CNX-BANK NIFTY
Open—46827.85--High—47440.45-Low—46827.85---Close—47124.60on
28.3.2024.
Support: 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: 47191.65/47259.85/47363.40/47481.35/47588/48161.25/48166.15/48203.45/48219.95/48292.25/48305.40/48381.95/48636.45/48722/48925/49024/49567.60/49696/49857/50324/50633.60/50850.
(Bold and underlined
figures are most important)
It opened on a positive note and steadily
moved up and hit an intraday high of 47440.45 and then slipped down and closed below more than 300 points from the
day’s high but with a gain of 338.65 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 volatility, which please keep in mind.
It is important to mention here that its critical & important points are 48203.45---48292.25
& 48636.45and 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 few days back
correction now it has started moving up again which is a positive sign, but the
volatility is a concern.
Moving up from here its broad resistance
points could be at 47270.25---47280.44---47328.78---47571.37---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 47571.37 and sustain then it will get out of all
corrective mode and can get into up momentum track 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.
Similarly down further from here the broad
support points could be at 47095---47060.10---47029.20---46995---46992----46876---46825---46720---46635----46533---46444---46379.26---46369.50----46310.10---46209----46160----46036---45828.80---45661.75----45421.96---45295---45194----44989(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, it is already into corrective
mode, but break below 47095 & 47060.10 will push
it into short correction mode for its very recent rise, sustained break below
the range of 46992---46876 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 46160 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 44989 may jeopardize the long term uptrend, which please
note.
It is important to mention here two out
of five important technical indicators
are positive and three indicators is negative on the daily chart, furthermore
four important indicators on the weekly and two indicators on the monthly chart is also negative pointing
that it could head down in coming weeks/months. Therefore, all together
volatility-wise & 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,
therefore if the other parameters remain good the up move may continue. But I
once again repeat that indicators speaks otherwise at this point of time, so
ride the on-going rise with caution and alert. It is in the long-term uptrend,
but still in corrective for earlier rise, therefore one can trade both sides
depending on the price range with strict stop loss.
TRADING TIPS: --
1. Long trade can be tried on decline near or within the range of 46992----46880
with a stop loss of 46700 or if it moves above 47278 and
maintain for some time with a stop loss of 47050 Please
note that long trade in corrective mode could be a risky affair but can be
tried at extreme critical support points with strict stop loss for pullback
gains.
2. It is in
the long term uptrend therefore short trade in general could be a highly risky
affair; but as it is into 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 47580—47650 or can
sell below 46800 with a stop
loss of 47000. 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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