CNX-NIFTY
Open-24085.90—High—24174—Low—23985.80--Close-24010.60
on 28.6.2024.
Support:23952/23804/23768/23664/23630/23573/23481.05/23456/23441.95/23411.90/23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.
Resistance: 24174/24183/24400/24500/24678/24695.
OVERALL VIEW:
--
It opened on a positive note and thereafter
had both side moves and in the process hit a new all-time high of 24174
and finally ended the day with a loss of 33.90 points. After 4 days
of vertical rise it took a breather today. It is exhibiting extraordinary
strength but the vertical rise and volatility is a concern and it could prove
to be a dampener in the coming days, which please keep in mind. The technical
setup is great and it making higher top on the line & bar chart, therefore
it is likely continue the up move provided it holds its first key range of 23979.54---23945.71----23759.35
& 23667.10(figure may change) break below 23979.54 will push it
into very short correction mode for its recent rise, break below 23945.7
& 23759.35 will weaken it further and sustained break below 23667.10
will be a warning sign and may trigger fresh fall. However even if it breaks the aforesaid range
and moves down but as long as it holds the range of 23559----23417----23350----23338.70----23322----23297.55----23206.65----23110.80(figure may
change) it could bounce back from any of these
points, else fall may deepen. Please note that break below its critical bottom
& top of 23350 & 23338.70 on the closing basis could be a deep
warning sign and thereafter break below each support point will weaken it further
and pull it down and finally sustained break below 23110.80 may
accelerate the fall. It is important to mention here that despite the recent
rise some important technical indicators on the daily, weekly and monthly charts
are still weak and showing overbought condition also, which indicates that it
may deeply correct in the coming days/weeks, but please note that as long as
price action remains good there is no major threat for it to move down and the
price action has been more or less consistently o.k. recently and it was
positive today also. However in light of vertical rise, some weak
indicators, overbought condition and volatility, it is suggested to trade the
market with extreme caution and alert because it may fall in an accelerated pace
in coming days Since
it is out of all corrective modes it is buy on decline market now, but short trade
can also be attempted on the rise at appropriate points for intraday gains.
NOTE: - TO KEEP THE UP MOMENTUM GOING IN THE
MONTH OF JULY-2024 IT HAS TO MOVE ABOVE 24174 AND SUSTAIN ON THE CLOSING BASIS,
ELSE IT MAY MOVE SIDE WAYS OR DRIFT DOWN. SIMILARLY SUSTAINED, BREAK BELOW THE RANGE OF 23979.54—23945.71----23759.35
& 23667.10 MAY TRIGGER FRESH FALL. SAFE TRADERS SHOULD AVOID LONG TRADE
BELOW 23980 FOR THE DAY.
STRENGTH:-
1. It is in
the long term uptrend now.
2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.
3. It is in the new zone.
4. It is above all its short
& medium term moving averages on the
daily and weekly chart, and the important range is between 23775----23691----23679----23559---23417----23322(figure will change
every day), sustained break below this range can trigger down move again.
5. It has made higher top &
bottom on the line & bar chart both.
6. Six out of seven important
technical indicators are positive on the daily chart.
7. It is out
of all corrective mode and its important corrective threshold points are at
23979.54---23945.71---23759.35---23618.70---23491.36---23457.32.
8. The price action was positive
today.
WEAKNESS:-
1. Some important technical
indicators are weak and overbought on the daily/weekly and monthly chart and
pointing that it could head down in the coming days/weeks and months.
2. Volatility can be seen in the
market quite often, which is not a good sign for a steady market condition and
it can eventually drag it down may be drastically in the coming days/weeks and
months. So be watchful.
TRADING CALL: --
1. Long trade can be tried if it holds 23985 for some time with a stop loss of 23940 or can buy if it moves above 24058 and maintain for some time with a
stop loss of 23970.
2. Short trade can be tried on the rise near or within the range of 24160---24190 with a stop loss of 24240 or can sell if it moves below 23940 with a stop loss of 24020. 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
