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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 22nd August 2023

 Recap-

Today market opened gap up and well above the zone marked for intraday. After a slight pullback it gave a decent rally. Nifty was better in all three indices for taking trade as it gave a best entry near 19300 and then hit all the targets for the day. After a brief rally, market consolidated in second half of the day.


Market Context for Tomorrow – 

If we see positionally, market is consolidating and no trend change as of now. Today’s upside move was more of a retracement. The zone given worked pretty well today and it was clear that when we need to be bullish and when bearish on intraday basis. For tomorrow also, we need to be prepared with our levels for trading on either sides as market is consolidating hence we can get trades on both sides.


Nifty50 –

For tomorrow, 19350-19360 is a good zone for trading.

If market opens gap up and sustain above PDH atleast for thirty minutes, then we can plan for some bullish trades. Targets will be upto 19500.                                 

Any sell off in first hour till 19350 will give a better entry for bullish trade given that Nifty takes support here.

For bearish trade, 19350 needs to be broken. Targets will be 19300, 19250.

Chart for reference-

 


 

BankNifty-

 In BankNifty, 43960-44000 is a good zone to initiate a trade. Let it settle down near this zone and then only plan for any trade.

 If price sustains above this zone, then we can plan for bullish trades. Targets will be 44100, 44200.

 Below this zone, short trade can be taken. Targets will be 43860, 43800.

Chart for reference-

 


 

CNXFinance (Fin Nifty)-

Tomorrow is FinNifty’s expiry and it gives wild move on expiry days which can easily make a cheap option premium atleast 3x,4x.

For a good trending day, FinNifty should sustain above PDH. Targets will be upto 19700.

For any bearish side trade, it should break 19550 and then we can plan for some short trades. Targets will be 19500, 19450.

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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