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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.

 

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