CNX-NIFTY
Open-17771.15--High—18091.55--Low-17771.15--Close-18003.75
on 14.9.2022.
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)
On world market
negative cues it opened with huge down gap but filled the gap during the day
and in the process filled yesterday’s gap also and finally ended the day with a
loss of 66.30 points. It went below
its critical point of 17920 intraday
today but eventually bounced back and closed well above it which shows good
strength in it and a hugely positive sign. Kindly note that if it holds 17920 levels and then crosses 18114.65 on
the closing basis then there will be a strong possibility that it could retest its
all time high of 18604.45 or may go
beyond it also, but if it fail to cross 18114.65
levels and break below 17920 on the
closing basis and sustain then it could drag it down. Moving up its key
resistance points would be at -18088.75---18114.65---18217---18308---18350.95---18503---18604.45---19329.
Similarly moving down it will find good support at 17992.20---17948.24---17920---17824---17797---17784----17713---17644---17624
break below 17948.24 will push it
into very short corrective mode, break below 17920 will be an extreme alert point and sustained close below it
may put the uptrend in jeopardy, break below 17824 may weaken it further, break below 17700 & 17670 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, alone this
weakness is not that concerning, therefore if it holds 17920 levels and then crosses 18114.65
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 17860. But aggressive traders can also try long trade if it moves above 18071 and maintain for some time with a
stop loss of 17980 or on decline near
or within the range of 17740---17680 with
a stop loss of 17640. Please note
that the long trade below 17920
could be a risky affair. 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 18115---18140 with a stop loss of 18180 or sell if it moves below 17860 with a stop loss of 17950. 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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