CNX-NIFTY
Open-22475.55-High—22630.40—Low—22441.90--Close-22643.40
on 29.4.2024.
Support: 23576.09/ 22526.60/22429/22416/22377.
Resistance: 22664.33/22730/22775.70/22838/23047/23117/23156.
It opened on a positive note and thereafter steadily moved up and finally
ended the day with a gain of 223.45 points. It exhibited good
strength today and if it holds its critical point of 22576.09 on the
closing basis then it could retest its all-time high of 22775.70 or may
go beyond it, sustained break below 22526.60 may derail the up momentum
and finally sustained break below the range of 22429----22416----22377 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 22577---22527 and then on sharp decline near or
within the range of 22450---22430 but not below it with a stop loss of 22500
& 22400 respectively or can buy if it moves above 22665 and
maintain for some time with a stop loss of 22600.
2. It is in the long term uptrend therefore short
trade in general could be a highly risky affair; but it is still into short
correction mode, therefore short trade can also be attempted on the 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 22820--- 22850 with a stop loss of 22910. 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
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
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Thank you for sharing your views.