CNX-BANK NIFTY
Open—47350.25--High—47676.95-Low—47279.80---Close—47624.25on
3.4.2024.
Support: 47588/47481.35/47363.40/47259.85/47191.65/47010.80/46919.70/46892.35/46886.90/46529.05/46507.15/46426.85/46369.50/46310.10/46181.20/45905.85/45828.80/45661.75/45655.50/
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: 47795/48161.25/48166.15/48203.45/48219.95/48292.25/48305.40/48381.95/48636.45/48722/48925/49024/49567.60/49696/49857/50324/50633.60/50850.
(Bold and underlined
figures are most important)
It opened on a negative note and thereafter
had both side moves during the day and finally ended the day with a, gain of 78.80 points. The
volatility is continuing which is not a good sign for a steady market and
eventually it can drag it down in coming days/weeks & months, however as
long as price action and other parameters supports it may continue to show
upside from time to time but fear of moving down will always be there because
of the volatility and weak technical indicators on the weekly & monthly
chart, which please keep in mind.
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 must
sustain above these points on the closing basis. It has been below all these
points for a long time, which is weak sign. However, after good correction few
days back it has started moving up again and inching towards the critical point
which is a positive sign.
Moving up from here its broad resistance
points could be at 47617---47644---47695---47795----48161.25---48381.95---48636.45-(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. Please note that 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.
Similarly moving down further from here the
broad support points could be at 47571.37----47328.78--47280.44---47270.25----47264.01----47095----47094----47030---47029.20---47005----46995-----46949.45---46825---46720---46635----46533---46444---46379.26---46369.50----46310.10---46220----46209----46036---45828.80---45661.75----45421.96---45295---45194----45060(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 sustained break below 47571.37
will indicate that it may get into correction, break below the range of 47328.78---47280.44---47264.01
will push it back into good correction mode , break below 47095 may
deepen correction, sustained break below the range of 47094---47030---47005 may trigger fresh fall , but if it holds 46369.50 on the closing
basis then the chances of up move will be alive, sustained break below 46310.10 may accelerate
the fall, break below 46220 will threaten the long term up trend,
sustained break below 45661.75 may weaken it further, 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 45060 may jeopardize the long term uptrend, which please
note.
It is important to mention here all the five
important technical indicators are positive now on the daily chart, which is a
positive sign and indicate further upside may be ahead. But four important
indicators on the weekly and two indicators on the monthly chart is negative
pointing that it could head down in coming weeks/months. Therefore, all
together volatility-wise & weekly & monthly indicator-wise it is still
on a weak footing, which is concerning. However, on the other parameters it
looks good such as moving average placement, making higher top & bottom and
price action has also improved and positive, but today it was weak, therefore
if the other parameters remain good the up move may continue. But I once again
repeat that the weekly & monthly indicators speak otherwise at this point
of time, so ride the on-going rise with caution and alert. It is in the
long-term uptrend; therefore it is buying on decline market now.
TRADING TIPS: --
1. Long trade can be tried on decline near or within the range of 47400----47265
with a stop loss of 47050 or if it moves above 47727 and
maintain for some time with a stop loss of 47550..
2. It is in
the long term uptrend therefore short trade in general could be a highly risky
affair; but even then 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 47950—48050
with a stop loss of 48180 or sell below 47520 with a stop
loss of 47715. 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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