2 2 2
CNX-BANK NIFTY
Open—48359.90--High—49473.60--Low—48342.70---Close—49424.05
on 29.4.2024.
Support:49057.80/48790.50/48636.45/ 8562/48292.25/48203.45.
Resistance: 49676/49732/ 49883/50005/ 50296/50589.
It opened on a positive note and thereafter steadily
moved up and hit new all-time high of 49473.60 and finally ended the day
with a robust gain of 1223 points. It exhibited extraordinary strength
today and now if it holds its critical point of 49057.80---48790.50 &
48636.45 then the up move may continue with in between down correction,
break below 49057.80 will be an alert sign, sustained break below 48790.50
will push it into short correction for the recent rise, sustained break below
48636.45 will be a warning sign, sustained break below 48292.25 &
48203 may derail the up momentum and finally sustained break below the
range of 48186---48069---48001 may trigger fresh fall and it may witness
accelerated down move. The bias is bullish as of now and the up move is likely
to continue. .
The important technical indicators on the
daily, weekly and monthly chart is giving mixed signal pointing that it may
have both side moves in coming week/months, but as long as the other parameters
such as moving average placement and price action remains good the up move may
continue and eventually the indicators may also turn positive but as of now indicators
weakness is still a concern. The long term trend is up therefore it is buying
on decline market now. But the volatility is still continuing which is not a
good sign for a steady market and eventually it can drag it down in coming
days/weeks & months, so be alert and watchful and ride the on-going rise
with slight caution because it may give severe downside corrective jerk at
times.
TRADING CALL: --
1. Long trade can be tried on decline near or
within the range of 48800---48680 but not below it with a stop
loss of 48550 or if it moves above 49475 and maintain for some
time with a stop loss of 49200.
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 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 50100—50250
with a stop loss of 50400. It could be a risky trade but can be
tried 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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