Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 19th June 2023

Recap –

View of sideways to bearish went wrong. But it was mentioned that after a certain level in both indices we can plan for some bullish trade. In second half, market gave a good bullish move. Nifty missed its all-time high by 25 points.

Market Context for Tomorrow –

OI (Open interest) is indicating that market has potential to go upside and make new highs. Ride with the trend but be cautious and I will recommend to trade with less quantity on upside direction as we can see a retracement or consolidation here.

Market stays calm in first half and give surprise moves in second half so expecting same behaviour this week as well.

Nifty50 –

Nifty tried touching its all-time high but missed by just 25 points. It gave a good move after sustaining above 18720.

18780-18790(10 points) can act as a good flip zone. If it opens near this zone, wait for some price action to form (at least 3o minutes) and then we can trade accordingly.

Above this zone, again targets will be PDH and beyond that we are going to make new all-time high.

Below this zone, targets will be 18750, 18710.

A gap up of 50+ points will already create a new high so it will not give a favourable trade in long direction. Hence don’t go long blindly at higher levels. Let market sustain and then we can plan. Profit booking can be seen at all-time high levels.

Chart for reference-

BankNifty-

Fridays’ move has totally absorbed the downfall which we saw on Thursday. On both side BankNifty has given a good move with 500+ points in each direction. Yet we can see it is stuck in a range and this makes difficult to trade in BankNifty.

Marking 43800-43840(40 points) as a flip zone. Here we can get good R: R trades.

If it opens or start trading near this zone, we can wait for some price action to be formed and then plan for long/short trades.

Above this zone, targets will be 43960, 44050. Below this zone targets will be 43700, 43550.

Again a big gap up can make day sideways for most of the time hence avoid it.

Chart for reference-

CNXFinance (Fin Nifty)-

Adding CNXFinance also in analysis now.

19370-19400(30 points) can be a good zone for initiating new trades in FinNifty.

If it starts trading near this zone, we should wait for some bullish/bearish price formation in bigger timeframe (30 or 60 minutes).

Above this zone targets will be 19455, 19520. Below this zone targets will be 19320, 19260.

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 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...

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 ...

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 14th August 2023

Market Context for Tomorrow – Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs. Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains...

Nifty | BankNifty | FinNifty context with levels on chart.

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