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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.

 

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