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.

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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