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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.

 

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