CNX-BANK NIFTY
Open—47792.20--High—47853.80--Low—47230.65---Close—47327.85on
11.3.2024.
Support: 47259.85/47191.65/47010.80/46929.70/46892.35/46886.90/46580.30/46507.15/46426.85/46369.50/46310.10/46181.20/45905.85/45661.75/45655.50/ 45430.70/44949.90/44633.85/44612/44547.80/44429/43830.75/43796.75/43600.35/43345.95/43230.95/42582.20/42105.40.
Resistance: 47363.40/47411.65/47481.35/47588/48161.25/48166.15/48203.45/48219.95/48292.25/48305.40/48381.95/48636.45/48722/48925/49024/49567.60/49696/49857/50324/50633.60/50850.
(Bold and underlined
figures are most important)
It opened on a negative note and then inched
up little higher thereafter steadily moved down and finally ended the day with a
loss of 507.95 points. It is needless to mention here that it has
been exhibiting volatility for a long time now and having a see-saw movement
quite often, which is a huge concern and is not a good sign for a steady market
and may eventually drag it down sharply in coming days/weeks & months.
It is important to mention here that its critical & important points are 48203.45---48292.25
& 48636.45 and to keep up the up momentum going on in the year 2024 it has
to sustain above these points on the closing basis. It has been below all these
points for a long time. But it was inching up
towards the aforesaid critical points in the last few days, but it corrected
again and continued the fall for the 2nd day .please note
that if it holds the level of 47191.65 then it is likely to resume the
up move again ,else correction may deepen..
Moving down further from here the broad
support points could be at 47280.44---47191.65---47095----47097---47000----46932------46911----46819----46616---46596-----46455----46251----46161----46077---46036---45983----45820---45421.96---45295---45194----44798(Figure
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, but today it has slipped into short & medium correction mode for
its very recent rise as it closed below its threshold point of 47571.37
&47328.78, break below47280.44 will push it into long correction mode for its
recent rise, sustained break below 47191.65 may trigger fresh fall, sustained break below the range of 47097---46819
may accelerate the fall, break below 45983 will threaten the long term
up trend, sustained break below 45421.96 may end the possibility for the
continuation of the up move for a while and it may head for further down move
and finally sustained break below 44798 may jeopardize the long term
uptrend, which please note.
Moving up from here its broad resistance
points could be at 47328.78---47363.40---47433.85---47571.37----47644---
47795----48166.15---48203.45---48292.25---48636.45---48722---48925---49024(figures
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. But if it moves above 47571.37
and sustain then it will get out of corrective mode and finally if it moves
above 47795 and sustain on the closing basis then it may retest its
all-time high of 48636.45 or may go beyond it also.
It is important to mention here that all the five
important technical indicators are positive now on the daily chart indicating
that up move is likely to continue. But two out of five indicators on the
weekly & two on the monthly chart is still negative pointing that it could
head down in coming weeks/months but it has improved, however caution is
suggested. But the most important thing is that other parameters such as moving
averages placement is still good, it made higher top on the line and the bar
chart and finally the price action has been more or less good consistently, but
today it was weak, so watch out. Therefore if these parameters remain o.k. and
it moves above its few important points then the up move is likely to continue.
Last but not the least in the worst case scenario as long as it holds 45421.96
(figure may change) on the closing basis hope of up move will be
alive. The bias is positive and it is buying on decline market as of now.
TRADING TIPS:--
1. Long trade can be tried on decline near or within the range of 47230---47191
with a stop loss of 47000 or if it moves above 47482 and maintain
for some time with a stop loss of 47270.
2. It is in
the long term uptrend therefore short trade in general could be a highly risky
affair; but as it slipped into short & medium correction mode, therefore
short trade can be attempted on 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 47800---47850 with a
stop loss of 47950 or sell below 47170 with a stop loss of 47420
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 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.
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