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Nifty, BankNifty and CNXFinance Context with levels for 7th July 2023

 Recap –

A slow sideways to bullish day. Today Nifty has touched 19500 which is remarkable. In Nifty, view worked perfectly to be bullish above 19400. The move was slow but managed to capture few points in intraday. BankNifty was choppy and mentioned it yesterday that trade only at good levels. Although I was expecting some downfall in BankNifty but didn’t happen, hence wait game will continue. 


Market Context for Tomorrow – 

In this kind of market where we are expecting market to give some correction but it has not started yet, it’s better to trade what you see and only at good/major levels. Major trend is bullish and ride the trend till it continues. Watch your quantities and stay cautious.


Nifty50 –

From 19400, expected Nifty to stay bullish and we got 100 points upside slowly and convincingly.

For tomorrow, keeping a flip zone of 19440-19470(30 points).

If Nifty opens gap up or flat, let it settle around this zone and take support then only plan for bullish trades. Targets will be 19520, 19550. Upside is open hence book your profit timely.

Below this zone, if Nifty is breaking on downside, again wait for it give a minor pullback and some rejection should be there from these levels, then only plan for bearish trade. Targets will be 19380,19340.  

Chart for reference-

 


 

BankNifty-

If BankNifty opens above 45300 and sustains there at least for thirty minutes, then only plan for taking bullish trade. Targets will be 45450, 45550.

I am considering 45200-45300 as a no trading zone where volatility will be high hence avoid trading in this zone.

Below this consider going bearish till 45050.

Chart for reference-

 


 

CNXFinance -

In FinNifty again if it opens gap down, we might see some pullback, hence wait for it to settle down.

If it forms support above 20250, then we can plan for some bullish trade. Targets will be 20320, 20360. Any gap up above PDH, wait for it to take support near 20320 then only go for upside trades.

For bearish trade, consider below PDL. Here we can get a good R: R. Targets will be up to 20050.

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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