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 20th April 2023

Market Context - Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside. Nifty50 – Levels are working beautifully and it will be intact for tomorrow as well. If Nifty opens gap up near 17650, we can plan for a short trade with targets up to PDL. Flat to gap down will again give a good chance for Bears to take a full control and market can go one sided in downwards direction. Targets will be 17500, 17450. Upside I am not much interested as Nifty hardly goes 30 points up and then sell off starts. Chart for reference- BankNifty - BankNifty is still strong compared to Nifty. Levels will be same. Plan is to find and take a short trade. Any gap up near 42250, we can plan to take a short trade. Targets will be 42100, 42000. Below PDL we can get a trend day in BankNift

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 | BankNifty | FinNifty context with levels on chart.

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