Skip to main content

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.

 

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, BankNifty and CNXFinance (FinNifty) Context with levels for 20th June 2023

  Recap – Today from first minute market was in bearish grip and we saw some good moves. It is more of a profit booking at higher levels. The zones given yesterday worked really well in all three indices. Yesterday I had mentioned that be cautious on upside direction as we can see some retracement. Market Context for Tomorrow –  Again OI data has changed totally and it looks bearish. PCR is near 0.7 in all three indices and VIX has also increased today which somewhere suggests that context for coming days can be bearish. Sell on rise will give us favourable trades.   Nifty50 – Nifty has again opened near all-time high but fail to sustain and we saw a sharp fall today. The flip zone (18780-18790) worked perfectly and keeping it as it is for tomorrow as well. If market opens near this zone and we get any bearish signal, it can give us a good short trade. Targets will be 18720, 18685. Plan for long trade above this zone only when Nifty sustains for more than ha...
Post a Comment
Read more