2 2 2
CNX-BANK NIFTY
Open—51759.45--High—52746.50--Low—51747.65---Close—52606 on
24.6.2024.
Support:
52508/52218/51969/51823/51470/51133.20/50889.65/50467.77/50153.81/50122.13/49974.75/49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.
Resistance:51823/51969/52218/52508/52966/53064/53281/54257/54604/54815.
OVERALL VIEW: --
It opened on a positive note and thereafter steadily moved up
and hit a new all-time high of 52746.50
and finally ended the day with a gain of 902.05 points. It is exhibiting extraordinary
strength but the volatility is concerning and could prove to be a dampener in the
coming days, which please keep in mind. The up move is likely to continue
provided it holds its first key range of 52367.11----51957
& 51700(figures may change) on the closing basis, break below 52367.11 will push it into very short
correction mode for its recent rise, break below 51957
& 51700 will be a warning sign. However even if it breaks the above
mentioned points, but as long as it holds the range of 51396----51386.37----51172----51118----50904---50784---50598---50323---50009(figures may change) the chance
of the up move will be alive but break below this range could be a deep warning
sign for a down move to start and finally sustained break below the range of 48636.45---48292.25
&48203.45
will trigger fresh fall and that could be moderate to sharp in the intensity.
It is important to mention here that despite the recent rise one important
technical indicators on the daily, weekly and monthly chart is still negative,
which indicates that it may fall in coming days/weeks, but as long as price
action remains good there is no major threat for it to move down and the price
action was positive today. But in light of some weak indicators and volatility,
it is suggested to trade the market with extreme caution and alert. 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: - IF IT HOLDS 51957 LEVEL ON THE CLOSING
BASIS THEN THE UP MOVE MAY CONTINUE.
STRENGTH:-
1. It is in
the long term uptrend.
2. It is well
above its most critical points of 48203.45---48292.25 & 48636.45, please note that it must stay above all these
points to keep up the strong up momentum going in the year 2024.
3. It is in
the new zone.
4. It is
above all its short, medium and long term moving averages on the daily and
weekly chart, and the important range for now is between 51396----51118----50904---50598---50323---50009(figure will change every day), sustained break below this range can trigger down
move again.
5. Five out
of six important technical indicators are positive on the daily chart.
6. It is making
higher top & bottom on the line & bar chart.
8. It is out
of all corrective modes now. The important correction threshold points are 52367.11----51987.56----51700---51386.37---51172.70---50784(figures
may change). Please note that break below any of these points could be
concerning.
9. The price
action was positive today.
WEAKNESS:-
1. One important
technical indicator is weak on the daily/weekly and monthly chart and pointing
that it could head down to lower levels in 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 on decline near or
within the range of 52360---52000 with a stop loss of 51730 or
can try long trade if it moves above 52750 and maintain for some time
with a stop loss of 52500.
2. Short
trade can be tried on the rise near or within the range of 53150---53250 with
a stop loss of 53400 or can sell below 51730 with a stop loss of 51970.
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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