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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 21st June 2023

Recap –

Today market opened flat and shown a sharp fall which gave a sense of more downfall coming. All three indices took a support at major levels and reversed followed by a good upside rally in last one hour.


Market Context for Tomorrow – 

Market is giving downside move on one day and upside move on another day. It makes difficult to make positional trades but intraday wise it is good and expecting same for this week. Again a big gap up can give us a good short trades and flat to small gap down can give long trade given it sustains at support level. We have to be ready with our plan for both the sides.


Nifty50 –

Nifty has hit all targets on both side but yes only upside move was giving favourable trades.

A gap up of 40-50 points may again cause Nifty to face resistance at higher levels and we might see some downside move. Keep targets near 18790, 18750.

 A flat opening near the zone which we are using this week can give us a long trade and this time Nifty should make a new all-time high. Targets on upside will be 18840, 18880.

 Chart for reference-



 

BankNifty-

BankNifty has closed near the flip zone which we are using for this week.

If it opens flat to gap up and sustains above zone, then we can go long with targets of 43860, 43960.

If BankNifty starts trading below 43700, then shorts are fine with targets at every 80-100 points.

BankNifty is stuck in 1000(43400-44400) points range for many days hence the move is not clear yet.

 Chart for reference-



 

CNXFinance (Fin Nifty)-

Today’s FinNifty expiry gave a really good move on call buying side. Both targets on upside were achieved.

Plan for long trades only if it sustains above it PDH and show some bullish signal.

A gap down near 19460 can give us good R: R trade on upside with targets up to 19550.

We can plan for short trade only if it starts trading below the zone marked on the chart. Yes in between we might miss some 50-60 points but the noise in this area will be high and SL hunting will happen. Its better to take trades in favourable zones. 

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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