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Nifty and BankNifty Context with levels for 31st July 2023

 Market Context for current week and Tomorrow – 

VIX is at all-time low indicating that market can remain silent. Consolidation is expected at these levels in indices. The major trend is still bullish and currently we are witnessing some correction, hence don’t short blindly at each and every levels. Weekly closing candles has not broken the previous week low in all indices, so stay with the trend positionally.

For an intraday trader, scalping is better as we are getting moves on both sides or trail your stop losses if trying to catch a trend.

 

Nifty50 –

Weekly range -> 19400- 19990

If market opens flat and we get Nifty at the range of 19620-19650, going long will be better after looking at price action. Targets will be 19700, 19760.

Plan for short trade if we open gap up and see sell off from higher levels.  Also below PDL/PWL, we can go for short trade with targets up to 19500, 19460.

Chart for reference-

 


 

BankNifty-

Weekly range -> 44750-46000

BankNifty is choppier nowadays hence wait for proper price action to be formed near major levels and then only take a trade.

Stay bullish above 45520 and if it sustains here after opening, then we can plan for long trade with targets up to 45720.

Short should be planned below PDL as the favourable we will get favourable R: R below that only. In between, it’s more of a sideways and SL hunting happens. Below PDL, target will be 45030.

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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