Skip to main content

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.

 

Labels:

Comments

Post a Comment

Popular posts from this blog

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...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 22nd August 2023

  Recap- Today market opened gap up and well above the zone marked for intraday. After a slight pullback it gave a decent rally. Nifty was better in all three indices for taking trade as it gave a best entry near 19300 and then hit all the targets for the day. After a brief rally, market consolidated in second half of the day. Market Context for Tomorrow –  If we see positionally, market is consolidating and no trend change as of now. Today’s upside move was more of a retracement. The zone given worked pretty well today and it was clear that when we need to be bullish and when bearish on intraday basis. For tomorrow also, we need to be prepared with our levels for trading on either sides as market is consolidating hence we can get trades on both sides. Nifty50 – For tomorrow, 19350-19360 is a good zone for trading. If market opens gap up and sustain above PDH atleast for thirty minutes, then we can plan for some bullish trades. Targets will be upto 19500.  ...
Post a Comment
Read more

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 20th June 2023

  Recap – Today from first minute market was in bearish grip and we saw some good moves. It is more of a profit booking at higher levels. The zones given yesterday worked really well in all three indices. Yesterday I had mentioned that be cautious on upside direction as we can see some retracement. Market Context for Tomorrow –  Again OI data has changed totally and it looks bearish. PCR is near 0.7 in all three indices and VIX has also increased today which somewhere suggests that context for coming days can be bearish. Sell on rise will give us favourable trades.   Nifty50 – Nifty has again opened near all-time high but fail to sustain and we saw a sharp fall today. The flip zone (18780-18790) worked perfectly and keeping it as it is for tomorrow as well. If market opens near this zone and we get any bearish signal, it can give us a good short trade. Targets will be 18720, 18685. Plan for long trade above this zone only when Nifty sustains for more than ha...
Post a Comment
Read more