Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 3rd July 2023

Recap –

Last week proved to be an incredibly bullish one for the stock market, as major indices soared to new all-time highs. Both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) consistently bought into the market throughout the entire week.

Market Context for Tomorrow –

As we move forward, it is important for us to remain cautious and not be super bullish now. PCR is above 1.5 which indicates that we are in overbought zone and profit booking will start at these levels. Also it will be good for market to consolidate near the high levels before any up move. We can see stocks specific actions now as July is result month which will definitely impact stock prices. For tomorrow, expecting market to remain sideways.

Nifty50 –

For last three days Nifty has opened gap up and continued bullish rally. Expect some cool down now.

Range for this week- (19000-19500). This range usually I make by looking at maximum OI build-up for next week. It can vary for everyone but it gives a clear picture for upcoming days.

If again Nifty opens gapup, avoid chasing as now we can see some sell off at higher levels.

Between 19070-19100, we can plan for upside trade up to 19200.

On downside, try taking trade below 19020.

Tomorrow is wait and watch day. Staying out is preferable to being stuck on the wrong side.

Chart for reference-

BankNifty-

Expect some consolidation in BankNifty as well. Weekly range for BankNifty- 44000-45000.

44660-44700 is the zone where we can get good trades on either side.

If BankNifty is trading in this zone and take support, then only take long trade with targets upto PDH/PWH.

If it breaks this zone with good red candle (preferably in 15minutes), a decent down move is possible. Targets will be 44550,44450.

Chart for reference-

CNXFinance (Fin Nifty)-

Weekly range for FinNifty- 19500-20200.

For any long trades, plan only if it is trading near 20000 levels. The R: R will be preferable. Targets will be 20100.

FinNifty is going upside by making few gaps. Expecting it to fill the price gaps soon. Below 20000, targets will be 19950, 19900.

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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