CNX--BANK NIFTY-A TECHNICAL OVERVIEW-31-3-2019

CNX--BANK NIFTY

Open-30480.35--High-30499.25--Low-30235.90—Close-30426.80 on

 29-3-2019.

(Bold and underlined figures are important)

Major Support:-30008/29870/29156/28388.

Major Resistance:-30458/30499.25/30535/30860/30922/31492/31535/32527.

It has been long time since I wrote last; after giving upside breakout from its previous top of 28388.65 on 12.3.19, it is on a tremendous roll and moving up vertically and hit a high of 30499.25 in 12 trading session and if this up move continues which seems likely as of now then it could hit 32527 mark. But moving up it may face hurdle at 30535/30860/30922/31492/31535/32527 and it could correct from any of these points and this rally may finally culminate at 32527 or may be earlier, but if it goes beyond it and sustain then it can scale much greater heights. Moving down it will have good support at 30008/29837/29156 and very strong support at 28388.65, therefore as long as it holds 28388.65 the uptrend is expected to be intact. In view of the robust up move long trade is suggested, but as of now fresh long trade should be initiated either above 30535 or on the decline but not below 30008. Please note that profit should be booked in the existing long trade if it does not move beyond 30535. It is important to mention here that since the rise is vertical therefore the corrective fall may also be vertical, therefore traders should be extremely alert and agile in their long commitments.  

                                                                                                          

Remark: - The trend is up, therefore long trade is suggested at appropriate points (see aforesaid support levels), but since it has witnessed vertical rise therefore it is highly vulnerable for correction also and it can creep in anytime, so long trade should be handled with extreme care and caution.

   

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Kindly note that make your cost your stop loss in favourable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.