Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 1st August 2023

Recap –

Market started the week on a positive note. Market has shown good strength after two days closing in negative. Today Nifty gave a good rally of 150+ and both the targets were achieved given yesterday. BankNifty was lagging and managed to closed on positive side.

Market Context for Tomorrow –

Stay with the positive trend. Nifty is moving nicely and its more tradeable compared to BankNifty or FinNifty. Market should continue the upside rally and expecting tomorrow to be sideways to bullish. Keep watch on FinNifty as tomorrow is expiry day for FinNifty and it gives good moves on expiry day which an option buyer can trade comfortably.

Nifty50 –

Nifty gave a good move from 19620 which I mentioned yesterday and easily captured 60+ points in options.

If Nifty opens gap up, then we need to wait for it to settle near 19760-19780 zone before planning for long trade. At these levels we will get good long trades with target upto 19860, 19900.

If Nifty opens gap down, then near 19670 we can find opportunity for going long after looking at bullish price action.

Plan for short trade only below 19620.

Chart for reference-

BankNifty-

BankNifty remained positive but not giving favourable trade. Keeping all levels of yesterday for tomorrow as well.

We can see a good rally above PDH with targets of 45900, 46000.

If it opens gap down, then it is recommended to wait for BankNifty settle near flip zone marked in chart (45470-45520) where we can get decent bullish trades.

If it goes below this zone, we can plan for some bearish trade upto PDL. Keep quantities less while taking short trade as overall trend is still bullish.

Below PDL and PWL, a good downside rally can be seen (atleast not tomorrow).

Chart for reference-

CNXFinance (Fin Nifty)-

FinNifty is moving similar to BankNifty. Given that tomorrow is expiry we can expect some good moves. My bias is for positive side.

Also Fin Nifty’s expiry day moves are good for option buyers which easily gives 2x,3x in options on at least twice in a month.

Plan for bullish trade above PDH and even if opens gap down and we get it near 20300, it will be a good place for taking long side trades. Upside targets will be 20440, 20500.

Plan for short trade only if FinNifty starts trading below 20250 at least for thirty minutes.

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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