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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.

 

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