CNX-NIFTY
Open-22592.10-High—22619—Low—22303.80--Close-22
514.65on 4.4.2024.
Support: 22452.55/22440.90/22297.50/22234.35/22180.70/22126.80/22124.15/21905.65/ 21883.30/21875.25/21860.65/21834.35/21801.45/21763.95/21750.25/ 21731.40/21727.75/21710.20/ 21593/21530.20/21500.35/ 21448.65/21285.55/21137.20/20976.80/20769.50/20507.75/20291.53/20222.45/19991.85/19875.25/19849.75/19635.30/19333.60/19329.10/19223.65/18973.30/18887.60/18837.85.
Resistance: 22516/22525.65/22526.60/22529.95/22623/22750/22787/22800/22838/22870/22935/23072/23117/23139/23344.
(Bold
and underlined figures are most important)
It opened with an up gap
and hit a new all-time high of 22619 and slipped down immediately and then
recovered in the second half and finally closed with a gain of 80 points, but below its critical top of 22526.60.
Please note that for the
continuation of the up move it must close above 22526.60 and then sustain
on the closing basis, else it may head down. 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 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 the gap
filling threat for earlier gap on the daily & weekly chart has faded out
but please note that eventually it will fill the gap someday(weekly gap of
20291.55 is yet to be filled), which please note.
Moving up from here the important resistance points could be at 22526.60---22529.95----22623----22750----22787----22800---22838----22870---22935---23072---23117---23139---23344,
it may correct at any of these points and may resume the up move again or may
exhaust the up move for a while and move sideways.
Similarly moving down from here the broad important
support points could be at 22452.55—22404.52---22369.44---22363.52-----22334---22225----22223----22215---22290---22194----22126.80---22118.40---22105---22022---21902.87---21871.36----21860---21801.45----21731.40----21727.75-----21710.20---21593---21500.35----21448.65---21285.55----21179----21137.20(figures
may change), and for in between and other support points
please refer the support table at the top, it may bounce back from any of these
points and may resume the up move again. Please note that break below 22404.52
will push it into correction mode for its very recent rise, break below the
range of 22369.44---22363.52—22290 will
deepen correction, sustained break below the range of 22225---22215 and below 22126.80 may trigger fresh fall, however
as long as it holds 21902.87 on the closing basis chances of continuation of
the up move will be alive, break
below the range of 21801.45—21731.40----21727.75---21710.20 may
jeopardize the up momentum for the year 2024 and then break below each
point will weaken it further and finally sustained break below 21179 &
21137.20 may accelerate the fall and will threaten the long term uptrend
also..
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 one indicator 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 such as moving
average placement is good, making higher top & bottom and price action has
also improved and more or less has been positive consistently, 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 22430----22370 with a stop loss of 22300 or can buy if it moves above 22527 and
maintain for some time with a stop-loss of 22450.
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 22675--- 22720 with a stop loss of 22770.
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 favorable 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
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
