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.

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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