CNX- BANK NIFTY
CLOSE ON 3.7.2024:-53103.70
The possible range for the day is between 53240-----52968, if it moves above 53240 and sustain then the upside
target for the day could be 53357---53375---53510-----53645,
if it moves above 53645 and sustain then
it can sharply move up. Similarly break below 52968 can pull it down to
52833----52698----52563, it can
bounce back from any of these points but break below 52563 will weaken it and may accelerate the fall.
It is important to
mention here that in the last 22 trading sessions it moved up by a whopping 7280
points from intraday low to intraday high today (from 4.6.2024 to 4.7.2024).
Please note that this vertical rise and volatility is concerning because it may
result in a vertical fall too in coming days and it may happen any time soon.
Although technically there is no weakness in it as of now, but please note that
one trading session can demolish the chart setup, so be watchful and alert in
the market.
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.