Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 2nd August 2023

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 2^nd August 2023

Recap –

Today market went bearish to sideways contrary to my biasedness for bullish side. It moved in a narrow range with Nifty trading in 100 points range, BankNifty in 300 points range and FinNifty in 120 points. Personally didn’t take any trade as R: R was not good according to me. It was more of a scalp and run day.

Market Context for Tomorrow –

For tomorrow again my view is bullish to sideways. As of now, sell off in market is not that strong also VIX is not increasing with any sell off indicating that market will consolidate and then move upside. Today’s narrow range can give a good opportunity for tomorrow to trade above PDH and below PDL for a clean trade. Keeping all level as it is for tomorrow as well.

Nifty50 –

19760-19780 is important zone for now. If Nifty sustain above it at least for thirty minutes, then we can plan for long trade. Targets will be 19860,19900.

Sell on rise will still work if Nifty rejects from this zone and start trading below it again. In that case targets will be 19710, 19670.

Below PDL, we can get a good clean move on downside at will give an indication that bulls are not dominant in this region.

Chart for reference-

BankNifty-

Yesterday’s zone has acted as good support for BankNifty. We will be bullish only above 45600-45620 and upside targets will be up to 45800.

Below the flip zone (45470-45520), plan for short trades. Targets will be up to 45200.

Chart for reference-

CNXFinance (Fin Nifty)-

Initial sell off was good for capturing 50-80 points but I avoided it and tried working according to my levels drawn. Although FinNifty took support near 20300, but move was not strong enough for option buying on long side. It was fine for scalp trading.

For tomorrow, 20300 is a good support and above that we should be bullish. If it sustains near 20300-20320, we can go long with targets of 20380, 20420.

Below PDL, we can plan for short trade and targets will be up to 20200, 20150.

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.

Search This Blog