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 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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