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Nifty and BankNifty Context with levels for 9th August 2023

 Recap-

Again a sideways to bullish days. Market has moved in very compact range with increase in volatility. Today FinNifty tried giving a breakout but it faded as didn’t get support from BankNifty and overall market. Nifty also tried crossing 19600 but it is acting as resistance and sell off is coming from that particular level.


Market Context for Tomorrow – 

Levels will be same for tomorrow as market is moving in a narrow range with no clear direction. In this kind of market, it’s better to short at resistance and buy at support so that stop loss will be small and probability of hitting target is more. If you will notice that VIX is increasing from last two days with increase in index which indicates that if market is not crossing the resistance level soon then a good bearish days are coming. My view is sideways to bullish but be prepared for both side.


Nifty50 –

For tomorrow, again it’s better to trade above PDH and below PDL. Here we can get decent moves. Stay cautious and it’s better to trade with lower quantities.

If Nifty breaks 19600 and sustain above it, take bullish trades with targets of 19680,19730.

If it opens gap down and start trading below PDL, then we can see a good fall. Targets will be 19450, 19400.

Chart for reference-



 

 

BankNifty-

If BankNifty opens gap up and it again faces some resistance near PDH, plan for a small short trade with targets upto 44920.

If it opens gap down and starts trading below 44800, then a good fall can come in BankNifty. Targets will be 44650, 44550.

I will take bullish trade only if BankNifty crosses PDH and sustains there. Then at a minor pullback we can plan to take a long 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.

 

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