CNX-BANK NIFTY
Open---44615---High—44936.55---Low---44400.90---Close—44766.10
on 25.9.2023.
Support:-44547.80/44539/44498.60/44459.25/44279.40/44254/44207.25/44151.80/
43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962
Resistance:44795/44949.60/45118.05/45238.80/45655.50/
45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.
(Bold and underlined figures are most important)
After four days fall it opened flat to positive note and had both side
movement during the day but finally ended the day with a gain of 154.05 points. It took a breather after 4 days of fall. It is already
into deep short term correction mode for its recent rise. It is below some of
its short & medium term moving averages on the daily and below some short
term moving averages on the weekly chart also, which is a weak sign and
indicates that further fall may be ahead with short relief rallies. Please note
that for the reasonable or good pullback up move it has to move above 44852(figure
may change) and sustain on the closing basis, else the down move may
continue, but to get into strong up
momentum track it has to close above 45200---45816 & 45929(figures may
change) and sustain on the closing basis. However, if it manages to hold 44548.90
(figure may change) on the closing basis then the hope of an up may be alive,
else it may slip down to it next strong support range of 44254---44151.80 and
break below this range could be highly concerning. The short term technical
setup has weakened, furthermore on the daily chart all the five important
indicators are negative now therefore down move is likely to continue, few
indicators on the weekly and monthly chart are also showing weakness as of now.
Please note that weak indicators with weak price action are a deadly
combination and it can pull it down sharply and the price action has been weak
since 18.9.2023. It is therefore suggested to keep an eye on the price action
and if it does not improve fast then further downside is wide open. It is
into deep short correction mode now but the long term trend is up.
Kindly note
that moving down from here the key support points could be 44628--44548.90---44539---44254---44151.80(figure
may change) break below 44628 may weaken it, break below 44539
will push it into deep long term corrective mode but if it holds 44254 &
44151.80 on the closing basis then the hope of up move will still be alive ,but break below 44151.80 on
the closing basis may dampen the possibility of continuation of the up move and
it may slide down and then the next strong support range would be between 44005----43600----43446---43345.95
Break below 44005(figure will change every day) will threaten the
long term uptrend. It is important to mention here that
sustained break below 43345.95 on the closing basis will trigger fresh fall and
it may witness an accelerated down move and most importantly it could be trend
threatening also, which may please be noted.
Moving up
from here it may face resistance at 44852---44985—45118---45130---45356---45581----45716---45716---45782.75---45816---45860---45929---46310.40---46369.50(some
figure may change). Please note that it may correct at any of these points
and then may resume the up move again or rally may exhaust also.
IMPORTANT NOTE:
-- It is into short correction mode now, therefore it
is sell on the rise market now till it closes above 45816 and sustain,
therefore long trade could be risky thing till correction is on and it can get
out of corrective mode if it closes above 45814, but long trade can be tried
intraday at critical support points for pullback gains only. Long trade below
44612 & 44548.90 could be a risky bet for the day.
TRADING TIPS:--
1. Safe traders should avoid long trade till correction completion sign
emerges or it closes above 44852 at least. But aggressive traders
can try long trade on decline if it holds 44612 levels for some time
with a stop loss of 44500 or on further decline near or within the range
of 44254—44151.80 with a stop loss of 43900.
2. It is into
the long term uptrend therefore short trade in general could be a risky affair,
but it is into deep short correction mode now, therefore short trade can be
attempted but with extreme caution and care 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 45150---45250 with a stop loss of 45320
or sell if it moves below 44548 with a stop loss of 44780.
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.
