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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.

 

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