CNX-NIFTY
Open—17599.90--High—17663.65—Low—17457.40---Close-17475.65
on 13.4.2022.
Support:17452.90/17442.35/17387.15/17354.05/17326/17216/17043/17003.90/16891.70.
Resistance: -17559/17600/17613/17639/17704/17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.
(Bold and underlined
figures are most important)
The week under review from 11.4.2020—13.4.2022
was a truncated week and it closed near the low of the week and below its first
critical point of 17560 which is concerning but it is still above other
critical points of 17464.75---17436.90---17387.15---17354.05, so as long
as it holds these points there is a possibility that it may bounce back and the
up rally may resume but it will gain strength only if it moves above 17795
& 17853 and sustain on the closing basis. Please note that moving down it
has bed of supports from its long term moving averages which are in the range of
17440---16700 so there is strong possibility that it could stage a
bounce back from this range but sustained break below 17354 will weaken
it and break below the range of 17224—17000 could possibly end the on-going
up move and finally sustained break below 16700 on the closing basis could
put the long term uptrend in potential danger, which may please be noted. Please
note that on the down move the potential bounce back range could be 17224---17000
& 16900---16700.
It is into corrective mode now
and it can come out of it if it moves above 17538 and then above 17853,
furthermore certain important technical indicators have also turned weak on the
daily chart ,which is concerning and if it does not improve fast it could drag
it down 17150—17100 levels or below, so be alert and careful. The long
term trend is still up but the short term trend is down as of now.
In view
of the above observation safe traders can try long trade only if it moves above
17560 and sustain on the closing
basis or if it holds 17440 levels for
some time with self defined stop loss, else avoid. However aggressive traders
can try long trade near or within the important range as mentioned above with a
self defined stop losses. Please trail your stop loss in case of profitable
trade to avoid losses. As it is in the corrective mode therefore one should be
very vigilant and cautious in the long trade. Since it is in corrective mode,
therefore short trade can also be tried on the reasonable rise at appropriate
points or on the price breakdown with self defined stop losses for a possible
intraday corrective gain. The short term bias is negative now.
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.
Contact me for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
No comments:
Post a Comment
Thank you for sharing your views.