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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.

 

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