Nifty, BankNifty and CNXFinance Context with levels for 22nd May 2024
Market Context for Tomorrow –
Today, market was sideways to bullish. After a gap down opening, all indices were trading near day’s lows and then we saw some upmove. Nifty and BankNifty gave some move in afternoon session but the FinNifty was almost flat.
For tomorrow again expecting market to be sideways to bullish. India VIX has crossed 21 hence it’s advisable to trade with lower than usual quantity or trade in stocks which is giving better moves than indices.
Nifty –
In Nifty, we got the desired pullback at the opening itself and the bullish trade formed gave good R:R. Expected targets on upside were hit comfortably.
22460-22490 is the zone above which I am bullish and below this zone will change the stance accordingly.
For bullish trade, a flat opening near 22480-22500 will be favourable. In this case targets will be upto 22600. A gap up of 70+ points may lead to a pullback hence don’t enter and chase the gapup. Let it sustain near today’s closing level and then plan accordingly.
Any bearish trade will be formed below 22450 with better R:R. This zone needs to be broken and then we might get a trade. Targets will be 22400, 22350.
Chart for reference-
BankNifty-
BankNifty was bit choppy in morning hence no good trades were forming at our drawn levels.
For any bullish trade, BankNifty should sustain near today’s closing of 48050. Then we can plan for taking trade on upside. Targets will be 48250, 48450.
I will be interested in bearish trade only if BankNifty breaks PDL and sustains there. Given that tomorrow is weekly expiry of BankNifty, we might get a trending move in downside. Targets will be 47750, 47650 and it can go beyond that as well.
Chart for reference-
CNXFinance (Fin Nifty)-
FinNifty was almost flat on expiry day with no explosive moves on either sides.
For tomorrow, a good move can come outside of today’s highs and lows.
For bullish trade, above PDH will give us better R:R trades. Targets will be 21550, 21600.
For bearish trades, one can plan below PDL. Targets will be 21300, 21200.
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:
Levels and analysis are given for both side. We should keep our plan ready for either direction and take trades according to market shows you on chart and not what’s in your mind.
THIS CONTENT IS ONLY FOR EDUCATIONAL PURPOSES. TRADE WISELY.