CNX- BANK NIFTY PROBABLE RANGE FOR -4.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 3.7.2024:-53089.25

The possible range for the day is between 53284----53257-----52896, if it moves above 53284 and sustain then the upside target could be 53477---53670-----53863, if it moves above 53863 and sustain then it can drastically move up. Similarly break below 52896 can pull it down to 52703----52510----52317-----52168, it can bounce back from any of these points but break below 52168 will weaken it potentially and may accelerate the fall.

As envisaged it staged a sharp recovery today and turn around the chart parameters to positive for the continuation of the up move. Please note that overbought condition and volatility is still a concern which can drag it down in coming days. But as long as price action remains positive there it no major threat for a sharp down move and price action was positive today. So keep an eye on the price action to spot the weakness.

 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