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 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.

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