A CONCISE UPDATE ON NIFTY-FIFTY-11.11.2024

 

NIFTY-FIFTY

CLOSED ON 8.11.2024:---24148.20.

Its critical range or point now is as follows:-

1. 24397---23893.70.

2. 24494---24550.

3. 24753.15.

If it moves above 24397(figure may change) and sustain on the closing basis then it may somewhat ensure that the up-move can extend, but break and sustained close below 23893.70 will trigger fresh big fall and if it sustains below it for a longer time then the correction could be more painful price-wise & time-wise both, therefore it is the most critical, important and decider point. Similarly moving up it has a very strong resistance in the range of 24494---24550 and sustained close above 24550 will strengthen it further for the continuation of the up-move and finally if it moves above 24753.15 and sustain then it may ensure that it could resume the strong up momentum again and may retest its previous all-time high of 26277.35 or may go beyond it also.

REMARKS:-In view of the above observation it seems that the final bottom is not yet in place because it is languishing near its most critical point or bottom of 23893.70 and in fact it broke this point twice during the recent fall but bounced back to close above it, therefore long trade can be tried near this point with a strict stop loss of 23800. But be cautious and alert because long trade in a deep corrective mode could be a risky affair but can be tried near critical support points with strict stop losses.

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