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Nifty and BankNifty Context with levels for 14th June 2023

 Recap -

Market opened slightly gap up and again major movement came in first half hour and then remained sideways with a surprising up move in last half hour. Nifty has shown more strength compared to BankNifty in today’s session.


Market Context for Tomorrow - 

Okay so PCR (Put/call ratio) is again above 1 which shows that market is trying to move upwards after a consolidation phase. Not totally convinced with the last hour move, still Nifty can make a new all-time high soon. Both indices are not in sync hence possibility of one side trend is low. Expecting a sideways day tomorrow as well.


Nifty50 –

Today our both target in Nifty has been achieved on upside.

If Nifty opens flat around day high then wait for it to cross PDH and then we can take a long trade with targets of 18770, 18800.

18680-18690 can act as a flip zone for Nifty. If it opens near these levels, wait for half hour and observe price action. If it sustains above this zone, again we can go long up to PDH, else below we can see downside move up to 18630 and then 18600.

Keeping targets small on both side as moves are not big either sides. Hence scalp and run is fine for this type of market.

Chart for reference-

 



BankNifty-

Today BankNifty’s action remains inside it previous day candle. Here moves are not clear and that doesn’t give favourable trades.

Above PDH we can see some good move upside with targets up to 44350. Book some quantities in every 60-70 points move as spikes in BankNifty is very weird and it can hit stop loss.

43950-44000(50 points) zone is acting as a support where we can get good R: R trades on either 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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