Nifty, BankNifty and CNXFinance Context with levels for 23rd January 2025

Recap –

A sideways to bearish day with few choppy moves. The move in last hour was mostly because of HDFC bank’s result. All indices gave good moves from day’s lows and closed in green.

Market Context for Tomorrow –

The indices again came back in range but the overall sentiment and trend is bearish hence don’t chase any gapups at all. If this upmove sustains above the previous day’s highs in first hour tomorrow, then only we will go on bullish side otherwise every bounce is just another selling opportunity.

Nifty –

For bullish trades, plan above 23170 once it sustains. Don’t chase any gapups and big running candles. Targets will be upto 23300.

For bearish trades, plan if is slips below 23100. It can give fair points on downside again. Targets will be upto 22980.

Keeping small targets as market can be really volatile and given that tomorrow is expiry day of Nifty, moves can be unexpected. Hence book major quantities at recommended targets and trail rest with strict stoplosses.

Chart for reference-

BankNifty-

BankNifty if holds this upmove, we will be bullish on intraday basis above 48800(PDH). Targets will be 49000, 49200.

For bearish trades, plan below 48600. Targets will be upto 48050.

Chart for reference-

CNXFinance (Fin Nifty)-

For bullish trades, plan once it sustains above 22680(PDH). Targets will be 22750, 22820.

For bearish trades, plan below 22600. Targets will be upto 22400.

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 trade without any biasedness

THIS CONTENT IS ONLY FOR EDUCATIONAL PURPOSES. TRADE WISELY.