Nifty, BankNifty and CNXFinance (FinNifty) Context with levels for 8th August 2023

Recap-

Today market traded in very narrow region and was very volatile. This choppiness in market leads to more SL hunting and overtrading. Although Nifty remained a bit on positive side and first target was hit after too much of volatility.

Market Context for Tomorrow –

My view for tomorrow is again sideways to bullish. In all three indices Nifty looks a bit positive and will give clean moves if BankNifty is in sync with Nifty. Keeping all levels of yesterday as it is for tomorrow as market has contracted which can give a clean move soon.

Nifty50 –

For tomorrow, again it’s better to trade above PDH and below PDL. Here we can get decent moves.

If Nifty breaks its PDH and sustain above it, take bullish trades with targets of 19680,19730.

If it opens gap down and start trading below PDL, then only I will be interested in taking bearish trade so that we can capture at least 50-60 points. Below PDL targets will be 19450, 19400.

Chart for reference-

BankNifty-

BankNifty is consolidating and moving in a compact range. In a day or two I am expecting a good one side move.

Above PDH remain bullish and take long trades. Targets will be up to 45350. Book your profits in every 100-150 points

Below PDL we can get good short trades and target will be 44600, 44500.

It’s better to avoid BankNifty in the range it has worked today and try to find clean trades.

Chart for reference-

CNXFinance (Fin Nifty)-

Tomorrow is Fin Nifty’s expiry and it is at good levels for us to capture one side move.

On upside if it breaks PDH or opens gap up, let it settle and then plan for long trade after it sustains above 20070. Targets will be 20150, 20220.

Below PDL, plan for short trades as it will be more favourable. Targets will be 19900, 19850.

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.

Comments

Nifty and BankNifty Context with levels for 13th June 2023

Recap - Nowadays market shows all the major action in first half hour and then remain silent for whole day with price hovering around first 15-minute candle. Indices are not in sync hence not getting any big moves on either side. Scalp and run is the way for traders to make some money. Market Context for Tomorrow - PCR remains almost same in both the indices. Expecting the market to remain sideways to bearish. Both Nifty and BankNifty are at good support. If any big move has to come the support needs to be broken first and then we can see some good move downside. Nifty50 – Nifty has hardly given 30-40 points move today. For good trades, it needs to go above PDH or below PDL. Hence plan will be to wait for Nifty to start moving on either side breaking PDH/PDL and then we can plan our trade accordingly. Still on upside go with less quantity. Targets will be 18680, 18720. On downside keeping target as 18520, 18480. Chart for reference- BankNifty- BankN

Nifty and BankNifty Context with levels for 20th April 2023

Market Context - Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside. Nifty50 – Levels are working beautifully and it will be intact for tomorrow as well. If Nifty opens gap up near 17650, we can plan for a short trade with targets up to PDL. Flat to gap down will again give a good chance for Bears to take a full control and market can go one sided in downwards direction. Targets will be 17500, 17450. Upside I am not much interested as Nifty hardly goes 30 points up and then sell off starts. Chart for reference- BankNifty - BankNifty is still strong compared to Nifty. Levels will be same. Plan is to find and take a short trade. Any gap up near 42250, we can plan to take a short trade. Targets will be 42100, 42000. Below PDL we can get a trend day in BankNift

Nifty and BankNifty Context with levels for 26th April 2023

Market Context - Today was a very sluggish day with no major action and not good for trading. Both the indices faced a resistance at their major levels and tried to break and sustain it but failed. Positionally stay with the bullish trend but don’t go long blindly as market is showing some consolidation and can give a pullback now. Nifty50 – Nifty gave a trade after it came around 17720 and the first target of 17767 was achieved. Unable to sustain above 17800 as of now. And from candlestick pattern we can see that it can go downside at least tomorrow. A gap up can give us a short trade with targets of 17750 and 17700. 17650-17660 is a zone where if market opens we have to wait for Nifty to form a price action and trade accordingly. Chart for reference- BankNifty - Today BankNifty was more bearish and expecting same to continue for tomorrow as well. We can plan for a short trade below PDL with targets of 42500, 42400. Any big gap up, don’t

Nifty | BankNifty | FinNifty context with levels on chart.

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