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 above 19500. That will be favourable condition for taking long trades.

Chart for reference-

BankNifty-

In BankNifty 44360-44410 will be good zone for tomorrow to take trades.

In a gap up scenario, wait for BankNifty to give some rejection near these levels and below 44300, it will be favourable to take short trades. Targets will be 44120, 44000.

Gap down can already open at 44120 hence wait for some pullback and then plan for a short trade. Targets will be 44000. This is a psychological level and if it is broken at least 300 points fall is expected.

Plan for bullish trade only if BankNifty sustains above 44400 at least for one hour.

Chart for reference-

CNXFinance (Fin Nifty)-

Tomorrow is Fin Nifty’s expiry as it is holiday on Tuesday.

19800-19830 is a flip zone for tomorrow. The scenario for FinNifty is almost same as BankNifty.

For any bullish trade, FinNifty needs to sustain above this zone and then only plan for any long trades. Otherwise sell on rise will work until we don’t cross that zone.

In gap up scenario, rejection near these levels will give good short trade. Targets will be upto PDL.

Below PDL/PWL, a trending day is expected and targets will be upto 19500.

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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