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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.

 

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