A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—27.4.2021

 

CNX--BANK NIFTY

Open-32316.65--High-32603.70--Low—32144.80--Close-32275.15 on 26.4.2021

Support:32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32347.20/32415.15/32465.45/32613.10/32842.30/33306.80/33990.80/34360/34430/34658.70.

(Bold and underlined figures are most important) 

As expected it did gave a decent rise and closed with a gain of 552.85 points. Please note that it is still into long term correction mode, but as long as it holds 32130 on the closing basis then it may continue with the up move and if it moves above 32613.10 which is the long term correction threshold point  then it may extend good gains. Similarly sustained break below 32130 on the closing basis will resume the down move again which may please be noted. The other observation will remain same as mentioned in the post for 26.4.2021.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY(Suggested)

1. Buy  on decline near 32130 but not below it with a stop loss of 32000. It could be a higly risky trade.  

2. Sell on the rise near or within the range of 32550---32650 with a stop loss of 32700. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it maintains below 32130 for some time with a stop loss of 32290. It could be a risky trade but worth trying for intraday gain in weak market.

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.

Kindly note that make your cost your stop loss in favorable  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.

 Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.