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 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.

Search This Blog