Skip to main content

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.

 

Labels:

Comments

Post a Comment

Popular posts from this blog

Nifty and BankNifty Chart for 11th April 2023

Market Context -   Sideways. It will play in range. Long at support regions and short at resistance regions. Simple.   Nifty50 –  In last blog I mentioned that Nifty may consolidate now. Same happened today. Expecting the same tomorrow as well. No big one sided moves but it will be in range. Hence long/short at S/R zones only to get favourable R: R. If Nifty opens around 17600, we will plan for long trade with targets 17650 and 17700. 17650 can act as a flip zone hence suggesting to book partial profit here if Nifty shows reversal sign. If Nifty opens gap up around 17700, after some bearish reversal signs, we can plan for a short trade. Chart for reference-         BankNifty -     As I mentioned in last blog to not chase the gap up as it can be a trap, exactly same happened. BankNifty was more bearish today compared to Nifty and give good swing moves. Flat opening near 40850-40900 will act as a good flip zon...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 22nd August 2023

  Recap- Today market opened gap up and well above the zone marked for intraday. After a slight pullback it gave a decent rally. Nifty was better in all three indices for taking trade as it gave a best entry near 19300 and then hit all the targets for the day. After a brief rally, market consolidated in second half of the day. Market Context for Tomorrow –  If we see positionally, market is consolidating and no trend change as of now. Today’s upside move was more of a retracement. The zone given worked pretty well today and it was clear that when we need to be bullish and when bearish on intraday basis. For tomorrow also, we need to be prepared with our levels for trading on either sides as market is consolidating hence we can get trades on both sides. Nifty50 – For tomorrow, 19350-19360 is a good zone for trading. If market opens gap up and sustain above PDH atleast for thirty minutes, then we can plan for some bullish trades. Targets will be upto 19500.  ...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 20th June 2023

  Recap – Today from first minute market was in bearish grip and we saw some good moves. It is more of a profit booking at higher levels. The zones given yesterday worked really well in all three indices. Yesterday I had mentioned that be cautious on upside direction as we can see some retracement. Market Context for Tomorrow –  Again OI data has changed totally and it looks bearish. PCR is near 0.7 in all three indices and VIX has also increased today which somewhere suggests that context for coming days can be bearish. Sell on rise will give us favourable trades.   Nifty50 – Nifty has again opened near all-time high but fail to sustain and we saw a sharp fall today. The flip zone (18780-18790) worked perfectly and keeping it as it is for tomorrow as well. If market opens near this zone and we get any bearish signal, it can give us a good short trade. Targets will be 18720, 18685. Plan for long trade above this zone only when Nifty sustains for more than ha...
Post a Comment
Read more