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.

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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