CNX-BANK NIFTY
Open---44872.60---High—44937.25---Low---44562.40---Close—44639.45
on 12.7.2023.
Support: 44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.
Resistance:44747.35/44787.10/
-44812/44939/44958/45179/45210/45416/45525/45655.50/45658/46268/46364/47575.
(Bold and underlined figures are most important)
It is still in the short corrective mode and continued the fall for the 4th
day and ended the day with a loss of 105.60 points. It is still way below
its key point of 44844 for the on-going week and below its monthly key
points of 44958---44787.10 & 44747.35, furthermore it is also below
some of its short term moving averages on the daily chart after a long time and
most importantly some of the important technical indicators are pointing
towards weakness in coming days all together it is a very weak sign and it can
drag it down further from here if it does not stage a sharp recovery in next 2-3
trading sessions and move above 44958 at least and sustain on the
closing basis then it may be able to move ahead further. Short term bias is
down as of now.
Moving down further from here its
good support points could be at 44623---44492---44346----44151.80---43994(figures
may change), these could be possible buying points also as it may bounce back from any of these points
and resume the up move again. It is already into short correction mode now, break
below 44623 will be an alert sign, break below 44340 will be a
warning signal and sign of weakness and finally it may lose upside steam for a
while if it moves below 44151.80 & 43994 and sustain on the closing
basis.
Similarly
moving up from here it may face resistance at 44747---44787---44844---44898---44930---44943---44965---45110----45151----45345---45416---45525---45590----45655.50---45658----45938---46268---46364
it may correct at any of these points and then may resume the up move again. Please
note that 44821(figure may change) is its pullback threshold point and
if it closes above it and sustain then chances are that it can stage a pullback
up move and the upside could be 44980---45109--- 45238---45398---45437
and if it closes above 45437 and sustain then it could retest it
all-time high of 45655.50 or may go beyond it also, else down move may
continue with in between relief rallies.
Kindly note that it is still in
the long term uptrend and its buy on decline market in general, but it is in
correction now, therefore buying can be considered on decline at appropriate
strong support levels, although it is in an uptrend but how the correction will
culminate is not know because correction may take an ugly turn also sometimes
it is already deepening now, therefore watch out carefully and structure your trade accordingly with the help of above mentioned
figures and range with strict stop losses.
TRADING TIPS:--
1. Safe traders can try long trade if it closes above 44960 else avoid. However,
aggressive traders can also try long trade on sharp decline if it holds the
range of 44623---44350 and then near 44151.80 with a stop loss of
44230 & 43950 respectively. or if it moves above 44821 and
maintain for some time with a stop loss of 44720, but please note that
it could be a highly risky trade for the day. LONG TRADE BELOW 44844 COULD
BE A RISKY TRADE FOR THE WEEK STARTING FROM 10.7.2023 AND BELOW 44787.10 &
44958 FOR THE ENTIRE MONTH.
2. It is in the long term uptrend therefore short trade in general could
be a risky affair but it is into correction now, therefore short trade can also
be attempted on the reasonable rise or on the price breakdown for intraday
corrective gains. Short trade can be tried on the rise near or within the range
of 45050---45100 with a stop loss of 45200 or sell if it remains
below 44821 with a stop loss of 44970. It could be a risky trade
but worth trying for intraday 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 favourable 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.
m for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
