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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.

 


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