CNX-BANK
NIFTY
Open—37102.45---High—37414.40---Low—37028.50---Close—37378.15 on
28.7.2022.
Support37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.
Resistance37471/37581.05/37708.75/37988.60/38112.75/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/40160.20/41367.25/41829.60.
(Bold and underlined
figures are most important).
It opened up with a huge up
gap today and closed with a robust gain of 594.40 points. It is
exhibiting extraordinary strength as it is above well above its short, medium
and long term moving averages on the daily, weekly and monthly chart which is
commendable. Therefore uptrend should continue but with intermittent correction,
furthermore despite all good technical setup market also upset sometime, so be
alert and cautious in your trading approach. But it is definitely buy on dip
market as of now. Moving up from here the key resistance points would be at 37708.75---38134----39547---39895
but in between it could face other resistance points too, please note market
could correct from any of these points or earlier and then may resume the up
move again. Similarly moving down its key support points would be at 37139.20(this
figure will scale up if it crosses its today’s high of 37414.40) ---36993---36738.95---36408.50----36248.60.
Please note that close below 37139.20 may push it into short correction
and close below 36739.95 could be an alert sign and break below 36408.50
& 36248.60 could push it into much deeper correction. It is important
to mention here that it can make an
attempt in next 3-4 trading session which is technically possible to
fill the gap it created today and if it does then it could come down to 36809
but if it does not fill it in 3-4 days then the chances of filling the
gap will recede.
The overall technical setup
looks good as of now, furthermore some important technical indicators are
positive on the daily and few indicators on the weekly chart also and it is
making higher top & bottom on the line and the bar chart, so till it holds
it recent bottom of 36408.50 & 36248.60 on the line & bar chart
respectively and other key points on the downside as mentioned in the above
paragraph the up move is likely to continue with in between down correction. It
important to mention here, that if it has the desired strength it is not likely
to break 36738.95 on the closing basis.
In view of the above
observation long trade can only be tried if it moves above 37415 and maintain
for some time with a stop loss of 37300 or can try buy on decline near 37139
but not below it with a stop loss of 37000. But aggressive traders
can also buy on decline near 36740 and then near 36410 with a
stop loss of 36650 and 36230 respectively. Please note that long
trade below 36993 could be a risky affair for the day. Although it is in
the uptrend but short trade can also be attempted after a reasonable rise or on
the price breakdown for intraday corrective gains. Sell on the rise near or
within the range of 37770---37850 with a stop loss of 37950 or
sell if it moves below 36993 with a short stop loss of 37150. The
short term bias is positive but medium and long term bias has improved
drastically but still not out of woods. So be watchful.
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.
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
Mobile—8240951127/9831313654.
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Thank you for sharing your views.