Nifty and BankNifty Context with levels for 16th June 2023

Recap -

Market opened gap up and from first minute we saw selling pressure in both the indices. Nifty even tried to breakout its opening level but failed which can be called as a fakeout. BankNifty went down quickly and gave a good downside move below PDH which we were expecting and was favourable for short trades.

Market Context for Tomorrow –

Market can continue this fall as it has broken some major levels especially in BankNifty. We can sell on every rise. My view is sideways to bearish.

Nifty50 –

Nifty has closed below Wednesday’s lows. Expect more fall now in coming days. We can wait for some rise and then plan for a short trade.

If it opens near 18720 which was mentioned yesterday as well, then we can plan for a short trade.

If it opens gap down or near PDL, we should be ready for a short trade at any small pullback. Targets will be 18630, 18570.

We will only plan for long trades if Nifty sustains above 18720 at least for one hour.

Chart for reference-

BankNifty-

As I mentioned yesterday that if it breaks PDL, we can see a good downside move and can trade accordingly. It went down even below PWL, which was a good support.

We can get more short trades not at every rise. Hence wait for BankNifty to give some minor pullbacks which we can trade and get favourable short trades.

Below PDL again it can give good move and target will be 43300, 43180.

We will be bullish only if it goes above 43750.

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

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Nifty | BankNifty | FinNifty context with levels on chart.

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