CNX-NIFTY
Open—16126.20--High—16158.75—Low—16031.15---Close-16058.30
on 12.7.2022.
Support: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:16133.57/16162.55/16172.60/16203.25/16275.50/16376.05/16410.20/16472/16490//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 sharply corrected today and
closed with a loss of 157.70 points. It slipped into very short
corrective mode today as it is below its threshold point of 16095.89 and
break below the range of 16017---15991---15986.42 will weaken it further
and close below 15810(as of now, this figure may change) may signal the
end of this rally. But it is still
positive on the daily chart on all important parameters as of now, so up move
may continue once this correction ends and provided it hold its key points. 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 and I have always alert you about it from time to time, so although
up move is still on and short term bias is up now, but one should be extremely
alert and vigilant in the long trade at this juncture.
However moving up it will face stiff
resistance at 16095.89---16173---16276---16376---16414---16435---16472---16490---16662---16793.55---16894
and this rally may end at any of these points or earlier also, but if it moves
above 16435(this figure change may every day) and sustain on the closing
basis then, it may show meaningful strength and the rally can extend further. I
once again reiterate that as it broke 16095.89 on the closing basis
therefore it slipped into very short corrective mode today and sustained break
below the range of 16017---15991---15986.42 on the closing basis may
weaken it further and finally if it closes below 15810 then it may
signal the end of the rally and down move may start. So be watchful.
In view of the above observation,
long trade can be tried if it moves above 16221 and maintains for some
with a stop loss of 16130 or on decline
near or within the range of 16017---15991---15986.42
but not below this range with a stop loss of 15940. Today’s corrective
move could be a signal of the end of the rally if it does not bounce back above
its key points. Therefore, it is
suggested to be extremely cautious and watchful in the long trade at this point
of time. Short trade can also be attempted on the rise near or within the range
of 16160---16220 with a stop loss of 16290 or on the price
breakdown i.e. sell below 15940 with a stop loss of 16030 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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