Skip to main content

Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 21st August 2023

Market Context for Tomorrow – 

Market is clearly in downtrend and expecting it to continue the same. Last week market was opening gap down and then recovery comes for whole day. Yet bulls were unable to capture the upside territory. Market is currently at important support levels which has been tested multiple times which also makes it weak with time. If broken now we can see a good fall now as it will be in total control of bears.


Nifty50 –

19300 is an important support level for Nifty which is defended as of now. Current scenario is “sell on rise” type of market hence long trades should be taken with light quantity.

Plan for bullish trades only if Nifty sustains above 19300 and we see upside move above it. Targets will be upto 19400.

If market opens gap down, again it will breach the important support levels and we can wait for some rise till 19300 and plan for short trades. Targets will be 19250, 19200.

Chart for reference-


 

 

BankNifty-

 43800 is an important support levels for BankNifty if broken we can see a good fall in a single day. If we consider a zone around this level, then 43750- 43800 is a flip zone for tomorrow which will give us a good trade.

Above this zone we can be bullish till PDH as trend is not bullish hence a small target.

Below this zone again plan for short trade. Targets will be 43650, 43550.

Chart for reference-

 


 


CNXFinance (Fin Nifty)-

19480-19500 is a flip zone for tomorrow.

Plan for bullish trade only if FinNifty sustains above this zone. Targets will be 19550, 19620.

Below this zone we can take short trades and targets will be 19420, 19380.

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

Labels:

Comments

Post a Comment

Popular posts from this blog

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

Nifty and BankNifty Chart for 3rd April 2023

  Market Context -   Monthly both Nifty and Bank Nifty  has formed a Doji candle which is indicating that we may see a more upside moves in upcoming days/weeks. Overall context looks positive for our market. Nifty50 –  After consecutive three weekly red candles finally the last week went positive. Expecting this move to continue at least till 17500 and more. We can plan for a long trade if market opens flat to positive near PDH/PWH. Any small gap down around 17300, wait for price action to form and we can again plan for a long trade. For any downside move, PDL is the support level below which we can plan for a short trade. Moreover, data and chart is showing a bullish sentiment so will avoid any short trade. Chart for reference-         Bank Nifty -     Bank Nifty has crossed 40000 level and sustained there comfortably. I am hoping this upside move to continue at least till 41200.   If Bank Nifty...
Post a Comment
Read more

Nifty and BankNifty Chart for 16th March 2023

Market Context -   Bearish to sideways. Sell on Rise will work beautifully. As per SGX Nifty we will be opening gap down. Let market settle in first half hour. Any rise can give an opportunity to short and ride it whole day. Pullback may come but data is showing otherwise.                             Nifty50 –  It was a good trending day. Now Nifty has closed below the 17000 which is a physiological level. More downtrend is possible up to 16800 at least for tomorrow. If we get Nifty around previous day close, let it make some price action for short and we can trade accordingly. 17100 is zone to short the market again and get a better risk reward. Any buying/long we can only see above PDH and levels around 17180-17200. Chart for reference-        BankNifty  -       Same goes fo...
Post a Comment
Read more