CNX-NIFTY
Open-22163.80-High—22516—Low—22163.60--Close-22326.90
on 28.3.2024.
Support: 22297.50/22234.35/22180.70/22126.80/22124.15/21905.65/ 21883.30/21875.25/21860.65/21834.35/21801.45/21763.95/21750.25/ 21731.40/21727.75/21710.20/ 21593/21530.20/21500.35/ 21448.65/21285.55/21137.20/20976.80/20769.50/20507.75/20291.53/20222.45/19991.85/19875.25/19849.75/19635.30/19333.60/19329.10/19223.65/18973.30/18887.60/18837.85.
Resistance: 22440.90/22452.55/22516/22525.65/22526.60/22623/22750/22787/22800/22838/22870/22935/23072/23117/23139/23344.
(Bold
and underlined figures are most important)
It opened on a positive note
and went near its all-time high of 22526.60 but could not cross it and
slipped down and closed below almost 200 points
from the day’s high but with a gain of 203.25 points. Please note that it made triple top in the range of 22516---22526.60
in the last few days, therefore, to continue the up move now it must move above
22526.60 and sustain on the closing basis, else it may correct. The
volatility is continuing which is not a good sign for a steady market and
eventually it can drag it down in coming days/weeks & months, however as
long as price action supports it may continue to show upside from time to time
but fear of moving down will always be there because of volatility, which
please keep in mind. It is important
to mention here that the gap filling threat for earlier gap on the daily &
weekly chart has faded out but please note that eventually it will fill the gap
someday(weekly gap of 20291.55 is yet to be filled), which please note.
It has been giving whip saw around its Inverse Head & shoulder pattern (bullish pattern) neckline which is
placed at 22126.80 for the last few days, but now it is well above and if it manages
to hold this mark on the closing basis then the up move may continue, else it
may head down.
Moving up from here the important resistance points could be at 22334---22363.52---22369.44---22452.55----22526.60---22623----22750----22787----22800---22838----22870---22935---23072---23117---23139---23344,
it may correct at any of these points and may resume the up move again or may
exhaust the up move for a while and move sideways. Please note that if it moves
above the range of 22334---22369.44 and sustain on the closing basis
then it can get back on the up momentum track and can retest again its all-time
high 22526.60 or may go beyond it also, else it may start to move down.
Similarly moving down from here the broad important
support points could be at 22325.83---22215---22177---22126.80---22118.40---22105---22022---21902.87---21871.36----21860---21801.45----21731.40----21727.75-----21710.20---21593---21500.35----21448.65---21285.55----21137.20(figures
may change), and for in between and other resistance points
please refer the resistance table at the top, it may bounce back from any of
these points and may resume the up move again. Please note that break below 22325.83 will push it into short
correction mode for its very recent rise, sustained break below the range of 22177---22126.80---22105 may trigger fresh fall, however
as long as it holds 21902.87 chances of continuation of the up move will be
alive, break
below the range of 21801.45—21731.40----21727.75---21710.20 may
jeopardize the up momentum for the year 2024 and then break below each
point will weaken it further and finally sustained break below 21137.20
may accelerate the fall.
It is important to mention here four out of five important technical indicators are positive
and one indicator is negative on the daily chart, furthermore four important
indicators on the weekly and one indicator on the monthly chart is also
negative pointing that it could head down in coming weeks/months. Therefore,
all together volatility-wise & indicator-wise it is still on a weak footing,
which is concerning. However, on the other parameters such as moving average
placement is good, making higher top & bottom and price action has also
improved, therefore if the other parameters remain good the up move may
continue. But I once again repeat that indicators speaks otherwise at this
point of time, so ride the on-going rise with caution and alert. It is in the long-term
uptrend. It is buy on decline market as of now.
TRADING TIPS: --
1. Long trade can be tried on decline near or within
the range of 22165----22127 with a stop loss of 22060 or can buy if it moves above 22370 and
maintain for some time with a stop-loss of 22300.
2. It is in the long term uptrend therefore short
trade in general could be a highly risky affair; but even then 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 22500--- 22530 with a stop loss of 22580.
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 favorable 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
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
