Nifty and BankNifty Context with levels for 15th June 2023

Recap -

Today market opened gap up but not able to sustain and then we saw a quick down move followed by a sideways day in BankNifty and a up move in Nifty. Nifty is trying harder to reach its all-time high but not getting enough support from BankNifty. As there is no sync in both the indices, most of the time market remains sideways and volatile.

Market Context for Tomorrow -

Nifty is looking quite bullish and expecting it to continue upside slowly. BankNifty might join the upside move from tomorrow. One of the factor for its indecisive move is USA’s fed meeting outcome which is going to be announced today. Expecting a sideways to bullish day tomorrow.

Nifty50 –

The flip zone mentioned yesterday worked really well. Nifty took support exactly at those levels (18680-18690) and then we saw a good upmove breaking the opening range high. Target of 18720 and 18760 achieved.

Tomorrow if market opens gap up, it should sustain above PDH. Then we can plan for long trades with targets 18800, 18850.

If it opens gap down around 18720, just wait for half an hour and observe the price action. Again it can give us long trades.

We will only plan for short trades, if market breaks the PDL. In between its just a noise which we should avoid.

Chart for reference-

BankNifty-

BankNifty is silent and today it has moved in the zone (43950-44000) which I mentioned yesterday.

For a clear trade in BankNifty we have to wait for it to break this zone on either side.

Above 44050, we can plan for some long trade with targets up to PDH.

If it breaks PDL, then it is favourable for short trades. Keeping it simple.

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 20th April 2023

Market Context - Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside. Nifty50 – Levels are working beautifully and it will be intact for tomorrow as well. If Nifty opens gap up near 17650, we can plan for a short trade with targets up to PDL. Flat to gap down will again give a good chance for Bears to take a full control and market can go one sided in downwards direction. Targets will be 17500, 17450. Upside I am not much interested as Nifty hardly goes 30 points up and then sell off starts. Chart for reference- BankNifty - BankNifty is still strong compared to Nifty. Levels will be same. Plan is to find and take a short trade. Any gap up near 42250, we can plan to take a short trade. Targets will be 42100, 42000. Below PDL we can get a trend day in BankNift

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 | BankNifty | FinNifty context with levels on chart.

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