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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.

 

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