Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 26th June 2023

Recap –

The last week was really an indecisive as moves were big on both sides. This made difficult for positional traders in options to stick with their overall context and make overnight positions. Although intraday wise, it was better as we got better trades at mentioned levels.

Nifty has tried multiple times to make a new high but it missed and we saw some good sell off at higher levels.

FinNifty has made its new all time high and BankNifty was more of in a range with good downside moves.

Market Context for Tomorrow –

We are witnessing a sell on rise market. Try to initiate trades at major levels only after some conclusive price action. The spikes in market can very well hunt our SL (stop loss) hence we need to make sure that R: R is favourable most of the times.

Looking at data OI (Open interest) and PCR (Put call ratio) is negative in all major indices and we might see more consolidation. Avoid taking bullish trades with heavy quantities until indices are crossing significant resistance respectively. Sell on rise will give good trades which we have seen last week as well.

Nifty50 –

Nifty has breached 18700 which was a good support and finally closed below it.

More downside is expected below 18650(PWL and PDL). If market opens gap down already it will be below this level hence wait for a pullback after which some bearish price action and then we can take a short trade. Targets will be 18660, 18600.

The zone 18700-18720 above which we should plan for bullish trades. Above this zone if Nifty sustains targets will be 18760, 18820. Otherwise this zone can give us a good sell on rise trade as well.

Chart for reference-

BankNifty-

If BankNifty opens near 43600-43620 zone, wait for some price action to form and then trade accordingly.

Above these levels, we can plan for long trades with targets for tomorrow as 43750, 43820.

If it opens gap down, then wait for some minor pullback along with a bearish price action at the above mentioned levels then we can take bearish trade. Targets will be 43500, 43400.

Chart for reference-

CNXFinance (Fin Nifty)-

In FinNifty, 19550 can act as a good flip level for upcoming days.

Above this level only, we should plan for long trades. Targets will be 18600, 18630.

Below PDL, we can plan for short trades. Target will be 19440, 19380.

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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