Skip to main content

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.

 

Labels:

Comments

Post a Comment

Popular posts from this blog

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 and BankNifty Chart for 5th April 2023

  Market Context -   Positive to sideways.      Nifty50 –  In gap up scenario, wait for Nifty to settle around PDH and then only plan for a long trade. 17480-17500 is a good resistance for Nifty where we can see at least a good rejection. In gap down scenario, let Nifty start trading below the PDL, and we can plan for a short trade with targets of 17200, 17100(one gap pending to be filled). Chart for reference-        BankNifty -     BankNifty is showing good strength compared to Nifty. I am expecting at least 41200 in BankNifty and then a pullback before continuing further. Chart is looking simple and will plan for long trade above PDH and short trade below PDL. In between, the market will be volatile. Chart for reference-      Abbreviations used in Chart-   PDH – Previous day High PDL – Previous day Low PWH – Previous Week High PWL – Previous Week Low ...
Post a Comment
Read more

Nifty and BankNifty Context with levels for 3rd August 2023

Recap – Today’s market has shown some good amount of sell off. My bias for today was sideways to bullish but market went totally opposite but I managed to ride it as I always mention that below a particular level we can go for short trades. Hence be prepared with your levels for both sides. The levels for short given in all three indices has worked pretty well. Market Context for Tomorrow –  Always be prepared for both side moves with proper levels. This makes our work easy during live hours of market. For tomorrow my view is to work on sell on rise till a particular level which I mention separately in indices below. Also GiftNifty trading in negative at the time I am writing this blog indicating we can open gap down and then at every rise we can plan for sell. Nifty50 – For tomorrow, we will be only bullish if Nifty sustains above 19620. Otherwise we can again see sell on rise till this level is not broken on upside. If market opens flat and we see Nifty showing weakne...
Post a Comment
Read more