CNX-NIFTY
Open-18044.45--High—18088.30--Low-18015.45--Close-18070.05
on 13.9.2022.
Support: 17992.70/17947.55/17925.95/17920/17860/17797/17794/17777.65/17759.30/17639.50/17490.70/17485.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.
Resistance: 18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329..
(Bold and underlined figures
are most important)
It opened with an
up gap and went up further and finally ended the day with a gain of 133.70 points. Please note that the gap
it created today and on 8.9.2022 is
still there and if it makes an effort to fill this gap in next 3-4 & 1 trading session
respectively which is technically possible then it can come down to 17980 & 17650. Please note that if it does not fill the gap in the
stipulated time then chances of filling the gap will recede for the time being.
It is showing good strength and most importantly it is well above its critical
point of 17920 which is hugely
positive. Kindly note that if it holds 17920
levels on the closing basis then
there is a strong possibility that it could retest its all time high of 18604.45 or may go beyond it also, but
sustained break below 17920 could
drag it down. Moving up its key resistance points would be at 18114.65---18217---18308---18350.95---18503---18604.45---19329.
Similarly moving down it will find good support at 17992.20---17939.99---17920---17864---17797---17784----17713---17644---17624
break below 17939.99 will push it
into very short corrective mode, break below 17920 will be an extreme alert point and may put the uptrend in danger,
break below 17864 may weaken it
further, break below 17644 & 17624 may
trigger fresh fall with an accelerated pace, going down further it has a bed of
strong support in the range of 17387.15---17377---17354.05---17345.20---17329.32---17312.90
you would recall that it has bounced back from this range recently couple of
times; therefore till it holds this range chances of up move may remain intact,
but sustained break below this range on the closing basis may begin a steady
down move which may please be noted. It is buying on dip market now as long as
it holds 17920 on the closing basis.
The overall technical
setup is looking strong. The technical indicators have improved and out of four only one important technical
indicators is still showing some weak sign on the daily chart, which is not
that concerning, therefore if it holds 17920
levels on the closing basis then up move should continue with intermittent
correction, else it could start moving down.
In view of the above observation for
safe traders long trade can be tried if it moves above 18115 and maintain for some time with a stop loss of 18050 or can buy on decline at
appropriate points or near 17920 but
not below it with a stop loss of 17870. But aggressive traders can also try long trade on decline near or
within the range of 17736---17670 with
a stop loss of 17620. Please note
that long trade below 17920 could be
a risky bet for the day. Although it is in the long term uptrend but short
trade can also be tried after reasonable rise or on price breakdown for
intraday corrective gain. Sell on the rise near or within the range of 18150---18170 with a stop loss of 18220 or sell if it moves below 17870 with a stop loss of 17945. The short, medium and long term trend
is up as of 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 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.
m for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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