CNX- BANK NIFTY PROBABLE RANGE FOR -3.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 2.7.2024:-52168.10

The possible range for the day is between 52376----51957, if it moves above 52376 and sustain then the upside target could be 52584---52700----52792---53000, if it moves above 53000 and sustain then it can drastically move up. Similarly break below 51957 can pull it down to 51752----51544----51336-----51133, it can bounce back from the range of 51336---51133 but break below 51133 will weaken it potentially and may accelerate the fall.

The chart setup is still good but it is showing some weakness as it is into correction mode, it has made lower top & bottom on the line chart, below few short term moving averages after a long time, overbought condition and volatility, all together these developments are a concern, so it is down but not out and if it stage a sharp recovery in a day or two it may resume the up move again. Please note that it will get out of all corrective mode if it closes above 52700 and sustain and then it may resume the up move again, else it may drift down.  

 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