Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 4th July 2023

Recap –

After a long rally market needs to take some rest and consolidate. The exact same thing occurred today. Market opened gap up and gave move in first one hour after that it was just a sideways day. It’s tricky to trade on long side as risk reward is not favourable after a gap up.

Market Context for Tomorrow –

Expect a sideways day tomorrow as well unless we break the previous day lows in indices. The playground on upside is open as we are already making new all-time highs but we cannot simply jump on long side as risk is higher on upside given that market is moving in gaps and already we have witnessed a good rally in past weeks. It has to give some pullback and definitely it will come in this week where we can see some gap filling. Till then it’s better to just observe the market rather than taking random trades.

Nifty50 –

Keeping it short and simple for tomorrow. 19300 is the level to watch.

If Nifty is taking support near this level (at least wait for thirty minutes), we can plan for long trade with targets upto 19350, 19400.

Below this level targets will be 19240, 19200.

Chart for reference-

BankNifty-

In BankNifty, 45100 is a good level where we can get a favourable trades.

If BankNifty sustains near this level, we can plan for long trade but with less quantity. Targets will be 45220, 45300.

Below this level, keeping targets at every 100 points.

Chart for reference-

CNXFinance (Fin Nifty)-

In FinNifty, below 20250 we can expect some good moves till 20100. Keep targets at every 50-60 points.

If it opens gap up, then wait for price to sustain at 20250 before initiating any long side trade.

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, BankNifty and CNXFinance (FinNifty) Context with levels for 7th August 2023

Market Context for Tomorrow – Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish. Nifty50 – Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL. If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680. Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300. Chart for reference- BankNifty- In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350. Below 44770-44800, we can plan ...

Nifty and BankNifty Chart for 11th April 2023

Market Context - Sideways. It will play in range. Long at support regions and short at resistance regions. Simple. Nifty50 – In last blog I mentioned that Nifty may consolidate now. Same happened today. Expecting the same tomorrow as well. No big one sided moves but it will be in range. Hence long/short at S/R zones only to get favourable R: R. If Nifty opens around 17600, we will plan for long trade with targets 17650 and 17700. 17650 can act as a flip zone hence suggesting to book partial profit here if Nifty shows reversal sign. If Nifty opens gap up around 17700, after some bearish reversal signs, we can plan for a short trade. Chart for reference- BankNifty - As I mentioned in last blog to not chase the gap up as it can be a trap, exactly same happened. BankNifty was more bearish today compared to Nifty and give good swing moves. Flat opening near 40850-40900 will act as a good flip zon...

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 14th August 2023

Market Context for Tomorrow – Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs. Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains...

Nifty | BankNifty | FinNifty context with levels on chart.

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