A TECHNICAL UPDATE ON CNX-NIFTY-31.10.2024

 

CNX-NIFTY

Open-24371.45--High-24498.20—Low---24307.30--Close-24340.85 on 30.10.2024.

Support:24141.80/24099.70/24074.20/23893.70/23667.20/23664/23350/23338.20/23110.80/22794.70/22775.70/22526.60.

Resistance:24472.80/24567.65/24694.35/24753.15/24854.80/24885.15/24978.30/25078.30/25285.55/25333.65/25445.70/25847.35/26277.35/26328/26995/27095/27212/27293/27381.

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 126 points. The overall chart setup is still weak, it is already into the deep correction mode and also into correction mode for its recent rise,  it is still below all its short & medium term moving averages on the daily chart and below all short term moving averages on the weekly chart, making lower top & bottom on the line & bar chart and almost all the important technical indicators are negative now, therefore all developments together indicates that further fall looks inevitable in coming days with in between relief rallies and after yesterdays up move it had a down move today but how it will culminate has to be seen in next 2-3 days trading session. The undertone is very weak. The short & medium term trend is bearish, but the long term uptrend is still intact.

HEAD & SHOULDER PATTERN VISIBLE ON THE DAILY CHART:-

It has decisively broken the neckline today which is placed at 24753.15 and if it sustains below it then the maximum downside could be in the range of 23200---23100. Please note that if it bounce back above 24753.15 and sustain then this pattern will be negated. This is a very powerful pattern and rarely fails.

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find good support at 24370---24347.70---24258---24141-----24099.70-----24074.20----24047.39-----24025-----23893.70-----23594-----23534-----23482----23422----23372----23304(few figures may change daily) it can bounce back from any of these points, but please note that if it sustains below 24370 & 24347.70 on the closing basis then it may end the possibility of an up-move and can drag it down to 23893.70 levels. Please note that break & sustained close  below 24258 will  threaten the long term uptrend, break & sustained close below 23893.70 may trigger fresh big down move and if sustain below this point on the closing basis then the correction could be more painful price-wise and time-wise both and finally break & sustained close below 23304 may potentially end the long term uptrend for the time being. The range of 24258---24222-------24142---24108 is a very strong bounce back range, sustained break below this range may witness an accelerated fall.

POSSIBLE MOVE ON THE UPSIDE:-

Please note that it is below its key points of 25106.68---24753.15----24593.91---24347.70(figure may change), but it is above its long term moving average of 24258(figure will change daily, it is for the day) and if it holds it the there is a hope that it can move up, if it moves above 24347.70(weak pullback threshold point) and sustains  on the closing basis then it can have a feeble up-move,  if it moves above 24593.91(strong pullback threshold point, figure may change) and sustain on the closing basis then there is a strong possibility that the up move can extend for sure, if it moves above 24753.15 and sustain on the closing basis then it will give strong chance for extending the up-move and may resume the big up-move too, and if it moves above  25106.68(correction threshold point for its recent rise, figure may change) and sustain on the closing basis then it will come out of corrective mode for its recent rise and it may provide firmness for the continuation of the up-move. But to gain a strong foothold for the continuation of the up move it has to move above the range of 24416---24517----24613----247402---24760(figure may change) and sustain on the closing basis, and if it moves above 25714.81 & 25917.64(figure may change) and sustain on the closing basis then it may gain good strength and it will get into the good up momentum track if it moves above 26043.29 (figure may change) and sustain on the closing basis.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY, WEEKLY & MONTHLY CHART:-

It is important to mention here that it is having see-saw movement quite often with huge volatility, which is not good sign for a steady market, the overbought condition on the  monthly chart is still present, but  on the daily & weekly chart  it is in the oversold or neutral zone now,  so it may stage a short rally anytime and it is rallying for the last two days, but it may not last and it fell today because the overall technical setup is very weak and most importantly  huge negative divergence  is there on the daily &weekly chart and it appeared on the monthly chart too and sell  mode is also there on the daily & weekly chart, so all together these developments are concerning, therefore, all indication together based on the indicators on the daily, weekly & monthly chart is pointing that it  may slide further in coming days may be with an in between short relief rally at times after the on-going up-move ends.

IT IS SELL ON THE RISE MARKET NOW IN GENERAL;-

It is into the correction mode therefore it is sell on rise market now in general till it gets out of the correction mode or give visible sign of correction completion, but aggressive traders can try both side trades depending on the price action for intraday gains, but long trade could be a risky affair.  

STRENGTH: -

1. It is in the long-term uptrend, break below 24258 will threaten the long term uptrend.

2. It is far-far above its most 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. The price action was positive today.

4. One out of seven important indicators is positive on the daily chart, indicating oversold /neutral condition.

WEAKNESS: -.

1. Six out of seven important technical indicators on the daily chart are negative, indicating oversold condition, sell mode and negative divergence, all indicators on the weekly chart  are also negative indicates overbought condition, sell mode and negative divergence and finally on the monthly chart also it indicates overbought condition and negative divergence also appeared.    

2. 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.

3. It is into correction mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25106.68----25098.32-----25064.27-----24521.63--- (figures may change). The other important correction threshold points are at 24047.39----23659.18---21848.52 (figure may change) and if it sustain below these points correction will deepen. 

4. It is below almost all its short-term moving averages now on the daily chart and the important average range for the day is between 24416---24501----24517----24613----2474---24760 (figure will change every day), sustained close below this range can accelerate the down move.

5. It is below its strong pullback threshold point of 24593.91(figure may change) and also below weak pullback threshold point of 24347.70(figure may change).

6. It is making lower top & bottom on the line and bar chart both.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24258---24150 with a stop loss of 24060 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 24480—24510 with a stop loss of 24570. 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—31.10.2024

 

CNX-BANK NIFTY

Open—51988.70--High—52220--Low—51733--Close—51807.50 on 30.10.2024.

 

Support:51750.10/51138.90/51133.20/51000.90/50947.70/50369.40/50194.30/49974.75/49654.65/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85. 

Resistance:51996.65/52199.45/52340.25/52577.50/52782.75/52794.95/53357.70/53741.40/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55827/56135/56218.

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 513.20 points. The overall chart setup is still weak, it is still  into the deep correction mode for its earlier rise and it slipped again into corrective mode  for its recent rise today as it closed below its threshold point of 52015.06(figure may change), but the good point is that it is above all its short and few  medium term moving averages on the daily chart and above almost all short and above all medium term moving averages on the weekly chart, and it has made higher top, it is still holding the upside breakout from its immediate down trend line which is placed at 51570(figure will change every day) for the day, furthermore few important technical indicators have turned positive and triggered buy signal also, therefore all together it indicates that this rise can extend further  in coming days provided it holds the key points as mentioned below . The short & medium term bias is down, but the long term uptrend is still intact.

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find broad support at (for other support points see the table on the upside) 51708----51543----51479----51202.74------51022----50958-----50792-----50725.76----50698-----50617------50481-----50377---50044----49795-----49765----49730----49654.65------49511-----49423----49201.72-----49149-----48636.45---48292.25---48203.45---47756(figures may change), it can bounce back from any of these points, break & sustained close below the range of 51708----51617----51543----51479---51202.74 may end the possibility of a continued up –move for the time being. But  please note that  the range of 51022----50958----50792-----50698----50617---50481-----50377 and then 50044----49816----49795---49730-----49654.65----49511---49423----49144(figure will change every day) is a very strong bounce back support range,  break & sustained close below 51022 will threaten the long term uptrend and thereafter break & close below each point will weaken it further, break and sustained close below 49144 may potentially end the long term uptrend for the time being and finally if it break the range of 48636.45---48292.25---48203.45---47756 and sustains on the closing basis then the correction could be more painful price-wise & time-wise both, which may please be noted.

 POSSIBLE MOVE ON THE UPSIDE:-

 Please note that if It holds the range of 51708----51570-----51543----51479----51202.74----51022 (figure may change) on the closing basis then the up move can extend for sure but break & sustained close below the range and particularly below 51202.74 & 51022 will end the possibility of an up-move for a while. Moving up from here the broad upside target could be 51827---52138---52331----52577----52835----53459---53613 it can correct at any of these points and then may resume the up-move again or up-move can fizzle out for good also. Please note that to gain a strong strength for the continuation of the up-move it has to move above the range of 53331.55-----53357.70----53500.30(figure may change) and sustain on the closing basis and it will get into the strong up momentum track if it moves above 53613 & 53636.71(figure may change) and sustain on the closing basis and then it could retest its all-time high of 54467.35 or can go beyond it also.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY, WEEKLY & MONTHLY CHART:-

It is important to mention here that it is having a see-saw movement quite often with huge volatility, which is not good sign for a steady market, now the overbought condition on the daily, weekly & monthly chart is present, some indicators triggered buy signal also  but the few technical indicators are still weak and most importantly  huge negative divergence  is there on the daily,  weekly chart and it appeared on the monthly chart too , so all together these developments are painting a mix picture now , so watch out for the next 1-2 days  that how it pans out eventually and in fact it wiped out 50% yesterdays gain  today, which indicates weak undertone  , therefore, all indication together based on the  indicators on the daily, weekly & monthly chart is pointing that it could head down  and may seek much lower levels in coming days with intermittent relief rallies after this on-going rally finally ends.

IT IS SELL ON THE RISE MARKET NOW IN GENERAL;-

It is into the deep correction mode therefore it is sell on rise market now in general till it gets out of the correction mode or give visible sign of correction completion, but aggressive traders can try both side trades depending on the price action for intraday gains, but long trade could be a risky affair.  

STRENGTH: -

1. It is still in the long-term uptrend; break below 51022 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. It is above its weak & strong pullback threshold point of 50900.11 & 51202.74(figure may change) respectively, price above these points may help it extend the up-move.

4 The price action was mixed today.

5. Three out of seven important indicators is positive on the daily chart, indicating overbought condition and triggered buy signal also.

6. It l has made higher top on the line chart.

7 It is above all its short-term moving averages now on the daily chart and the important average range for day is between 51479---51543---51554----51569---51621---51708(figure will change every day), sustained close above this range can help to extend the up-move.

WEAKNESS: -

1. 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.

2. Four out seven important indicators on the daily chart are negative , given negative divergence, but in the overbought zone. Please note that indicators, on the weekly & monthly chart, also indicating overbought condition, sell signal and negative divergence too.

3. It is into deep correction mode as it is  below some of the correction threshold points of 53636.71-----53500.30---53331.55--52487.43---52098.30----52015.06 (figures may change). The other important correction threshold points are at ----51549.93----51492.11 ----50725.73----49201.72---45416.49 (figure may change) and if it sustain below these points correction will deepen.

4. It slipped into correction mode for its recent rise as it closed above its threshold point of 52015.06(figure may change).

TRADING CALL: -- 

1. Long trade can be tried on decline near 51570 time with a stop loss of 51300 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 52170---52230 with a stop loss of 52370 or can sell below 51670 with a stop loss of 51930. 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 -31.10.2024

 

CNX-NIFTY

CLOSED ON-30.10.2024:-24340.85

The possible range for the day is between 24387----24292, if it moves above 24387 and sustain then the upside target for the day could be 24435--24483---24531, if it moves above 24531 and sustain then it can sharply move up further. Similarly break below 24292 can pull it down to 24244---24196---24148 it can bounce back from any of these points but sustained break below 24148 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 -31.10.2024

 

CNX- BANK NIFTY

CLOSED ON 30.10.2024:-51807.50

The possible range for the day is between 51928-----51685, if it moves above 51928 and sustains then the upside target for the day could be 52050---52172---52294, if it moves above 52294 and sustain then it can sharply move up further. Similarly break below 51685 can pull it down to 51563----51441----51319 for the day, it can bounce back from any of these points but break below 51319 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-30.10.2024

 

CNX-NIFTY

Open-24328.85--High-24484.50—Low---24140.85--Close-24466.85 on 29.10.2024.

Support:24141.80/24099.70/24074.20/23893.70/23667.20/23664/23350/23338.20/23110.80/22794.70/22775.70/22526.60.

Resistance:24472.80/24567.65/24694.35/24753.15/24854.80/24885.15/24978.30/25078.30/25285.55/25333.65/25445.70/25847.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL, VIEW: --   

It opened on a flat to negative note and thereafter had both side moves during the day and finally ended the day with a gain of 127.70 points. The overall chart setup is still weak, it is already into the deep correction mode and also into correction mode for its recent rise, despite today’s rise it is still below almost all its short & medium term moving averages on the daily chart and below all short term moving averages on the weekly chart, making lower top & bottom on the line & bar chart and almost all the important technical indicators are negative now, therefore all developments together indicates that further fall looks inevitable in coming days with in between relief rallies and today’s up move was a relief rally only but how it will culminate has to be seen in next 2-3 days trading session. The short & medium term trend is bearish, but the long term uptrend is still intact.

HEAD & SHOULDER PATTERN VISIBLE ON THE DAILY CHART:-

It has decisively broken the neckline today which is placed at 24753.15 and if it sustains below it then the maximum downside could be in the range of 23200---23100. Please note that if it bounce back above 24753.15 and sustain then this pattern will be negated. This is a very powerful pattern and rarely fails.

POSSIBLE MOVE ON THE UPSIDE:-

Please note that it is below its key points of 25106.68---24753.15----24593.91---24347.70(figure may change), but it is above its long term moving average of 24248(figure will change daily, it is for the day) and 24347.70(weak pullback threshold point) if it sustains above it then the chances are that it can have a feeble up-move,  if it moves above 24593.91(strong pullback threshold point, figure may change) and sustain on the closing basis then there is a strong possibility that the up move can extend for sure, if it moves above 24753.15 and sustain on the closing basis then it will give strong hope for extending the up-move and may resume the big up-move too, and if it moves above  25106.68(correction threshold point for its recent rise, figure may change) and sustain on the closing basis then it will come out of corrective mode for its recent rise and it may provide firmness for the continuation of the up-move. But to gain a strong foothold for the continuation of the up move it has to move above the range of 24556---24565----24660----24782----24833(figure may change) and sustain on the closing basis, and if it moves above 25714.81 & 25917.64(figure may change) and sustain on the closing basis then it may gain good strength and it will get into the good up momentum track if it moves above 26043.29 (figure may change) and sustain on the closing basis.

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find good support at 24370---24347.70---24248---24131-----24099.70-----24074.20----24047.39-----24015-----23893.70-----23585-----23521-----23473----23408----23362----23290(few figures may change Daily) it can bounce back from any of these points, but please note that break & sustained close below  24370---24347.70 &24248  t may end the possibility of an up-move and can drag it down to 23893.70 levels. Please note that break & sustained close  below 24248 will also threaten the long term uptrend, break & sustained close below 23893.70 may trigger fresh big down move and if sustain below this point on the closing basis then the correction could be more painful price-wise and time-wise both and finally break & sustained close below 23290 may potentially end the long term uptrend for the time being. The range of 24093----24015---23893 is a very strong bounce back range.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY, WEEKLY & MONTHLY CHART:-

It is important to mention here that it is having see-saw movement quite often with huge volatility, which is not good sign for a steady market, the overbought condition on the  monthly chart is still present, but  on the daily & weekly chart  it is in the oversold or neutral zone now,  so it may stage a short rally anytime and it is rallying for the last two days, but it may not last  because the overall technical setup is very weak and most importantly  huge negative divergence  is there on the daily &weekly chart and it appeared on the monthly chart too and sell  mode is also there on the daily & weekly chart, so all together these developments are concerning, therefore, all indication together based on the indicators on the daily, weekly & monthly chart is pointing that it  may slide further in coming days may be with an in between short relief rally at times after the on-going up-moves ends.

IT IS SELL ON THE RISE MARKET NOW IN GENERAL;-

It is into the correction mode therefore it is sell on rise market now in general till it gets out of the correction mode or give visible sign of correction completion, but aggressive traders can try both side trades depending on the price action for intraday gains, but long trade could be a risky affair.  

STRENGTH: -

1. It is in the long-term uptrend.

2. It is far-far above its most 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. The price action was mixed today.

4. One out of seven important indicators is positive on the daily chart, indicating oversold /neutral condition.

5. It is above its weak pullback threshold point of 24347.70(figure may change).

WEAKNESS: -.

1. Six out of seven important technical indicators on the daily chart are negative, indicating oversold condition, sell mode and negative divergence, all indicators on the weekly chart  are also negative indicates overbought condition, sell mode and negative divergence and finally on the monthly chart also it indicates overbought condition and negative divergence also appeared.    

2. 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.

3. It is into correction mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25106.68----25098.32-----25064.27-----24521.63--- (figures may change). The other important correction threshold points are at 24047.39----23659.18---21848.52 (figure may change) and if it sustain below these points correction will deepen. 

4. It is below almost all its short-term moving averages now on the daily chart and the important average range for the day is between 24456---24556----24565----24660----24782---24833 (figure will change every day), sustained close below this range can accelerate the down move.

5. It is below its strong pullback threshold point of 24593.91(figure may change).

6. It is making lower top & bottom on the line and bar chart both.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24370---24350 with a stop loss of 24240 or can try long trade if it moves above 24493 and maintain for some time with a stop loss of 24420 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 24670—24720 with a stop loss of 24780. 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—30.10.2024

 

CNX-BANK NIFTY

Open—51404.10--High—52354.85--Low—51278.90--Close—52320.70 on 29.10.2024. 

Support:52199.45/51996.65/51750.10/51138.90/51133.20/51000.90/50947.70/50369.40/50194.30/49974.75/49654.65/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85. 

Resistance:52340.25/52577.50/52782.75/52794.95/53357.70/53741.40/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55827/56135/56218.

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a robust gain of 1061.40 points. The overall chart setup is still weak, it is still  into the deep correction mode for its earlier rise, but the positive development is that it is out of its corrective mode for its recent rise, today it bounced back above all its short & medium term moving averages on the daily & weekly chart, and it has made higher top today, it has given upside breakout from its immediate down trend line, furthermore few important technical indicators turned positive today and triggered buy signal also, therefore all together it indicates that this rise can extend further  in coming days provided it holds the key points as mentioned below . The short & medium term bias is down, but the long term uptrend is still intact.

 POSSIBLE MOVE ON THE UPSIDE:-

 Please note that if It holds the range of 52015.06---51698----51535----51517----51202.74----50997 (figure may change) on the closing basis then the up move can extend for sure but break & sustained close below the range and particularly 51202.74 & 50997 will end the possibility of an up-move for a while. Moving up from here the broad upside target could be 52331----52577----52835----53459---53613 it can correct at any of these points and then may resume the up-move again or up-move can fizzle out for good also, break & close below these points will start the downslide again. Please note that to gain a strong strength for the continuation of the up-move it has to move above the range of 53331.55-----53357.70----53488----53500.30(figure may change) and sustain on the closing basis and it will get into the strong up momentum track if it moves above 53613 & 53636.71(figure may change) and sustain on the closing basis and then it could retest its all-time high of 54467.35 or can go beyond it also.

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find broad support at (for other support points see the table on the upside) 52015.06---51698----51535----51517----51202.74------51052-----50997----50776-----50725.76----50676-----50617------50461-----50351---50022----49816----49771-----49710----49654.65------49646----49510-----49399----49201.72-----49120-----48636.45---48292.25---48203.45---47756(figures may change), it can bounce back from any of these points, break & sustained close below the range of 52015.06---51698----51535----51517----51202.74 may end the possibility of a continued up –move for the time being. But  please note that  the range of 50997----50776-----50676----50617---50461-----50351 and then 50022----49816----49771---49710----49683---49654.65---49646-----49510---49399----49120(figure will change every day) is a very strong bounce back support range,  break & sustained close below 50997 will threaten the long term uptrend and thereafter break & close below each point will weaken it further, break and sustained close below 49120 may potentially end the long term uptrend for the time being and finally if it break the range of 48636.45---48292.25---48203.45---47756 and sustains on the closing basis then the correction could be more painful price-wise & time-wise both, which may please be noted.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY, WEEKLY & MONTHLY CHART:-

It is important to mention here that it is having a see-saw movement quite often with huge volatility, which is not good sign for a steady market, now the overbought condition on the daily, weekly & monthly chart is present, some indicators triggered buy signal today  but the few technical indicators are still weak and most importantly  huge negative divergence  is there on the daily,  weekly chart and it appeared on the monthly chart too , so all together these developments are painting a mix picture now , so watch out for the next 2-3 days  that how it pans out eventually, therefore, all indication together based on the  indicators on the daily, weekly & monthly chart is pointing that it could head down  and may seek much lower levels in coming days with intermittent relief rallies after this on-going rally ends.

IT IS SELL ON THE RISE MARKET NOW IN GENERAL;-

It is into the deep correction mode therefore it is sell on rise market now in general till it gets out of the correction mode or give visible sign of correction completion, but aggressive traders can try both side trades depending on the price action for intraday gains, but long trade could be a risky affair.  

STRENGTH: -

1. It is still in the long-term uptrend; break below 50997 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. It is above its weak & strong pullback threshold point of 50900.11 & 51202.74(figure may change) respectively, price above these points may help it extend the up-move.

4 The price action was positive today.

5. Three out of seven important indicators is positive on the daily chart, indicating overbought condition and triggered buy signal.

6. It is out of correction mode for its recent rise as it closed above its threshold point of 52015.06(figure may change).

7. It l has made higher top on the line chart.

8 It is above all its short-term moving averages now on the daily chart and the important average range for day is between 51517---51523---51535----51554---51580---51698(figure will change every day), sustained close above this range can help to extend the up-move.

WEAKNESS: -

1. 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.

2. Four out seven important indicators on the daily chart are negative , given negative divergence, but in the overbought zone. Please note that indicators, on the weekly & monthly chart, also indicating overbought condition, sell signal and negative divergence too.

3. It is into correction mode today as it closed below some of the correction threshold points of 53636.71-----53500.30---53331.55--52487.43--- (figures may change). The other important correction threshold points are at 52098.30----52015.06----51549.93----51492.11 ----50725.73----49201.72---45416.49 (figure may change) and if it sustain below these points correction will deepen.

TRADING CALL: -- 

1. Long trade can be tried on decline near 52051 time with a stop loss of 51760 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 52870---52970 with a stop loss of 53170. 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.