Skip to main content

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.

 


Labels:

Comments

Post a Comment

Popular posts from this blog

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 7th August 2023

  Market Context for Tomorrow –  Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of  market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish.   Nifty50 – Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL. If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680. Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300. Chart for reference-     BankNifty- In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350. Below 44770-44800, we can plan ...
Post a Comment
Read more

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 14th August 2023

  Market Context for Tomorrow –  Market remained sideways to bearish previous week. BankNifty and FinNifty are clearly in bearish zones and making LH-LL (lower high- lower low) pattern in weekly chart. Nifty got some support from IT sector otherwise it was supposed to join this scenario. Next week is also looking bearish and it’s better to follow sell on rise method until market shows some substantial upmove and sustaining above previous days’ highs.   Nifty50 – 19490-19500 is the zone which will give us a good trade for sell on rise. If market opens gap up then, wait for some rejection from these levels and then go for a short trade. Targets will be upto PDL. A gap down in Nifty can give us a good trending day as we will be breaking both PDL and PWL which generally acts as a good support. In that case wait for some pullback and then plan to short so that R: R will be good. Targets will be 19300, 19260. We will plan for bullish trade only if Nifty sustains...
Post a Comment
Read more