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 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 and BankNifty Chart for 20th March 2023

Market Context - Sideways. Again market can take a swing on both side like it did on last Friday. Global cues are negative. Also SGX Nifty showing a negative opening so expecting a gap down opening tomorrow. Nifty50 – If opening a gap down and we get Nifty around 17000-17020, wait for price action to form. We can see a rise first up to 17100 and then 17150. Any downside move which can make a trend will come below the PDL. First target should be around 16900 and then PWL. Chart for reference- BankNifty - If any big gap down of 200-300 points, don’t chase it. Let market settle in first half hour. Gap down can again create a long opportunity. If market has to fall and make a trending day, I am expecting it below 39200. 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 Cl

Nifty | BankNifty | FinNifty context with levels on chart.

Search This Blog