Skip to main content

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.

 

Labels:

Comments

Post a Comment

Popular posts from this blog

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, BankNifty and CNXFinance (FinNifty) Context with levels for 7th August 2023

  Market Context for Tomorrow –  Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of  market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish.   Nifty50 – Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL. If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680. Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300. Chart for reference-     BankNifty- In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350. Below 44770-44800, we can plan ...
Post a Comment
Read more

Nifty and BankNifty Chart for 13th April 2023

  Market Context -   Sideways to bullish. Tomorrow is weekly expiry and I am expecting a one side trend on either side given that market is slowly going up yet consolidating with moves in both directions this week.       Nifty50 –  Today Nifty has reached and crossed its important level of 17800. I mentioned yesterday that a flat opening can give us a trade for long up to this level. Nifty is trading in a bullish channel so we can take help of it to take trades at the end zones of this channel. A flat opening at 17800 can give us opportunity to go longs. We can book our profit in every 40-50 points movement of Nifty. Targets for tomorrow 17850, 17900. If Nifty opening gap down and started trading below 17750 for thirty minutes, we can plan for a short trade and expecting at least 100+ points fall from there. Chart for reference-        BankNifty -     BankNifty kind of sideways yet slowly...
Post a Comment
Read more