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.

Comments

Nifty and BankNifty Context with levels for 13th June 2023

Recap - Nowadays market shows all the major action in first half hour and then remain silent for whole day with price hovering around first 15-minute candle. Indices are not in sync hence not getting any big moves on either side. Scalp and run is the way for traders to make some money. Market Context for Tomorrow - PCR remains almost same in both the indices. Expecting the market to remain sideways to bearish. Both Nifty and BankNifty are at good support. If any big move has to come the support needs to be broken first and then we can see some good move downside. Nifty50 – Nifty has hardly given 30-40 points move today. For good trades, it needs to go above PDH or below PDL. Hence plan will be to wait for Nifty to start moving on either side breaking PDH/PDL and then we can plan our trade accordingly. Still on upside go with less quantity. Targets will be 18680, 18720. On downside keeping target as 18520, 18480. Chart for reference- BankNifty- BankN

Nifty and BankNifty Context with levels for 26th April 2023

Market Context - Today was a very sluggish day with no major action and not good for trading. Both the indices faced a resistance at their major levels and tried to break and sustain it but failed. Positionally stay with the bullish trend but don’t go long blindly as market is showing some consolidation and can give a pullback now. Nifty50 – Nifty gave a trade after it came around 17720 and the first target of 17767 was achieved. Unable to sustain above 17800 as of now. And from candlestick pattern we can see that it can go downside at least tomorrow. A gap up can give us a short trade with targets of 17750 and 17700. 17650-17660 is a zone where if market opens we have to wait for Nifty to form a price action and trade accordingly. Chart for reference- BankNifty - Today BankNifty was more bearish and expecting same to continue for tomorrow as well. We can plan for a short trade below PDL with targets of 42500, 42400. Any big gap up, don’t

Nifty and BankNifty Chart for 20th March 2023

Market Context - Sideways. Again market can take a swing on both side like it did on last Friday. Global cues are negative. Also SGX Nifty showing a negative opening so expecting a gap down opening tomorrow. Nifty50 – If opening a gap down and we get Nifty around 17000-17020, wait for price action to form. We can see a rise first up to 17100 and then 17150. Any downside move which can make a trend will come below the PDL. First target should be around 16900 and then PWL. Chart for reference- BankNifty - If any big gap down of 200-300 points, don’t chase it. Let market settle in first half hour. Gap down can again create a long opportunity. If market has to fall and make a trending day, I am expecting it below 39200. 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 Cl

Nifty | BankNifty | FinNifty context with levels on chart.

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