Skip to main content

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.

 


Labels:

Comments

Post a Comment

Popular posts from this blog

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 14th August 2023

  Market Context for Tomorrow –  Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs.   Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains...
Post a Comment
Read more

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 and BankNifty Context with levels for 10th August 2023

  Recap- Today market and especially Nifty has given a swift move on both the direction. First thirty-minute candle gave an impression that today is going to bearish to sideways day but the second half of market was really surprising as market just went up without any pullbacks. BankNifty and FinNifty has not moved if we compare it to Nifty. Market Context for Tomorrow –  Tomorrow is an expiry day and also RBI monetary policy announcement is scheduled at 10 am. Hence stay cautious and better to trade after these events as market can be really volatile tomorrow. One of the main reason BankNifty was silent for almost three days is this event which is going to happen tomorrow. Looking at today’s price action, if BankNifty becomes bullish tomorrow then definitely it is going to support Nifty and we can go upside. Nifty50 – Today Nifty has given almost 200-point rally in second half and that was quite out of the context after a good sell off in morning. For tomorrow if ...
Post a Comment
Read more