CNX-BANK
NIFTY
Open—37594.15---High—37939.60---Low—37407.20---Close—37903.20 on
1.8.2022.
Support:37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.
Resistance: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 on a positive note
and moved up further and closed near the high of the day with a decent gain of 411.80
points. 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 -38134----38765.85---39547---39895 but in between it could
face other small 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 37754.65---37594.15---37540(this
figure will scale up if it crosses its today’s high of 37939.60) 37491---36993---36738.95---36606---36408.50----36248.60.
Please note that close below 37540 could push it into short correction
and close below 36606 may deepen the correction. It is suggested to
avoid long trade if it closes below 37491 and can initiate long trade
again once it bounces back above 37755.
The overall technical setup
looks good as of now, furthermore some important technical indicators are
positive on the daily chart and few indicators on the weekly chart also it is
also making higher top & bottom on the line and the bar chart, so till it
holds its range of 37754.65---37594.15---37540---37491 on the closing
basis the up move is likely to continue with in between down correction. It is
important to mention here that if it has the desired strength it is not likely
to break 36738.95 levels on the downside on the closing basis in severe
correction also, 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 for safe traders long trade can be tried if it moves above 37940
and maintains for some time with a short stop loss of 37850 or can
buy on decline near or within the range of 37754.65---37594.15---37540
but not below it with a stop loss 37380. 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 38400---38470 with a stop loss of 38560 or sell if it
moves below 37400 with a stop loss of 37550. 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 also drastically
improved and seems up now but has to be watched out for few days.
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.