NIFTY-FIFTY AN IMPORTANT UPDATE-18.11.2024

 

NIFTY-FIFTY

Closed at—23532.70 on 14.11.2024.

Please note that moving down from here it’s critical support range could be as follows and it could be strong bounce range too ;-

1. 23431---23350.

2. 22794----22775.

3. 22281----22165.

4. 21821----21710.

5. 21281----21137.

Kindly note that break & sustained close below the range of 23431(figure will change daily)----23350 will potentially threaten the long term uptrend and can drag it down to 22794---22775 range and if it fails to hold this range then it will indicate fresh weakness in it and can drag it down to 22281-----22165 range. It is important to note here that if it break & sustain below the range of 2281—22165 on the closing basis, then it is likely to break the range of 21821---21710 & 21281---21137 and may head for further fall.

The technical interpretation change with time and price change but as of now the technical indicators potentially indicates that it is likely to break the range of 22281---22165 in coming days, weeks and months.

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