Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 27th June 2023

Recap –

Today all three indices have made an inside candle on daily basis or we can say that range is more compressed now. Levels given for today has worked beautifully in all three indices.

It was clearly mentioned in yesterday’s blog that this is sell on rise market and we have seen today as well that at a particular resistance level market has shown some sell off again.

Market Context for Tomorrow –

After a sideways day and some range compression, now I am expecting some moves in the indices. Flip zones/levels in all three indices should be kept on watch for tomorrow as well and above that we might see a good trending day.

Keeping rest of the levels also as it is on chart for tomorrow.

Nifty50 –

If Nifty sustains above the flip zone (18700-18720), good move is expected with targets on upside at 18800, 18850.

If again Nifty faces resistance at this level and some bearish price action is seen, sell on rise will again work. Downside targets will be 18650, 18600. Below 18650 which is also close to PDL, we can see a good bearish move of 100+ points.

Chart for reference-

BankNifty-

BankNifty has faced resistance exactly at 43750 which was given yesterday and then we saw some downside move.

We will be only bullish if it crosses and sustain above 43750. In that case target will be 43900, 44000.

Plan for bearish trades below 43620 with initial targets up to 43500. Below this we can get a good down trending day of 200+ points.

Chart for reference-

CNXFinance (Fin Nifty)-

Tomorrow is FinNifty expiry. Expect a good volatility.

19450(PDL)-19550(PDH) is 100 points zone in which only trade at the extreme ends. i.e. Sell on rise (at resistance or PDH) and but at bottom (at support or PDL).

A good move will only come if FinNifty starts trading outside of this zone. Above PDH, targets will be 19620, 19700. Below PDL, targets will be 19370, 19300.

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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