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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.

 

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