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Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 7th August 2023

 Market Context for Tomorrow – 

Market consolidated on last Friday and made an inside candle on daily timeframe which suggest that beyond this range we can expect a good move. If we see broader picture of  market should consolidate more in this range on weekly timeframe before giving a one side moves. VIX has again fallen down so not expecting big moves atleast on Monday. For tomorrow, view is sideways to bullish.

 

Nifty50 –

Keeping it very simple as we got a narrow range in Nifty. We should plan to take a trade only above PDH and below PDL.

If Nifty opens gapup and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600, 19680.

Below 19460-19430 or PDL, we can plan for short trade with targets of 19350, 19300.

Chart for reference-

 


 

BankNifty-

In BankNifty, if it opens flat or gap up, let is sustain above 45000, then we can plan for long trades. Target will be up to 45350.

Below 44770-44800, we can plan for short trades. Targets will be upto 44520.

Chart for reference-

 


 

CNXFinance (Fin Nifty)-

In FinNifty, 19950 can act as a good flip level for tomorrow. Let price settles near this zone and we can trade accordingly.

If we sustain above this zone, long trades will be favourable. Targets will be 20050, 20120. If it faces resistance near this zone and some bearish price action is visible, short trade can be taken with target upto 19800.

For a clean move in FinNifty, gap up should sustain above PDH, then we might see a good one sided move.

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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