CNX-BANK NIFTY
Open-43395.05-High-43483.85-Low-43269.40--Close-43352.05
on 2.5.2023.
Support: 43339.15/43081/43044.07/43038.25/42986.45/42948/42880/42740/42716.80/42622.75/42555.15/42202.55/ - 42078.90/42015.65/41979.10/41877/41840.15/41829.60/41791.95/41729/41677.65/41671.20/41643.90/41569.45/41335/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25.
Resistance: 43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.
(Bold and
underlined figures are most important)
The overall technical setup is on the firm footing now and it is likely
to continue the up move in coming days. But it moved in a short range today
therefore a reasonable or big move on the either side may be in the offing in a
day or two, furthermore it continued the straight rise for the 6th
day in a row today and closed with a gain of 118.20 points. It is
important to mention here that the straight rise makes it vulnerable for
correction also, therefore correction can creep in any day, so be alert and
cautious at this point of time. However it is exhibiting extraordinary strength
and it is in the uptrend now, therefore any short correction could be a healthy
sign for the up move to continue and it is likely to retest its all-time high
of 44151.80 or may go beyond it also in coming days, provided it does
not break the range of 43044---43038.25----42986.45 and even if it breaks
this range then it should not sustain below it for more than 2 days at
max on the closing basis, else the up move may be in trouble.
Moving up from here this rally can extend to 43515.65---43578.40---43614.45---43730----44151.80----44461---44592---45525---45658---46268---.The
on-going rally can correct at any of these points or earlier also and then may
resume the up move again. The bias is hugely bullish as of now.
Moving down its
critical support points would be at 43125---43044---43038.25---42986.45---42845---42694----42555.15---42490----42334, break below 43125 will push
it into very short correction for its recent rise, sustained break below the
range of 43044---43038.25---42986.45 will indicate fatigue and exhaustion
for the on-going up move and may put the uptrend in jeopardy, break below 42845
will push it into deep short correction mode for its recent rise, break below 42555.15 will push it into deep
corrective mode again for past major gains and this could be concerning, break
below 42490 & 42334(figure may
change) will push it into medium and
deep correction mode for its recent rise. I
once again reiterate that for the continuation of the up move it has to sustain
above the range of 43044---43038.25---42986.45 on the closing basis, else the
on-going up move may be in trouble.
In view of the
above observation, long trade can be tried if it moves above 43395 and maintain for some time with a short stop loss of 43200 or can buy on decline at appropriate points or near or within the range
of 43044--42987 but not below it
with a stop loss of 42790. Please note that it is in the uptrend
therefore avoid short trade in general but it can be tried at critical
resistance point with strict short stop loss for intraday gains, but be alert
and cautious in short trade at this point of time. The short, medium and
long term technical setup is bullish as of now. Therefore it is a buy on
decline market till it holds its key range as mentioned above. Do not trade without proper stop loss.
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
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
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