2
CNX-BANK NIFTY
Open---43626.10---High—43876.75---Low---43542.65---Close—43683.60
on 9.11.2023.
Support: 43600.35/43519.55/43446/43416.10/43345.95/43078.90/43038.25/ 42986.45/42589.65/42582.20/42108/42105.40/41962/41829.60/41626/41569/41060/40819/39424.85/39300.
Resistance:43706.15/43830.75/43862/43950/44151.80/ 44182.50/44207.25/44254/44279.40/44390/44459.25/44498.60/44547.80/44539/44566.30/44795/44949.60/45118.05/45238.80/45655.50
45782.75/45816/45893.80/46310.40/46369.50/.
(Bold and underlined figures are most important)
It opened on a negative note and then moved much higher during the day but could not sustain and finally ended the day with a meager gain of 24.95 points. It is still into deep short & medium term correction mode for its earlier rise, long term uptrend is also slightly threatened and break below 43573 & 43458(figure may change) will push it into short & deep short correction mode for its very recent rise. But the important and good thing is that the short term technical setup has reasonably improved, it has moved above its short term moving averages on the daily chart, it is making higher top & bottom on the line & bar chart, it is well above its recent down trend line ,which is a very positive sign, it is above its recent critical range of 43546---43320(figures will change every day) and most importantly it is well above its critical range of 43345.95---43112----43038.25----42996---42986.45(figures may change) and as long as it holds the mentioned range the up move is likely to continue with intermittent correction. Please note that to have a smooth & steady up movement it has to move above 43890---44151.80 & 44192 (figure may change) and sustain on the closing basis and to get into the strong up momentum track it has to close above 44530---44710.55----44750---45517(figure may change) and sustain on the closing basis. Please note that four out of five important technical indicators on the daily chart is positive now, raising good hope that up move can extend further, but all the five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore all together it is still highly concerning and indicates that after the extended up move it may still witness deep fall in coming days/ weeks/months as of now. Furthermore the price action has also not been consistently positive in the recent past and it has been slightly dicey for the last three days, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now and long term uptrend is also slightly threatened as of now. But as long as it holds the above mentioned range up move can extend with intermittent corrections. The short term bias is positive as of now.
Moving up
from here it may face resistance at 43800---44096---44151.80---44190---44237---44711---44741---45118---45363----45469---45517---45782.75---45816---45885---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. Break above 43800
may resume the up move. Please note that if it moves above 44190 and
sustain then it could retest its recent top of 44710.55 or can go beyond
it also.
Kindly note that moving down from here it’s possible support points would
be at 43573---43458.71---43416.10----43345.95---43284---43112---43038.25---42986.45---42987--42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure
may change) it may bounce back from any of these points,
break below the range of 43573---43458.71 will be an alert sign for long trade
and sustained break below the range of 43345.95---42987
may trigger big fall.
IMPORTANT NOTE:
-- The on-going up move
is likely to extend and it can move up to 44400 levels or more if it holds the
range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore
it is buying on decline market now till it holds the mentioned range. But please
note that weekly indicators are still pointing towards big fall in coming weeks
and it could head down to 41000 or much lower levels in coming weeks provided
it moves below 43038---42987 and sustains. Please note that sustained break below
43658 for the day can drag it down further.
TRADING TIPS:--
1. For safe traders long trade can be tried if it moves above 43765 and
maintain for some time with a stop loss of 43590 avoid buy on decline for
the day. But aggressive traders can also try long trade on decline near 43345.95
with a stop loss of 43200 or on sharp decline near or within the
range of 43050-----42987 with a stop loss of 42800. It could be a
highly risky trade.
2. It is already into deep short and medium term correction mode and long
term uptrend is also threatened, but the meaningful pullback up move is also on, even
then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or
within the range of 44000---44100 with a stop loss of 44200 or sell below 43540 with a stop loss
of 43700 for intraday corrective gain. It could be a risky trade
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.
Thanks
Narendra Kumar Surana
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
