CNX-NIFTY
Open-22421.55-High—22476.45—Low—22384--Close-22402.40
on 24.4.2024.
Support: 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: 22440.90/22452.55/22516/22525.65/22526.60/ 22529.95/ 22623/22730/ 22787/22800/22838/22870/22935/23072/23117/23139/23344.
(Bold
and underlined figures are most important)
It opened on a positive
note and thereafter had both side moves during the day and finally ended the
day with a gain of 34.40 points. It continued the
up move for the 4th day in a row is a good sign but the intensity has
slowed down a bit, so watch out. It is above its pullback threshold point of 22013.19,
which is positive sign and if it sustains above it on the closing basis then
the up move can extend, else it may start to move down again. Please note that the gap it created on 22.4.2024 is
still there and if it makes an effort to fill the gap in the next 2-3 trading
sessions, which is technically possible then it can go down to 22179.55,
but if it fails to fill the gap within the stipulated time then the chance of
filling the gap will recede for the time being, but eventually it will fill the
gap someday, which please keep in mind. 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. 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 & daily gap of 22503.75(15.4.2024) is yet to be filled), which
please note.
Moving up from here the important resistance points could be at 22524.24----22526.60----22540.16-----22576.09-------22619----22664.33-----22775.70----22787----22800---22838----22870----22935,(figure
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 sustained close above 22526.60 may put it back on the up momentum
track and finally sustained close above 22576.09 may somewhat ensure
that it could retest its all-time high of 22775.70 or may go beyond it
also.
Similarly moving down from here the broad important
support points could be at 22395----22389---22369---22399-----22318----22277---22158.91-----22126.80---22013.19----21962---21923----21913----21883.30-----21860---21846.37----21801.45----21731.40----21727.75-----21710.20----21530.20---21448.65-----22285.55----21137.20(figures
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.
It is already into deep correction mode, sustained break below the range of 22369---22318 will weaken it, break
below 22126.80 will be an alert sign but if it manages to hold 22013.19(pullback
threshold point) on the closing basis then the chances of up move will be
alive, it has a very strong support in the range of 21962---21923 therefore
it is expected to bounce back from this range but sustained break below the range
will open up the possibility to drag it down to 21710.20 levels or much
below, break below the range of 21801.45—21786.47---21731.40----21727.75---21710.20
may jeopardize the up momentum for the year 2024. Please note that the most
crucial , key and last important support point is 21710.20 and sustained break
below it may accelerate the fall and then the correction could be deep & painful time and value-wise both.
It is important to mention here that despite 4
days rise all the five important technical indicators are still negative on the
daily chart, which is weak sign and indicates further down move may be ahead therefore
it seems that it may head down after the on-going pullback rally is over. Furthermore
three important indicators on the weekly and one indicator on the monthly chart
is also negative pointing that it could head down in coming weeks/months. But
the other parameter such as moving average placement and price action has
improved in the last four days and if it continues to improve then the up move
may continue. But the indicators weakness on the daily, weekly & monthly
chart is concerning, therefore due caution is important and necessary to ride
the rise because the on-going rally may end abruptly also, which may please be
kept in mind.. It is in the long-term uptrend; but into short correction mode,
but pullback mode is also on therefore both side trades can be tried depending
on price action.
IMPORTANT NOTE: -- THE ON-GOING UP MOVE MAY EXHAUST AT ANY OF THESE POINTS 22526.60----22540.16----22576.09
BUT IF IT MOVES ABOVE 22576.09 AND SUSTAIN ON THE CLOSING BASIS THEN IT CAN
RETEST ITS ALL-TIME HIGH OF 22775.70 OR MAY GO BEYOND IT ALSO. SIMILARLY AS
LONG AS IT HOLDS 22013.19 ON THE CLOSING BASIS THE CHANCES OF UP MOVE WILL BE
ALIVE AND BREAK BELOW IT CAN DRAG IT DOWN. IT IS SUGGESTED TO AVOID LONG TRADE
BELOW 22337 FOR THE DAY.
TRADING TIPS: --
1. Long trade can be tried on decline if it holds the
range of 22384----22369 for some time with a stop loss of 22300. Please
note that long trade in a corrective mode could be a risky affair but can be
tried near the important support points for pullback gains but with strict stop
loss.
2. It is in the long term uptrend therefore short
trade in general could be a highly risky affair; but it has slipped into deep short
correction mode today, therefore short trade can also be attempted on the
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 22475--- 22505 with a stop loss of 22580 or sell
below 22300 with a stop loss of 22380 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
