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, BankNifty and CNXFinance (FinNifty) Context with levels for 14th August 2023

  Market Context for Tomorrow –  Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs.   Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains...
Post a Comment
Read more

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 and BankNifty Context with levels for 10th August 2023

  Recap- Today market and especially Nifty has given a swift move on both the direction. First thirty-minute candle gave an impression that today is going to bearish to sideways day but the second half of market was really surprising as market just went up without any pullbacks. BankNifty and FinNifty has not moved if we compare it to Nifty. Market Context for Tomorrow –  Tomorrow is an expiry day and also RBI monetary policy announcement is scheduled at 10 am. Hence stay cautious and better to trade after these events as market can be really volatile tomorrow. One of the main reason BankNifty was silent for almost three days is this event which is going to happen tomorrow. Looking at today’s price action, if BankNifty becomes bullish tomorrow then definitely it is going to support Nifty and we can go upside. Nifty50 – Today Nifty has given almost 200-point rally in second half and that was quite out of the context after a good sell off in morning. For tomorrow if ...
Post a Comment
Read more