CNX-NIFTY PROBABLE RANGE FOR -9.7.2024.

 

 CNX-NIFTY

CLOSE ON 8.7.2024:-24320.55

The possible range for the day is between 24346----24294, if it moves above 24346 and sustain then the upside target for the day could be 24372---24398---24424, if it moves above 24424 and sustain then it can sharply move up further. Similarly break below 24294 can pull it down to 24268---24242---24216---24174, it can bounce back from any of these points but sustained break below 24174 may accelerate the fall. Please note that close below 24168.85 may trigger fall.

It is important to mention here that in the last 22 trading sessions it moved up by a whopping 3120 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 there is no weakness in the technical setup as of now, but please note that one trading session can demolish the chart setup, so be watchful and alert in the market at this point of time. 

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