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 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 and BankNifty Chart for 20th March 2023

Market Context - Sideways. Again market can take a swing on both side like it did on last Friday. Global cues are negative. Also SGX Nifty showing a negative opening so expecting a gap down opening tomorrow. Nifty50 – If opening a gap down and we get Nifty around 17000-17020, wait for price action to form. We can see a rise first up to 17100 and then 17150. Any downside move which can make a trend will come below the PDL. First target should be around 16900 and then PWL. Chart for reference- BankNifty - If any big gap down of 200-300 points, don’t chase it. Let market settle in first half hour. Gap down can again create a long opportunity. If market has to fall and make a trending day, I am expecting it below 39200. 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 Cl

Nifty | BankNifty | FinNifty context with levels on chart.

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