CNX-BANK NIFTY
Open---46131.90---High—46191.50---Low---45858.75---Close—45923.05
on 24.7.2023.
Support:-45658/45655.50/45525/45416/45210/45179/44958/44939/44812/44787.10/
44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.
Resistance:-45925/45940/
46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.
(Bold and underlined figures are most important)
It opened on a positive note and went up further slightly but it made
lower high and lower low today and finally ended the day with a loss of 152.15 points. It slipped into short correction mode today as it closed below
its threshold point of 45940 and critical point of 45925, which
is a weak sign. Please note that the correction may not last for more than next
3-4 trading sessions at the maximum and it may resume the up move again,
but if it last beyond that then it could be disturbing and break below 45655.50
& 45410 will indicate significant weakness and can drag it down further,
so be watchful. The overall technical
setup is very strong for the continuation of the up move but volatility is a
slight concern. It is in the strong long term uptrend and it is buying on
decline market in general as of now but as it slipped into correction today therefore
one should be slightly alert and cautious in the long trades at this point of
time because how correction will culminate has to be seen. The long term bias is
hugely bullish as of now.
Moving down further from here its
good support points could be at 45697----45655.50---45656----45570----45475---45410.85---45327---45281.30---45038---44958---44825---44787---44747—44695---44539----44151.80(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 slipped into correction mode today and now break
below each support point will weaken it further, break below 45570 will
be an alert point, sustain break below 45410.85 may trigger fresh fall,
sustained break below 44942 may accelerate the fall, break below 44770
could be highly concerning, break below 44539 will get it into deep and
long corrective mode and finally it may lose upside steam for a while if it
fall below 44151.80 and sustain on the closing basis.
Similarly
moving up from here it may face resistance at 45940---45980---46268---46340---46364---46369.50---47448---47980
it may correct at any of these points and then may resume the up move again. Please
note that if it closes above 45940 and sustains then it will get out of
corrective mode and if it closes above 45980(figure may change) and
sustain then it can have pullback up rally which could take it to 46054---46114---46174---46249---46268
please note that it can exhaust at any of these points or earlier also but if
it moves above 46268 and sustain on the closing basis then it could
retest its all-time high of 46369.50 or may go beyond it also, else it
may drift down.
TRADING TIPS:--
1. Safe traders should avoid long trade below 45940 but can try if it
moves above 46010 and maintain for some time with a stop loss of 45850.
However, aggressive traders can try long trade on sharp decline at appropriate
points or near or within the range of 45570----45450 and not below it
with a stop loss of 45240. It could be a risky trade but worth
trying.
2. It is in the long term uptrend therefore short trade in general could
be a risky affair. But as it slipped into short correction mode today,
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 46170---46200 with a stop loss of 46300
or sell below 45850 with a strict stop loss of 45990 It
could be a highly 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.
