Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 23rd June 2023

Recap –

What a roller-coaster today. Market has given good sharp moves on both sides which has definitely put us in confusion regarding the direction. Days like today will hunt many SLs and it’s better to not overtrade.

Market Context for Tomorrow –

Nowadays we have to be flexible with our views and trade what we see instead of what we have planned before. The OI data, VIX changes rapidly and we are witnessing the sharp reversals on all indices. Keeping view sideways to bearish for tomorrow. Trade only at major support/resistance levels so that market gives better R: R trades.

Nifty50 –

Today Nifty gave a perception that all time high will be broken but again it turned out to be a sell on rise scenario. Levels has worked quite perfectly on both sides with all targets achieved.

Keeping all levels as it is on chart as it has worked beautifully.

If Nifty sustains above 18790, then only plan for a long trade with targets of 18840, 18880. Keep quantity size less.

Below 18750 we can again see some correction on downside. Targets will be 18685, 18630.

Chart for reference-

BankNifty-

BankNifty is also trading in range of 43700-44000(300 points).

For an upside trade, it has to sustain above 43850. Targets will be 43960, 44020.

Below PDL or we can say below 43700, it can give a good downside move of at least 500 points. So watch for it and keep target at every 120-150 points.

Chart for reference-

CNXFinance (Fin Nifty)-

FinNifty has again tried to sustain above its previous day high in first half but with overall market mood, it has also given a sharp downfall.

If it sustains above 19650, we can keep our context positive and take long trades. Targets will be 19700, 19740. Given that FinNifty has already made a new high, hence keep quantity size less as some consolidation will happen.

Below PDL, we can plan for short trades with targets of 19520, 19460.

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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