Skip to main content

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 28th June 2023

 Recap –

A good one sided bullish day. The beauty about this trading day is that all three indices crossed the resistance mentioned in yesterday’s blog and made a support there and then gave an upside move. Market gave a good opportunity to enter with small risk and huge upside reward. All targets were hit today.

 

Market Context for Tomorrow – 

A much awaited move in indices and we got it today. Expecting a sideways to bullish day for tomorrow. As day after tomorrow is a trading holiday so expiry day for Nifty and BankNifty will be tomorrow. We can again see a one sided action especially in Nifty.


Nifty50 –

Again Nifty is near its all-time high which is giving a hope that this time it should cross it.

If it opens a gap up, don’t chase it as it might kill the bullish momentum and some sell off can come.

18000- 18830 will be a good zone for tomorrow. If it starts trading in this zone and then give an upside move, it will be a good entry with upside targets of 18860, 18920.

Below 18000, plan for bearish trade given that price action looks negative. Targets will be 18750, 18700.

Chart for reference-


 


BankNifty-

BankNifty has crossed 43750 comfortably post that gave a good rally of 400+ points.

If BankNifty opens flat or gap up, wait for it to give some pullback at least up to 44050 and then we can plan for bullish trade again. Targets in this case will be 44200, 44350.

Although 43900-44050 is a 150-point zone, but I would recommend that avoid trading in this area as volatility will be high and only scalp trading will work here.

Plan for short trade only below 43900. Targets will be 43750, 43650.

Chart for reference-

 


 

CNXFinance (Fin Nifty)-

The strongest rally in all three indices was in FinNifty today. After crossing 19620, it has blasted on upside with option premiums giving return of more than 5x.

For initiating a bullish trade, 19750 will be a good level. Let it start trading near this level and then we can plan for upside direction. Targets will be at every 60-80 points as it is already at its all-time high.

Below 19750, if it is trading for more than thirty minutes then only consider taking a bearish trade. Momentum is bullish hence any moves below this level can be a fakedown.  Keep targets up to 19650.  We will be bearish only if it is trading below 19620-19600 zone.

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 7th August 2023

  Market Context for Tomorrow –  Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of  market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish.   Nifty50 – Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL. If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680. Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300. Chart for reference-     BankNifty- In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350. Below 44770-44800, we can plan ...
Post a Comment
Read more

Nifty and BankNifty Chart for 13th April 2023

  Market Context -   Sideways to bullish. Tomorrow is weekly expiry and I am expecting a one side trend on either side given that market is slowly going up yet consolidating with moves in both directions this week.       Nifty50 –  Today Nifty has reached and crossed its important level of 17800. I mentioned yesterday that a flat opening can give us a trade for long up to this level. Nifty is trading in a bullish channel so we can take help of it to take trades at the end zones of this channel. A flat opening at 17800 can give us opportunity to go longs. We can book our profit in every 40-50 points movement of Nifty. Targets for tomorrow 17850, 17900. If Nifty opening gap down and started trading below 17750 for thirty minutes, we can plan for a short trade and expecting at least 100+ points fall from there. Chart for reference-        BankNifty -     BankNifty kind of sideways yet slowly...
Post a Comment
Read more