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.

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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