Nifty and BankNifty Context with levels for 12th June 2023

Recap -

The last week was a bit of rollercoaster. Both Nifty and BankNifty showed some strength in first half week and it looked like that a new high will be created especially in Nifty. But all rise was quickly sold off in last two days. Overall range of market was narrow and it created some dilemma for making new positions on either side.

Market Context for Tomorrow -

Going by OI data, market is looking bearish and we may see some more fall. Also it looks like a distribution phase after a good positive rally. VIX is still below 12 which shows that there is no panic as of now. Trade with less quantity on either sides till the market give a clear view.

Nifty50 –

Weekly range for Nifty -- 18350-18800

Any gap up in Nifty and we get it around 18640, we can plan for a short till PDL.

Below PDL and PWL which is hardly a 30 points zone, we can see a good fall up to 18420.

For long trades, Nifty need to sustain above 18650 at least for an hour and then we can plan for some upside. But keep quantity less while trading upside as all the highs are getting sold off quickly.

Chart for reference-

BankNifty-

Weekly range for BankNifty-- 43450- 44500

We can plan for short trades below PDL and PWL, and target will be 43820, 43750.

Gap up is not getting sustained hence don't go long unless market shows some strength.

If it opens near 44100, short trades will be favourable with targets up to PWL.

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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