless it goes below its PDL and shows some bearish signs as it can be a trap.

A flat opening or a bit gap down opening near 43850 can give us a favourable risk rewards trade for the long side.

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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