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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.

 

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