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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 5th July 2023

 Recap –

Today was a good swing day with moves on both sides. Levels given yesterday has worked beautifully in all indices. Nifty and BankNifty exactly took support at the level mentioned in yesterday’s blog from where we were supposed to take long trades. FinNifty although took reversal from a bit above levels but it was evident once it crossed its today’s high and we saw a sharp move.


Market Context for Tomorrow – 

View for tomorrow is again sideways and trade at drawn levels. If after any gap up we see a rejection, short trade can give quick money. If it sustains gap up, then wait for opening fifteen-minute candle range to break before taking any long trade. Again repeating, on long side stay alert because a sharp selloff can come anytime. Also at same time,  stay with the trend which is bullish, but don’t blindly jump into taking trades.

Nifty50 –

Yesterday our focus was on 19300. And it has worked perfectly. After a quick sell off in first 30-45 minutes, Nifty took support at 19300. Both targets on upside were hit comfortably.

For tomorrow keeping 19350-19360 as a flip zone. If Nifty sustains above this level, we can stay long with upside targets of 19410, 19450.

If this zone is broken with convincing price action on downside, plan for short trade. Targets will be 19300, 19250.

Chart for reference-


 


BankNifty-

45100 was the level which was given yesterday and BankNifty has reversed from here only. Both targets were achieved in no time.

For tomorrow, keep an eye on 45300 level. If BankNifty starts trading at this level and sustain, then only plan for bullish trade. Targets will be 45450, 45600.

Below 45300, one can plan for short trade again till PDL which is 45000.

Chart for reference-

 


 

CNXFinance (Fin Nifty)-

FinNifty is also giving tremendous move. Yesterday kept a level a bit deep hence missed the initial bullish move but once opening range was cleared, managed to trade and on expiry days FinNifty gives wild moves.

For tomorrow, keeping 20390-20410 as flip zone of 20 points.

If Finnifty is coming at these levels and sustains for at least 30 minutes, then only plan for bullish trade. It will give sort of a confirmation to stay on bullish side. Targets will be again till PDH.

Below this zone, targets will be till PDL.

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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