Skip to main content

Nifty and BankNifty Context with levels for 6th July 2023(Expiry day)

 Recap –

A sideways day with most of the time market has spent near zones which were mentioned in yesterday’s blog. It’s more of a consolidation after a long rally. Indices were not in sync as BankNifty was showing negative stance while Nifty was holding it with a quite positive stance.


Market Context for Tomorrow – 

Nifty and Bank Nifty has again made a doji candle and also it’s an inside bar which somewhere indicates about a reversal or a retracement in a market. The major trend which we see on monthly or weekly chart is still bullish but as an intraday trader we need to be prepared for a bearish day and it will give us a good points.

Also tomorrow is an expiry day where we might get some good moves especially on downside. Overall view is sideways and will only trade at extreme ends i.e. PDH and PDL. Indices needs to be in sync then only we can see some trend forming.

Nifty50 –

Nifty was hovering around flip zone for most of the time today. Keeping all level as it is for tomorrow.

We will be only bullish above PDH and also other indices needs to be in sync if we need any upside move. Hence if Nifty opens gap up, let it settle down 19400 then only plan for long trades.

For bearish trades, we can plan below the flip zone. Below PDL, expecting Nifty to give good downside move up to 19200.

Chart for reference-



 

 BankNifty-

BankNifty will be better for taking bearish trades tomorrow.

Below PDL we can see a fast move here with targets up to 44800. If it opens gap up and there is some rejection around 45200, that will also give a favourable trade for downside.

For bullish trade, plan only above 45300. In between it will be a choppy day hence trade at good levels.

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