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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.

 


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