CNX-BANK NIFTY
Open—44986.75--High—45718.15--Low—44859.15---Close—45634.55
on 9.2.2024.
Support:45430.20/45071.20/
44710.55/44949.90/44547.80/44429/44279.40/44151.80/43830.75/43796.75/43600.35/43345.95/43230.95/42582.20/42105.40.
Resistance: 45655.50/46310.10/46369.50/46580.30/46892.35/46919.70/47010.80/47481.35/47588/48166.15/48203.45/48219.95/48292.25/48305.40/48381.95 48636.45/48722/48925/49024/49567.60/49696/49857/50324/50633.60/50850.
(Bold and underlined
figures are most important)
It opened on a negative note and had both side
moves during the day and finally ended the day with a robust gain of 622.55 points. Please
note that it is exhibiting huge volatility in fact it is having see-saw movement quite often , which is not a
good sign for a steady and smooth movement and may eventually drag it down
lower.
It is important to mention here that its critical & important points are 48203.45---48292.25
& 48636.45 and to keep up the up momentum going in the year 2024 it has to
sustain above these points on the closing basis else it may head down. It is way below
all the three critical points, it is well below all the important correction threshold points for
its recent months rise and most critical points
48231.30---48133.94---47999.87---47447.93---47387.89---47360.75---47095.12----46311----46270.95(figures
may change), which is a hugely negative sign and indicates further fall may
be ahead. Please note that break below 44746.91(figure
may change) will push it into deep medium term correction mode for its
earlier rise. It is already into the long term correction mode now for its
recent months rise, but the good point is that it closed shade above its long
term moving average upper band of the range, which is placed at 45626.51(figure
will change every day) for the day, it it maintains above it on the closing
basis then up move may continue. It is important to mention here that its
short and long pullback threshold points are at 45339 & 45421.96(figure may
change) and it bounced back to close above these points today, which is a
positive sign. Please note that sustained close above these points will give a
hope of a meaningful up move or continuation of the up move, else down move will
continue.
It is important to mention here that three out
of five important technical indicators are negative on the daily chart and indicates
that it may go down further in the coming days. Furthermore three most
important indicators on the weekly & one on the monthly chart are also negative
and it is into long term corrective mode. The chart setup is weak, it has made
lower top & bottom on the line chart, it is below all of its short term
moving averages on the daily and weekly chart, below few medium term moving
averages on the daily chart, but it just managed to close above its long term
moving average upper band of the range today. Please note that all together
things are dicey and weak and pointing that it may head down in coming days.
However, if it holds the level of 45626.51---45421.96 &45339(figure may change)
on the closing basis then the chances of up move will always be alive.
Moving down from here its important support
points could be at 45626.51---45421.96 45339-----45010.35---44949.50---44921----44746.91---44607----44506---44404----44312---44279.40---43830.25---43796.75---43600.35(figures
may change), please note that it can bounce back from any of these points
and may resume the up move again, else may keep moving down.
Similarly moving up it may face strong
resistance at 45661-----45876-----45951.35---46036----46116----46311---46413---46486---46533----46825---47029----47391---47530----47644----47795---48203.45---48219.95---48231.30----48252.80---48292.25---48305.40---48381.95----48636.45(figure may change) and it can correct at any of these points and
then may resume the up move again or it may exhaust the up move at any of these
points also and may head down.
IMPORTANT NOTE: -- PLEASE
NOTE THAT AS LONG AS IT HOLDS THE KEY POINTS OF 45339---45421.96 & 45626.51(FIGURE MAY CHANGE) ON THE CLOSING BASIS CHANCES OF UP MOVE WILL BE
ALIVE, ELSE DOWN MOVE MAY CONTINUE.
TRADING TIPS:--
1. Long trade can be tried if it holds the range of 45626.51---45421.96 with a stop loss of 45280. But aggressive
traders can also try long trade on sharp decline near or within the range of 45000---44860
with a stop loss of 44700 or if it moves above 45750 and maintain
for some time with a stop loss of 45580. Please
note that long trade in corrective mode could be a risky affair but can be
tried at extreme critical support points with strict stop loss for pullback
gains.
2. It is into
long term uptrend but in the deep long corrective mode and long term uptrend is
also threatened; but pullback mode is on today, but even then 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 46150---45250 with a stop loss
of 45400. 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.
.
.
No comments:
Post a Comment
Thank you for sharing your views.