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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 22nd June 2023(Expiry day)

 Recap –

Today market opened with few points gap up and then tried consolidating at those levels for whole day. Overall day was flat but gave a good long trade opportunity after it took support at crucial levels.

 

Market Context for Tomorrow – 

Overall context for tomorrow is that market should be sideways to bullish. Expecting Nifty to finally break its all-time high which is just few points away. Tomorrow is expiry day and if the resistance at higher levels for indices are broken we can see a good rally tomorrow on upside.

 

Nifty50 –

Yesterday it was mentioned that a gap up can again show some sell off up to 18790 and again shown some support here with good upside move. Again it has missed its high by just 15 points.

Nifty is facing resistance near its all-time high levels and it needs to be broken with a good strong bullish candle.

If market opens flat (near 18840) or start trading above 18900 at least for thirty minutes, we should plan for long trades on upside. The target will be open but book at every 50-60 points.

Tomorrow is expiry day hence if major resistance level is taken out we might see a good rally.

Plan for short trade only if it breaks the PDL and it goes down below 18780. Targets will be 18725, 18685.

 Chart for reference-



 

BankNifty-

BankNifty is also facing hurdle at 44000 with maximum number of call writers (bearish position) at this strike point.

43700 is acting as a good support level from where we have seen good bounce multiple times.

Again if it opens flat near zone (43800-43840) and take some support at these levels, we can plan for long trades with targets up to 44000. If this time 44000 is cleared, we can see an upside rally.

Plan for short trade only below PDL (43700). Targets will be 43600, 43500.

Chart for reference-



 

 CNXFinance (Fin Nifty)-

FinNifty has tried to sustain at higher levels after a gap up.

Again if it opens gap up and sustains above PDH for thirty minutes, we can plan for long trades and target will be open as there is no resistance level which we can draw on chart. But technically book profit at every 50-60 points.

Any gap down or near 19570 can give us a good R: R trades for upside.

Plan for short trades below PDL only, as in between (19600-19540) we can see some consolidation and it can hit SL easily.

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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