CNX-BANK
NIFTY
Open—37717.30---High—37754.65---Low—37221.15---Close—37491.40 on
29.7.2022.
Support:37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.
Resistance: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 an up gap
for the 2nd day in a row but filled the today’s gap during
the day and closed with a gain of 113.25 points. But the gap it created
on 28.7.2022 is still there and if it makes an effort to fill the gap
which is technically possible in remaining time of next 2-3 trading
session then it can come down to 36808 but if it does not fill it in the
stipulated time then chances of filling the gap will recede for now, but these
gaps are dicey. Nonetheless it is showing good strength and likely to continue
the uptrend with intermittent down correction. Moving up from here the key
resistance points would be at 37708.75---37755---38134----38765.85---39547---39895
but in between it could face other resistance points too, please note that 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 37399.22(this
figure will scale up if it crosses its today’s high of 37754.65)
---36993---36738.95---36408.50----36248.60. Please note that close below 37399.20
could push it into short correction and close below 36739.95 could
be an alert sign and break below 36465.12 & 36408.50 could
push it into much deeper correction and may jeopardize the on-going uptrend.
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 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, which please note. It is a buy on dip market for sure as
of now till it signals otherwise.
In view of the above
observation long trade can only be tried if it moves above 37755 and maintain
for some time with a short stop loss of 37600 or can try buy on decline
near 37399 but not below it with a stop loss of 37215. But
aggressive traders can also try long trade if it moves above 37660 with
a stop loss of 37470 or can buy on decline near 37220 with a stop
loss of 37000. 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 37900---38030
with a stop loss of 38180 or sell if it moves below 37220
with a stop loss of 37420 or sell near if it does not moves above 37755
in first one and half hour of trade even intraday with a stop loss of 37850 .
Since it is in uptrend short trade could be a risky bet but worth trying at
this juncture. The short term bias is positive and medium and long term bias has
drastically improved but still not out of danger as of now. 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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