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

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

 


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