CNX-NIFTY
Open-18046.35--High—18096.15--Low-17861.50--Close-17877.50
on 15.9.2022.
Support: 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: 17920/17947.55/17992.70/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329..
(Bold and underlined figures
are most important)
It opened on a
positive note and went up further but could not sustain at the upper level and
slipped down and finally ended the day with a loss of 126.35 points. Please note that for the continuation of the up move
and to retest its all-time high 18604.45
or to go beyond, it has to sustain above its two critical points of 17920 & 18114.65 on the closing
basis. Today it went near 18114.65
but could not cross it, furthermore it was above 17920 levels for the last three days but closed well below it today
which is a weak sign. Please note that if it fails to bounce back above 17920 & 18114.65 and sustain in
next 4-5 trading session then it may
start drifting down. However moving up it will face resistance at 17920---17951.75---17992.70---18096.15---18114.65---18217---18308---18350.95---18503---18604.45---19329.
Similarly moving down it will find good support at 17876.68---17797---17759----17704---17695---17624 it has
slipped into very short corrective mode today as it closed below its threshold
point of 17951.75,it is also below
its critical point of 17920 and sustained
close below it may put the uptrend in jeopardy, break below 17876.68 may weaken it further, break
below the range of 17759---17704---17670--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 still looking o.k. as of now. But again out of four important
technical indicators now two are weak on the daily chart and the second indicator
has turned weak today only which is a bad sign, furthermore it has closed well below
its critical point of 17920 also
,therefore all these developments makes it more concerning. I once again
reiterate here that if it fails to bounce back shortly above its critical point
of 17920 & 18114.65 then it
could witness moderate to sharp fall in coming days.
In view of the above observation for
safe traders long trade can be tried if it closes above 18115 and avoid buy on decline for the day. But aggressive traders
can try long trade if it moves above 17952 and maintain for some time with a
stop loss of 17860 or on decline near
or within the range of 17760---17700 with
a stop loss of 17610. Please note
that the long trade below 17920
could be a risky affair. Although, it is in the long term uptrend but slipped
into very short corrective mode today therefore 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 18100---18120
with a stop loss of 18160 or sell
if it moves below 17860 with a stop
loss of 17955. It slipped into very
short corrective mode today, so watch out how this correction culminates, but
the medium and the 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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