CNX-BANK NIFTY
Open-40308.80-High-41626.90-Low-40288.90-Close-41405.40
on 14.9.2022.
Support:41367.25/40881/40685.95/40453/40160.20/40043/39895/39546.50/39424.85/39301.25/ 39197/39117.15/38855.55/38765.55/38377.35/38426.65/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70.
Resistance: 41829.60/42696/44461/45525/45633.
(Bold and underlined figures
are most important)
On world market
negative cues it opened with huge down gap but filled the gap during the day
and finally ended the day with a good gain of 532.30 points. It is exhibiting extra ordinary strength and is well
above its critical point of 39895
which is an extremely good sign and if it sustain above it on the closing basis
then it could retest its all-time high of 41829.60
in coming days or may go beyond it also But if it fails to hold 39895 levels on the closing basis then
it may start drifting down. Moving up from here it will face key resistance at 41829.60---42696---44461. Similarly moving down
it will find good support at 41367.25---41067.90----40881---40757.70---40685.95----40453---40349---40205---40160.20---39960---39895----39880----39455
break below 41067.90 will push it into very short correction mode,
break below 40757.70 will weaken it further, break below 39895 on
the closing basis will be an extreme alert point and may put the uptrend in jeopardy and sustained break below the
range of 39880---39455 may trigger fresh fall with an accelerated pace.
It’s a buy on dip market till it holds 39895 levels on the closing basis.
The overall technical
setup is looking strong. The technical indicators have improved and out of four only one important technical
indicators is still showing some weak sign on the daily chart, alone this
weakness is not that concerning, therefore if it hold 39895 levels on the closing basis then up move should continue with
intermittent correction, else it could start moving down.
In view of the above observation, long
trade can be tried if it moves above 41627
and maintain for some time with a stop loss of 41390 or can be tried on decline near or within the range of 41000-----40850 with a stop loss of 40740 and then near and within the
range of 40440---40100--- 39895 but not below it with a stop loss
of 39750. Although, it is in the
long term uptrend but short trade can also be tried after reasonable rise or on
price breakdown for intraday corrective gain. Sell on the rise near or within
the range of 41850---41950 with a
stop loss of 42100 or sell if it
moves below 40740 and then below 39895 with a stop loss of 41070& 40050. The short, medium and long term trend is up as of now.
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 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.
Note: Price stated
here are of spot market.
m for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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