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CNX-BANK NIFTY
Open—47592.70--High—47829.75-Low—46982.15---Close—47069.45
on 18.4.2024.
Support: 47010.80/46919.70/46892.35/46886.90/46529.05/46507.15/46426.85/46369.50/46310.10/46181.20/45905.85/45828.80/45661.75/45655.50/
45430.70/44949.90/44633.85/44612/44547.80/44429/43830.75/43796.75/43600.35/43345.95/43230.95/42582.20/42105.40.
Resistance: 47191.65/47259.85/47363.40/47481.35/47588/47795/48161.25/48166.15/48203.45/48219.95//48292.25/48305.40/48381.95/48636.45/48722/48745/48796/48938/49057.80/49328/49603/49688/49716/49781/49911/50038/50244/50494/50740.
(Bold and underlined
figures are most important)
It opened on a positive note and thereafter had
both side wild moves during the day and finally ended the day with a loss of 415.35 points. It
has been relentlessly falling for the last 4 days which has shook the
overall technical setup, therefore further fall cannot be ruled out. Please
note that today it has filled the 2nd gap it created on 16.4.2024(gap
point-47725.80) but the gap it created on 15.4.2024 is still there
and if it makes an effort to fill this gap in the next 2-3 trading
sessions , which is technically possible then it can move up to 48477.55,
but if it fails to fill the gap within the stipulated time then the chance of
filling the gap will recede for the time being, but eventually it will fill the
gap someday, which please keep in mind. 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 and the down move is on. Please note that other
parameters has also weakened further,
therefore if it does not stage a sharp bounce back in a shortest possible time
and move above some critical levels then it may continue to slide down further.
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(daily gap of 47676 created on 4.4.2024 is yet to
be filled), which please note.
It is important to mention here that its critical & important points are 48203.45---48292.25
& 48636.45and to keep the up momentum going on in the year 2024 it must
sustain above these points on the closing basis. Please note that it is
well below these points now, which is a very weak sign and to get back on the
up momentum track again it has to bounce back above these points and sustain on
the closing basis, else it may move sideways or drift down.
Moving up from here its broad resistance
points could be at 47279.80---47416.73---47471.91----47481.35-----47491----47635----47647----47795-----47820----47965.10-----48203.45----48292.25----48295.45---48381.95---48481---48636.45-----48637.89----48642.35----48785-------48938----49057.40----49328----49603----49688---49716(figures
may change) and for in between and other resistance points please
refer the resistance table at the top. Please note that it may correct at
any of these points and then may resume the up move again or may exhaust the up
rally for a while. It is into deep corrective mode now. Please note that
sustained close above 47471.91 will give a ray of hope that it can give a
meaningful pullback up move, sustained close above the range of 47491----47647----47820
will strengthen it, sustained close above 48203.45 & 48292.25 will
provide it good strength and sustained close above 48363.45 & 48637.89
will put it back on the up momentum track and it will get out of all corrective
mode and finally sustained close above 48642.35 may somewhat ensure that
it could retest its all-time high of 49057.40 or may go beyond it also.
Similarly moving down further from here the
broad support points could be at 47062----47010.80---46886.90----46591-----46529.05---46507.15---46475-----46458---46369.50---46310.40----45828.80---45661.75-----45309---44633.85----44429(Figure may change) and for in between and other support points
please refer the support table at the top. Please note that it may bounce back
from any of these points. It is already into deep correction mode for its
recent rise., sustained break below 46475 will indicate that it
could drag it down to 45828.80 levels, sustained break below 46458
will threaten the long term uptrend, sustained break below 46369.50 & 46310.40 may trigger fresh fall, sustained break below
45828.80 will indicate that the correction could be much deeper and
finally break below 45309 may
jeopardize the long term uptrend and it could head for bigger fall and
thereafter break below each point will weaken it further, which may please be
noted. Please note that the most crucial support
point is 45828.80 and sustained break below it may accelerate the fall and then
the correction could be deep &
painful time and value-wise both.
It is important to mention here all the five
important technical indicators have turned negative today on the daily chart,
which is a hugely weak sign and indicates that the down move may deepen. Furthermore
one important indicators on the weekly and two indicators on the monthly chart
is also negative pointing that it could head down in coming weeks/months and the
down move is already on. Furthermore on the other parameters such as moving
average placement and price action has also weakened as it is below some of the
short and medium term moving averages on
the daily chart and some below on the weekly chart also after a long time, it
has broken recent bottom on the line chart after a long time, therefore all
together it indicating extreme weakness at this point of time and pointing that
down move may continue in coming days with in between short relief rallies.
However, if it stages a sharp bounce back in a shortest possible time and move
above some of its important points as mentioned above then the chances of up
could be there, else down move may continue.
It is in the long-term uptrend; but gotten into deep short correction mode,
therefore both side trades can be tried by the aggressive traders depending on
price action but one has to be alert and careful in the long trade at this
point of time. For safe traders it is suggested to avoid long trade till
visible sign of correction completion emerges.
IMPORTANT NOTE: --IT IS
INTO CORRECTIVE MODE AND MOVING DOWN FROM HERE IT HAS VERY STRONG SUPPORT AT
46591---46475 & 46458, IT MAY BOUNCE BACK FROM THIS RANGE BUT SUSTAINED
BREAK BELOW 46458 CAN DRAG IT DOWN TO 45828.80 LEVELS OR MUCH LOWER. IT IS
SUGGESTED TO AVOID LONG TRADE IN GENERAL TILL VISIBLE SIGN OF CORRECTION
COPMLETION EMERGES. HOWEVER AGGRESSIVE TRADERS CAN TRY LONG TRADE AT CRITICAL
SUPPORT POINTS WITH PROPER STOP LOSSES FOR PULLBACK GAINS. BUT FOR THE SAFE
TRADERS IT IS SUGGESTED TO TRY LONG TRADE ONCE IT CLOSES ABOVE 47471.91(FIGURE
MAY CHAGE) AND SUSTAIN.FOR SAFE TRADERS IT IS SELL ON THE RISE MARKET AS OF NOW.
TRADING TIPS: --
1. Long trade can be tried on decline near or
within the range of 46590----46475 but not below it with a stop
loss of 46200. Please note that long trade in a corrective mode could be a
risky affair but can be tried near the important support points for pullback
gains but with strict stop loss.
2. It is in
the long term uptrend therefore short trade in general could be a highly risky
affair; but it has slipped into deep short correction mode, therefore short
trade can also 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 47500—47600 with a stop
loss of 47750 or sell below 46980 with a stop loss of 47150. 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
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
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