A TECHNICAL UPDATE ON CNX-NIFTY-30.8.2024.

 

CNX-NIFTY

Open-25035.30--High-25192.90—Low---24998.50---Close-25151.95 on 29.8.2024.

Support:25078.30/25030.95/24999.75/24956.40/24854.80/24638.80/24595.20/24461.05/24419.75/24210.80/24168.85/24141.80/24099.70/24074.20/23992.65/23985.80/23893.70/23667.10/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:25192.90/25337/25375/25473/25494/25551/25671/25868/25967/26118/26263.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and in the process it hit a new all-time high of 25192.90 and finally ended the day with a gain of 99.60 points. It is exhibiting extraordinary strength for going up, but it has been moving up vertically for the last 11 days which makes it highly vulnerable for a correction, so at this juncture correction looks inevitable and can happen anytime soon, so be watchful and alert. Please note that it would be good for it to correct for a while and then move up again, it will provide good strength to it for the continuation of the up move, else straight vertical rise may have vertical fall too in coming days, which may be kept in the back of your mind. The trend is up.

The technical setup is very good, it is above all its short- medium and long term moving averages and few important technical indicators are positive on the daily chart, which is an extremely good sign for the continuation of the up move, and if it manages to hold the range of 25078.30----24946---24934.90----24886.29---24863---24854.80---24841.38(very important range, break below this range will be an alert sign for going down) the up move is likely to continue, but even if it breaks this range but hold the range of 24711---24698---24581( figure will change daily)  on the closing basis then the chances of resuming the up move will be alive.

It is important to mention here that it is having see-saw movement every other day with huge volatility, which is not good sign for a steady market, the overbought condition on the weekly and monthly chart is still present but it neutralized on the daily chart little while ago and now again it is in the overbought territory, therefore, all indication together based on few indicators on the daily, weekly & monthly chart is pointing that it could head down again but after this up move is over. So be watchful till the indicators turn positive and overbought condition eases on the weekly and monthly chart.

Moving down from here it may find good support at 25078.30----24946---24934.90----24886.29---24863---24854.80---24841.38----24711----24698-----24626-----24581-----24486------24346---24269.80---24235.75----24099.70-----24074.20---23992.70---23985.80----23893.70(few figures may change Daily) break below the range of 25078.30----24946---24934.90----24886.29---24863---24854.80---24841.38 will be an alert point for going down and thereafter break below each point will weaken it, but break and sustained close below of 24581 may trigger fresh fall, break and close below the range of 24269.80---24235.75----24099.70-----24074.20 may accelerate the fall and thereafter break and close below the range of 23992.70---23985.80----23893.70 may trigger fresh big down move and if sustain below this range then the correction could be more painful price-wise and time-wise both.

It is out of all corrective mode therefore it is buying on decline market now in general, but both side trades can be tried depending on the price action for intraday gains. Please note that since it is out of corrective mode therefore sell trade could be a slightly risky affair therefore one should be extra alert in the short trade.

NOTE:-IF IT HOLDS THE RANGE OF 25078.30----24946---24934.90----24886.29---24863---24854.80---24841.38 (FIGURE MAY CHANGE DAILY), THEN THE UP MOVE IS LIKELY TO EXTEND. IT IS IN THE LONG-TERM UPTREND. SHORT AND MEDIUM TERM BIAS IS ALSO UP.

STRENGTH: -

1. It is in the long-term uptrend now.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It still has higher top & bottom on the line & bar chart on the daily chart.

4. Four out of seven important technical indicators on the daily chart is positive.

5. It is above all its short-term moving averages on the daily chart and the important range for the day is between 24946---24863----24845----24711----24698----24581(figure will change every day), if it sustains above it then it is a strong sign for the continuation of the up-move.

6. It is well above its important pullback threshold point of 24173.27 & 24182.24(figure may change).  Please note that if it sustains above it on the closing basis then the up-move is likely to continue.

7. The price action was positive today.

8. It is out of all correction modes and the important correction threshold points are 24934.90---24886.29----24269.80 & 24235.75 (figure may change) close below the threshold points is a weak sign.

9. It is in the new zone.

WEAKNESS: -.

1. Three out of seven important technical indicators are negative on the daily chart.    

2. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

3. Volatility and wild swing 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 25078---25000 (if it holds this level for some time) with a stop loss of 24950 for possible intraday gains, else avoid. For safe traders it is suggested to avoid long trade for the day.

2. Short trade can be tried on the rise near or within the range of 25270--25300 with a stop loss of 25370 or can sell if it moves below 24950 and maintain for some time with a stop loss of 25035. 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

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—30.8.2024

 

CNX-BANK NIFTY

Open—51103.75--High—51368.95--Low—50984.40---Close—51152.75 on 29.8.2024.

Support:51138.90/51133.20/50830.70/50438.20/49974.75/49659.05/49654.65/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85. 

Resistance:51877.15/51957.75/51996.65/52340.25/52547.55/52782.75/52794.95/52817.85/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a meager gain of 8.90 points. The technical setup is still weak, but the good point is that it is well above its pullback threshold point of 50529 & 50289(figure can change), it is above all its short-term moving averages on the daily chart, it is making higher top & bottom on the line chart and higher top on the bar chart as of now, and most of the important technical indicators are positive now on the daily chart, therefore all together it indicates positive outlook as of now for the continuation of the up move. Please note that it has been moving in a short range for the last three days, therefore it seems that it may be bracing for a big move on the either side. But if it could manage to hold the range of 51117.85---51100.65---51036 & 50934 it can extend the up move, but even if it breaks this range and hold the range of 50911---50901---50743----50633 & 50529(some figure will change every day) on the closing basis chances of up move will be alive and finally if it moves above 51528 & 51639.66(figure may change) and sustain on the closing basis then it can get into good up momentum track again.

It is important to mention here that although it is looking good for the continuation of the up on the daily chart, but it is still into deep correction mode for its recent rise and also into correction for the earlier rise; furthermore,  it is below few of its short-term moving averages on the weekly chart and also below few medium-term moving averages on the daily chart, some important technical indicators are negative on the weekly & monthly chart, and most importantly the volatility is still there and the overbought condition on the weekly and monthly chart is also there but it neutralized on the daily chart little while ago but now again it is in the overbought territory, therefore, all indication together based on few indicators on the daily, weekly & monthly chart is pointing that it could head down again but after this up move is over. So be watchful till the chart setup and indicators build up good strength on the weekly and monthly chart.

Moving up from here its broad resistance points(for in between resistance points see the resistance table above) could be at  51314----51506-----51541----51639.66----51706----51803----51943----52340----52484----52618(some figure may change), it may correct at any of these points, but if it moves above  51528 & 51639.66 and sustain on the closing basis then it may get into the up momentum track again and thereafter closing above each point will strengthen the up move and finally if it moves above 52618 and sustain on the closing basis then it could retest its all-time high of 53357.70 or may go beyond it also and hit a new high. 

Similarly moving down from here it may find good support at 51138----51133—51117.85---51100.65----51036----50997----50933.45----51070---50943---50911-----50743-----50681-------50633----50529---50324---50289—--50933.45---49731----49717.78----49717-----49654----49650------49530----49332---48853.755----48636.45---48292.25---48203.45---47795.89----47533.83(figures may change), it can bounce back from any of these points, if it holds the range of 51117.85---51100.65----51036 & 50933.55 and then the range of 50911---50901---50743----50633 & 50529(some figure may change) on the closing basis then the chance of up move will be alive, else it will trigger fresh fall and thereafter break below each point will weaken the setup further. Please note that the range of 49731----49717----49654---49650---49332 is a very strong bounce back support range, but sustained break and close below this range will trigger fresh fall and will also threaten the long term uptrend and finally sustained break and close below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall again and that could be sharp in the intensity and then the correction could be more painful time-wise and price-wise both.

Since it is into correction mode therefore it is still sell on the rise market and sell on the price breakdown in general but both side trades can be tried depending on the price action for intraday gains. Please note that since it is into deep correction mode therefore buy trade could be a risky affair, therefore one should be extra alert in the long trade.

NOTE: - IF IT HOLDS THE RANGE OF 51117.85---51100 & 50934 ON THE CLOSING BASIS THEN THE UP MOVE CAN EXTEND, ELSE IT MAY MOVE DOWN. THE LONG-TERM UPTREND IS INTACT AS OF NOW. BUT IT IS IN CORRECTIVE MODE NOW.

STRENGTH: -

1. It is in the long-term uptrend now, but break below 49717 will threaten 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. Five out of seven indicators are positive now, pointing that it could extend the up move and indicate that it could head to 51600 levels or more as of now.

4. It is well above its pullback threshold point of 50289 & 50529(figure can change), if it holds above, it on the closing basis then it may continue the up-move.

5. It is making higher top & bottom on the line after a long time & higher top on the bar chart.

6. It is above most of its short-term moving averages now on the daily chart and the important average range for today is between 51036---50643----50911----50901----50743---50633(figure will change every day), sustained close above this range can extend the up move.

7 The price action was mixed today.

WEAKNESS: -

1. It is already into deep correction mode now as it is below almost all its important correction threshold point of 53036.49---- 52834.06----52454.47---52167.20---51891.39---51853.33---51639.66 & 51250.53 (figure may change), the other correction threshold points are50991.19----50772.53---50702.16 & 49877.99,  sustained close below the threshold points is a weak sign.                                          

2. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

3. Volatility and wild swing 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.

4. Two out of seven important indicators are negative on the daily chart.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 51056----50980 with a stop loss of 50850, for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. For safe traders it is suggested to avoid long trade for the day below 51143.

2. Short trade can be tried on the rise near or within the range of 51540---51640 with a stop loss of 51750 or can sell if it moves below 50900 and stay for some time with a stop loss of 51160 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.  

 

                        

 

CNX-NIFTY PROBABLE RANGE FOR -30.8.2024.

 

 CNX-NIFTY

CLOSED ON 29.8.2024:-25151.95

The possible range for the day is between 25198----25102, if it moves above 25198 and sustain then the upside target for the day could be 25247---25296---25345, if it moves above 25345 and sustain then it can sharply move up further. Similarly break below 25102 can pull it down to 25053---25004---24955, it can bounce back from any of these points but sustained break below 24955 may accelerate the fall further.

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

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -30.8.2024.

 

CNX- BANK NIFTY

CLOSED ON 29.8.2024:-51152.75

The possible range for the day is between 51248-----51056, if it moves above 51248 and sustains then the upside target for the day could be 51344---51440---51536, if it moves above 51536 and sustain then it can sharply move up further. Similarly break below 51056 can pull it down to 50960----50864----50768, it can bounce back from any of these points but break below 50768 may accelerate the fall.

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

         

   

 

A TECHNICAL UPDATE ON CNX-NIFTY-29.8.2024.

 

CNX-NIFTY

Open-25030.80--High-25129.60—Low---24964.64---Close-25052.35 on 28.8.2024.

Support:25030.95/24999.75/24956.40/24854.80/24638.80/24595.20/24461.05/24419.75/24210.80/24168.85/24141.80/24099.70/24074.20/23992.65/23985.80/23893.70/23667.10/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:25078.30/25129.60/25152/25337/25375/25473/25494/25551/25671/25868/25967/26118/26263.

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and in the process it hit a new all-time high of 25129.60 and finally ended the day with a gain of 34.60 points. Although it made a new high today but could not close above its previous all-time high of 25078.30, please note that for the continuation of the up move it has to sustain above 25078.30 on the closing basis, else it may correct for a while. Furthermore it has been rising straight for the last 10 days and this makes it highly vulnerable for a correction, so at this juncture correction looks inevitable and can happen anytime soon, so be watchful and alert. The trend is up.

The technical setup is very good, it is above all its short- medium and long term moving averages and few important technical indicators are positive on the daily chart, which is an extremely good sign for the continuation of the up move, and if it manages to hold the range of 24886.54---24854.80---24841.38---24837.93(very important range, break below this range will be an alert sign for going down) the up move is likely to continue, but even if it breaks this range but hold the range of-24872---24798---24744---24656---24571( figure will change daily)  on the closing basis then the chances of resuming the up move will be alive.

It is important to mention here that it is having see-saw movement every other day with huge volatility, which is not good sign for a steady market, the overbought condition on the weekly and monthly chart is still present but it neutralized on the daily chart little while ago and now again it is in the overbought territory, therefore, all indication together based on few indicators on the daily, weekly & monthly chart is pointing that it could head down again but after this up move is over. So be watchful till the indicators turn positive on the weekly and monthly chart.

Moving down from here it may find good support at 24886.54---24854.80---24841.38---24837.93----24798----24799----24744---24656----24626-----24571-----24486------24346---24182.24---24173.27----24099.70-----24074.20---23992.70---23985.80----23893.70(few figures may change Daily) break below the range of 24873.57---24854.80---24841.38----24794.76 will be an alert point for going down and thereafter break below each point will weaken it, but break and sustained close below of 24571 may trigger fresh fall, break and close below the range of 24221.44---24187.39----24099.70-----24074.20 may accelerate the fall and thereafter break and close below the range of 23992.70---23985.80----23893.70 may trigger fresh big down move and if sustain below this range then the correction could be more painful price-wise and time-wise both.

It is out of all corrective mode therefore it is buying on decline market now in general, but both side trades can be tried depending on the price action for intraday gains. Please note that since it is out of corrective mode therefore sell trade could be a slightly risky affair therefore one should be extra alert in the short trade.

NOTE:-IF IT HOLDS THE RANGE OF 24886.54----- 24854.80-----24841.38---24837.93 (FIGURE MAY CHANGE DAILY), THEN THE UP MOVE IS LIKELY TO EXTEND. IT IS IN THE LONG-TERM UPTREND. SHORT AND MEDIUM TERM BIAS IS ALSO UP.

STRENGTH: -

1. It is in the long-term uptrend now.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It still has higher top & bottom on the line & bar chart on the daily chart.

4. Four out of seven important technical indicators on the daily chart is positive.

5. It is above all its short-term moving averages on the daily chart and the important range for the day is between 24872---24798----24744----24656----24650----24571(figure will change every day), if it sustains above it then it is a strong sign for the continuation of the up-move.

6. It is well above its important pullback threshold point of 24173.27 & 24182.24(figure may change).  Please note that if it sustains above it on the closing basis then the up-move is likely to continue.

7. The price action was positive today.

8. It is out of all correction modes and the important correction threshold points are 24886.54----24854.80-----24841.38---24837.93----24221.44 & 24187.39 (figure may change) close below the threshold points is a weak sign.

9. It is in the new zone.

WEAKNESS: -.

1. Three out of seven important technical indicators are negative on the daily chart.    

2. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

3. Volatility and wild swing 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 25000----24950 with a stop loss of 24880 for possible intraday gains, else avoid.

2. Short trade can be tried on the rise near or within the range of 25160--25180 with a stop loss of 25230 or can sell if it moves below 24870 and maintain for some time with a stop loss of 24960 or if it does not move above 25130 in first one and half hour of trade the sell near it with a stop loss of 25180.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

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—29.8.2024

 

CNX-BANK NIFTY

Open—51208.95--High—51260.75--Low—51033.70---Close—51143.85 on 28.8.2024.

Support:51138.90/51133.20/50830.70/50438.20/49974.75/49659.05/49654.65/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85. 

Resistance:51877.15/51957.75/51996.65/52340.25/52547.55/52782.75/52794.95/52817.85/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a loss of 220.80 points. The technical setup is still weak, but the good point is that it is well above its pullback threshold point of 50529 & 50289(figure can change), it is above all its short-term moving averages on the daily chart, it is making higher top & bottom on the line chart and higher top on the bar chart, and most of the important technical indicators are positive now on the daily chart, therefore all together it indicates positive outlook as of now for the continuation of the up move. So please note that if it could manage to hold the range of 51117.85---51100.65---51050 & 50934 and then the range of 50897---50886---50759----50695---50653 & 50529(some figure will change every day) on the closing basis then it can still extend the up move and finally if it moves above 51528 & 51639.66(figure may change) and sustain on the closing basis then it can get into good up momentum track again.

It is important to mention here that although it is looking good for the continuation of the up on the daily chart, but it is still into deep correction mode for its recent rise and also into correction for the earlier rise; furthermore,  it is below few of its short-term moving averages on the weekly chart and also below few medium-term moving averages on the daily chart, some important technical indicators are negative on the weekly & monthly chart, and most importantly the volatility is still there and the overbought condition on the weekly and monthly chart is also there but it neutralized on the daily chart little while ago and now again it is in the overbought territory, therefore, all indication together based on few indicators on the daily, weekly & monthly chart is pointing that it could head down again but after this up move is over. So be watchful till the chart setup and indicators build up good strength on the weekly and monthly chart.

Moving up from here its broad resistance points(for in between resistance points see the resistance table above) could be at  51314----51506-----51541----51639.66----51706----51803----51943----52340----52484----52618(some figure may change), it may correct at any of these points, but if it moves above  51528 & 51639.66 and sustain on the closing basis then it may get into the up momentum track again and thereafter closing above each point will strengthen the up move and finally if it moves above 52618 and sustain on the closing basis then it could retest its all-time high of 53357.70 or may go beyond it also and hit a new high. 

Similarly moving down from here it may find good support at 51138----51133—51117.85---51100.65----50997----50933.45----51070---50897---50886-----50681----50759----50695---50653----50529---50324---50289—--50933.45---49717.78----49694----49688-----49654----49636------49530----49305---48853.755----48636.45---48292.25---48203.45---47795.89----47533.83(figures may change), it can bounce back from any of these points, if it holds the range of 51117.85---51100.65----50933.55 and then the range of 50897---50886---50759----50695---50653 & 50529(some figure may change) on the closing basis then the chance of up move will be alive, else it will trigger fresh fall and thereafter break below each point will weaken the setup further. Please note that the range of 49694----49688----49654---49636---49305 is a very strong bounce back support range, but sustained break and close below this range will trigger fresh fall and will  also threaten the long term uptrend and finally sustained break and close below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall again and that could be sharp in the intensity and then the correction could be more painful time-wise and price-wise both.

Since it is into correction mode therefore it is still sell on the rise market and sell on the price breakdown in general but both side trades can be tried depending on the price action for intraday gains. Please note that since it is into deep correction mode therefore buy trade could be a risky affair, therefore one should be extra alert in the long trade.

NOTE: - IF IT HOLDS THE RANGE OF 51117.85---51100 & 50934 ON THE CLOSING BASIS THEN THE UP MOVE CAN EXTEND. THE LONG-TERM UPTREND IS INTACT AS OF NOW. BUT IT IS IN CORRECTIVE MODE NOW.

STRENGTH: -

1. It is in the long-term uptrend now, but break below 49688 will threaten 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. Five out of seven indicators are positive now, pointing that it could extend the up move and indicate that it could head to 51600 levels or more as of now.

4. It is well above its pullback threshold point of 50289 & 50529(figure can change), if it holds above, it on the closing basis then it may continue the up-move.

5. It is making higher top & bottom on the line after a long time & higher top on the bar chart.

6. It is above most of its short-term moving averages now on the daily chart and the important average range for today is between 50965---50897----50886----50759----50695---50653(figure will change every day), sustained close above this range can extend the up move.

7 The price action was mixed today.

WEAKNESS: -

1. It is already into deep correction mode now as it is below almost all its important correction threshold point of 53036.49---- 52834.06----52454.47---52167.20---51891.39---51853.33---51639.66 & 51250.53 (figure may change), the other correction threshold points are50991.19----50772.53---50702.16 & 49877.99,  sustained close below the threshold points is a weak sign.                                          

2. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

3. Volatility and wild swing 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.

4.Two out of seven important indicators are negative on the daily chart.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 51117----51000 with a stop loss of 50900 or can try long trade if it moves above 51280 and maintain for some time with a stop loss of 51100, for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. 

2. Short trade can be tried on the rise near or within the range of 51380---51450 with a stop loss of 51650 or can sell if it moves below 50900 and stay for some time with a stop loss of 51120 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.