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 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 20th April 2023

Market Context - Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside. Nifty50 – Levels are working beautifully and it will be intact for tomorrow as well. If Nifty opens gap up near 17650, we can plan for a short trade with targets up to PDL. Flat to gap down will again give a good chance for Bears to take a full control and market can go one sided in downwards direction. Targets will be 17500, 17450. Upside I am not much interested as Nifty hardly goes 30 points up and then sell off starts. Chart for reference- BankNifty - BankNifty is still strong compared to Nifty. Levels will be same. Plan is to find and take a short trade. Any gap up near 42250, we can plan to take a short trade. Targets will be 42100, 42000. Below PDL we can get a trend day in BankNift

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 | BankNifty | FinNifty context with levels on chart.

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