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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.

 

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