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-

BankNifty is giving erratic moves and most of the time its untradeable due to long wicks of the candles.

We will wait for PDH or PDL to be broken and market to sustain there at least for half an hour before taking any trade in BankNifty. Don’t trade in between especially in BankNifty as it will hunt the stop loss majorly.

Upside targets will be up to 44300. (Above PDH)

Downside targets will be 43750, 43650. (Below PDL)

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

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Nifty | BankNifty | FinNifty context with levels on chart.

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