CNX-NIFTY
Open-22316.90-High—22625.95—Low—22305.25--Close-22570.35
on 25.4.2024.
Support: 22529.95/ 22526.60/ 22525.65/22516/22452.55/22440.90/22297.50/22234.35/ 22180.70/22126.80/22124.15/21905.65/ 21883.30/21875.25/21860.65/21834.35/21801.45/21763.95/21750.25/ 21731.40/21727.75/21710.20/ 21593/21530.20/21500.35/ 21448.65/21285.55/21137.20/20976.80/20769.50/20507.75/20291.53/20222.45/19991.85/19875.25/19849.75/19635.30/19333.60/19329.10/19223.65/18973.30/18887.60/18837.85.
Resistance: 22623/22730/ 22787/22800/22838/22870/22935/23072/23117/23139/23344.
(Bold
and underlined figures are most important)
It opened with a down gap but did not go much
low after that and then started to recover and steadily moved up and in the
process filled the days gap also and finally ended the day with a good gain of 167.95 points. It continued the up move for the 5th day
in a row and today it exhibited good strength, which is a positive sign for the
continuation of the up move. Please note that the gap it created on 22.4.2024
is still there and if it makes an effort to fill the gap in the next 1-2
trading sessions, which is technically possible then it can go down to 22179.55,
but if it fails to fill the gap within the stipulated time then the chance of
filling the gap will recede for the time being, but eventually it will fill the
gap someday, which please keep in mind. The volatility is continuing which is
not a good sign for a steady market and eventually it can drag it down in
coming days/weeks & months. It is important to mention here that the gap
filling threat for earlier gap on the daily & weekly chart has faded out
but please note that eventually it will fill the gap someday(weekly gap of
20291.55 & daily gap of 22503.75(15.4.2024) is yet to be filled), which
please note.
Moving up from here the important resistance points could be at 22576.09-------22619----22664.33-----22775.70----22787----22800---22838----22870----22935,(figure
may change) and for in between and other resistance points please refer the
resistance table at the top. Please note that it may correct at any of these points and then may
resume the up move again or may exhaust the up rally for a while. Please note
that sustained close above 22576.09 may somewhat ensure that it could
retest its all-time high of 22775.70 or may go beyond it also.
Similarly moving down from here the broad important
support points could be at 22540.16---22526.60------22524.24----22399-----22395----22390----22389---22382----22342---22318----22277---22158.91-----22126.80---22013.19----21962---21923----21913----21883.30-----21860---21846.37----21801.45----21731.40----21727.75-----21710.20----21530.20---21448.65-----22285.55----21137.20(figures
may change), and for in between and other support points please refer the support
table at the top. Please note that it may bounce back from any of these points.
It is already into deep correction mode and will get out of it once it closes
above 22664.33, sustained break below 22526.60 may derail the up
momentum, sustained break below the range of 22392---22342 will weaken it further, break
below 22126.80 will be an alert sign but if it manages to hold 22013.19(pullback
threshold point) on the closing basis then the chances of up move will be
alive, it has a very strong support in the range of 21962---21923 therefore
it is expected to bounce back from this range but sustained break below the range
will open up the possibility to drag it down to 21710.20 levels or much
below, break below the range of 21801.45—21786.47---21731.40----21727.75---21710.20
may jeopardize the up momentum for the year 2024. Please note that the most
crucial , key and last important support point is 21710.20 and sustained break
below it may accelerate the fall and then the correction could be deep & painful time and value-wise both.
It is important to mention here that two out
of five important technical indicators have turned positive today but three are
still negative on the daily chart, so it may have both side moves in coming
days. Furthermore three important indicators on the weekly and one indicator on
the monthly chart is also negative pointing that it could head down in coming
weeks/months. But the other parameter such as moving average placement and
price action has improved smartly in the last few days and if it continues to
improve then the up move may continue. But the indicators weakness on the
daily, weekly & monthly chart is still a concern, therefore due caution is
important and necessary to ride the rise because the on-going rally may end
abruptly also if it does not move and sustain above important points on the
closing basis, which may please be kept in mind. It is in the long-term uptrend;
but into short correction mode, but pullback mode is also on therefore both
side trades can be tried depending on price action.
IMPORTANT NOTE: -- IF IT MOVES ABOVE 22576.09 AND SUSTAIN ON THE CLOSING BASIS THEN IT
CAN RETEST ITS ALL-TIME HIGH OF 22775.70 OR MAY GO BEYOND IT ALSO. IT IS SUGGESTED
TO AVOID LONG TRADE BELOW 22490 FOR THE DAY.
TRADING TIPS: --
1. Long trade can be tried on decline if it holds 22526.60
for some time with a stop loss of 22470 or can buy on deep decline near or
within the range of 22425----22380 with a stop loss of 22320. Please
note that long trade in a corrective mode could be a risky affair but can be
tried near the important support points for pullback gains but with strict stop
loss.
2. It is in the long term uptrend therefore short
trade in general could be a highly risky affair; but it is into short
correction mode now, therefore short trade can also be attempted on the
reasonable rise or on price breakdown for intraday corrective gains but with
extreme caution and alert. Short trade can be tried on the rise near or within
the range of 22775--- 22825 with a stop loss of 22875 or sell if
it does not move above 22626 in first hour of trade even intraday with a
stop loss of 22670 It could be a risky trade but worth trying 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
