CNX-BANK NIFTY
Open—46444.90--High—47136.75--Low—46367.80---Close—47094.20
on 20.2.2024.
Support: 46892.35/46919.70/47010.80/46507.55/46369.50/46310.10/46181.20/45655.50/
45430.20/45118.05/45096.85/44949.90/44710.55//44547.80/44429/44279.40/44182.50/43830.75/43796.75/43600.35/43345.95/43230.95/42582.20/42105.40.
Resistance: 47481.35/47588/48203.45/48219.95/48292.25/48305.40/48381.95 48636.45/48722/48925/49024/49567.60/49696/49857/50324/50633.60/50850.
(Bold and underlined
figures are most important)
It opened on a positive note and had both side
moves during the day and finally ended the day with a gain of 558.70 points. It
has been rising for the 6th straight day in a row making it
little vulnerable for correction any day,
so be alert and cautious.
The chart setup is improving but it is not yet
out of woods as it is still into deep correction mode for its earlier rise. It is important to mention here that its critical & important points are 48203.45---48292.25
& 48636.45and to keep up the up momentum going on in the year 2024 it has
to sustain above these points on the closing basis. It is way below these
points but it has been inching up towards it in the last few days and moving up
from here its broad resistance points could be at 47096---47388---47448---47644---47795(figures
may change) and for in between and other resistance points please refer the
resistance table at top. Please note that it may correct at any of these points
and then may resume the up move or may exhaust the up rally for a while but if
it moves above 47795 and sustain on the closing basis then it could
retest its all-time high of 48636.45 or may go beyond it also. Similarly
moving down its broad support points could be at 47030---46572---46546.07---46497.72---46441---46142---46037---45933.70---45763---45709----45497---45421.96(Figure
may change) and for in between and other support points please refer the
resistance table at top. Please note that it may bounce back from any of these
points and resume the up move, but sustained break below 46546.07 & 46497.72
may will push it into short & deep short correction mode for very
recent rise and then break below each point will weaken it further.
It is important to mention here that all the five
important technical indicators are positive now on the daily chart indicating
that the on-going rise may continue. But four out of five indicators on the
weekly & one on the monthly chart is negative pointing that it could head
down in coming weeks/months. But please note that the other important parameters
such as moving average placement, which is improving day by day and the price
action is also good, therefore if these parameter remains good and improves and
it holds its key points as mentioned above then the up move can continue and
last but not the least in worst case scenario as long as it holds 45709
& 45421.96 (figure may change) on the closing basis chances
of up move will always be alive.
TRADING TIPS:--
1. Long trade can be tried on decline near or within the range of 46550----46450
with a stop loss of 46300 or can be tried if it moves above 47140
and maintain for some time with a stop loss of 46890. But aggressive
traders can also try long trade on sharp decline near 45700 with a stop
loss of 45400.
2. It is into
long term uptrend but in the deep long corrective mode for earlier rise, therefore
short trade can be attempted on reasonable rise or on price breakdown for
intraday corrective gains but with extreme caution and alert. Short trade can
be tried on the rise near or within the range of 47650---47750 with a
stop loss of 47900. It could be a risky trade but worth trying for
intraday corrective gains
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.
Thanks
Narendra Kumar Surana
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
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