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Nifty and BankNifty Context with levels for 10th August 2023

 Recap-

Today market and especially Nifty has given a swift move on both the direction. First thirty-minute candle gave an impression that today is going to bearish to sideways day but the second half of market was really surprising as market just went up without any pullbacks. BankNifty and FinNifty has not moved if we compare it to Nifty.


Market Context for Tomorrow – 

Tomorrow is an expiry day and also RBI monetary policy announcement is scheduled at 10 am. Hence stay cautious and better to trade after these events as market can be really volatile tomorrow. One of the main reason BankNifty was silent for almost three days is this event which is going to happen tomorrow. Looking at today’s price action, if BankNifty becomes bullish tomorrow then definitely it is going to support Nifty and we can go upside.


Nifty50 –

Today Nifty has given almost 200-point rally in second half and that was quite out of the context after a good sell off in morning.

For tomorrow if we are opening gap up, a pullback is must and then only we can plan for bullish side trades given that it sustains above PDH. Above PDH, targets will be 19720, 19750.

If there is a rejection after a gap up or flat opening near 19680-19650, let Nifty breaks it first 15-minute candle low and then plan for a short trade. In this case targets will be 19600, 19550.

Chart for reference-

 


 

BankNifty-

 

BankNifty has remained silent relatively and after tomorrow’s RBI event it is expected to give a good one side rally. Till then we should be prepared with our levels for tomorrow and plan accordingly. It is better to avoid first one hour.

Above 45000, we should plan for bullish trade given that it sustains here. Targets will be upto 45350.

 Below 44750, we can plan for short trades and targets will be upto 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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