Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 20th June 2023

Recap –

Today from first minute market was in bearish grip and we saw some good moves. It is more of a profit booking at higher levels. The zones given yesterday worked really well in all three indices. Yesterday I had mentioned that be cautious on upside direction as we can see some retracement.

Market Context for Tomorrow –

Again OI data has changed totally and it looks bearish. PCR is near 0.7 in all three indices and VIX has also increased today which somewhere suggests that context for coming days can be bearish. Sell on rise will give us favourable trades.

Nifty50 –

Nifty has again opened near all-time high but fail to sustain and we saw a sharp fall today. The flip zone (18780-18790) worked perfectly and keeping it as it is for tomorrow as well.

If market opens near this zone and we get any bearish signal, it can give us a good short trade. Targets will be 18720, 18685.

Plan for long trade above this zone only when Nifty sustains for more than half an hour at these levels. Stay light with the quantities on upside. Keep target at every 30-40 points on upside.

We can see some consolidation at these levels now so market can go sideways.

Chart for reference-

BankNifty-

The zone (43800-43840) marked in BankNifty also worked really well. Below this zone our both targets were achieved.

For tomorrow, if it opens near 43700 and give some bullish signal, we can plan for long trade till 43800.

A big gap up or opening near flip zone, can again give us chance for short trade with targets upto 43700, 43600.

Chart for reference-

CNXFinance (Fin Nifty)-

In FinNifty we saw some support from flip zone (19370-19400) and first target of 19455 on upside got hit. The downside move was quick and was not looking favourable to take any trade.

Again this zone can give us good trades on either side. On Upside the targets will be 19460, 19520.

Tomorrow is FinNifty expiry and if it starts trading below this zone and PDL, we may see a good trending day here. Targets will be 19300, 19240.

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 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 and BankNifty Chart for 20th March 2023

Market Context - Sideways. Again market can take a swing on both side like it did on last Friday. Global cues are negative. Also SGX Nifty showing a negative opening so expecting a gap down opening tomorrow. Nifty50 – If opening a gap down and we get Nifty around 17000-17020, wait for price action to form. We can see a rise first up to 17100 and then 17150. Any downside move which can make a trend will come below the PDL. First target should be around 16900 and then PWL. Chart for reference- BankNifty - If any big gap down of 200-300 points, don’t chase it. Let market settle in first half hour. Gap down can again create a long opportunity. If market has to fall and make a trending day, I am expecting it below 39200. 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 Cl

Nifty | BankNifty | FinNifty context with levels on chart.

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