CNX-BANK NIFTY
Open-41533.70-High-41840.15-Low-41153.50-Close-41209.50
on 15.9.2022.
Support: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: 41367.25/41829.60/41840.15/42696/44461/45525/45633.
(Bold and underlined figures
are most important)
It opened on a
positive note and went up further and as anticipated it made a new all-time
high of 41840.15 but could not
sustain and slipped down to end the day with a loss of 196.20 points. In fact it made double top at 41829.60 & 41840.15, therefore now for the up momentum to
continue it has to cross the double top and sustain on the closing basis, but as
long as it holds 39895 chances of
crossing this double top would be alive but sustained break below 39895 may put the uptrend in jeopardy
and may open the moderate to sharp downside for it, which may please be noted. However
moving up from here it will face key resistance at 41230.82---41367.25--- 41829.60---41840.15---42696---44461.However moving up from here it will face key resistance at 41829.60---42696---44461. Similarly moving down
it will find good support at 40920.62---40881---40757.70---40685.95----40453---40349---40205---40160.20---40046---39895----39760----39638---39586.44---39455 it has slipped into very short corrective mode today as it closed below
its threshold point of 41230.82 , break
below 40920.62 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 39760----39638---39586.44---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. Please note that out of four important technical
indicators only one indicator is still showing some weak sign on the daily
chart, but today after making new high and almost a double top it slipped down
to close near the low of the day, which is concerning, therefore if it hold 39895 levels on the closing basis then
up move is likely continue with intermittent correction, but it will pick up
speed only above 41840.15.
In view of the above observation, for
safe traders long trade can only be tried if it move above it double top of 41829.60 & 41840.15 and sustain
else avoid. But aggressive traders
can try long trade if it moves above 41231
and maintain for some time with a stop loss of
40900 or can be tried on
decline near or within the range of 40300-----40000----39895
with a stop loss of 39600. Although,
it is in the long term uptrend but slipped into short corrective mode today,
therefore short trade can also be tried after reasonable rise or on price
breakdown for intraday corrective gain. Sell on the rise near 41850 with a stop loss of 42000 or sell if it moves below 40900 and then below 39895 with a stop loss of 41170& 40050. It slipped into very short corrective mode today, so watch
out how this correction culminates, but the medium and the 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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