CNX-NIFTY
Open—16136.15--High—16248.55—Low—16115.50---Close-16216
on 11.7.2022.
Support:16203.25/16172.60/16162.55/16133.57/15991//15986.42/15962.25—914---903---895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.
Resistance:16275.50/16376.05/16410.20/16472/16490//16565/16695/16701.55/16752.40/16793.85/16824.70---833---837/16888.70/16891.70/16894/17006--003.
(Bold and underlined
figures are most important)
It opened weak on a note and
ended the day with a meager loss of 4.59 points. It is still positive on
the daily chart on all important parameters as of now, so up move may continue.
It is important to mention here that in all probability it is a pullback rally
and you are well aware that these rallies can end abruptly as it happened in
the past also, so although up move is indicating strength and short term bias
is up now, but one should be extremely alert and vigilant in the long trade at
this juncture.
Moving up it will face stiff
resistance at 16276---16376---16414---16440---16472---16490---16662---16793.55---16894
and this rally may end at any of these points or earlier also, but if it moves
above 16440(this figure change may every day) and sustain on the closing
basis then, it may show meaningful strength and the rally can extend further.
Similarly moving down break below 16095.89(figure will move up if it crosses
it recent high of 16275.50) on the closing basis can push it into very
short term corrective mode and sustained break below the range of 16017---15991---15986.42
on the closing basis may end the rally for good and down move will start. But
bounce back above this range may resume the up move again, which may please be
noted.
In view of the above observation,
long trade can be tried if it moves above 16276 and maintains for some
with a stop loss of 16170 or on decline
near 16100 and then near or within the range of 16017---15991---15986.42
but not below this range with a stop loss of 16050 & 15940
respectively. The highly aggressive traders can also try long trade if it moves
and maintains above 16250 for some time with a stop loss of 16200.
It is suggested to be extremely cautious
and watchful in long trade at this point of time because with every rise
chances of rally fizzle out is also becoming greater till it moves above the
critical points mentioned above. Short trade can also be attempted on the rise near
or within the range of 16250---16276 with a stop loss of 16340 or
on the price breakdown for intraday corrective gains. The short term trend is
positive as of now, but the medium and long term trend is still in danger.
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.
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Thank you for sharing your views.