A TECHNICAL UPDATE ON CNX-NIFTY —1.3.2023

 

CNX-NIFTY

 Open-17383.25--High—17440.45--Low-17255.20---Close-17303.95 on 28.2.2023.

Support:-17254.20/17175/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the deep corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 17866---17286((figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17463 and the major pullback trigger point is 16641 now (the trigger points will be scaled down once it breaks its recent low of 17255.20)

Please note that it has been falling for last eight days and its last two key support points for the time being are 17286(lower band of the long term moving averages) and 17175 as mentioned in my post of 27.2.2023, it did break its first key support of 17279 for 28.2.2023 intraday but just managed to close above it, however it is a weak sign. Please note that if it holds 17286 on the closing basis than it can give a relief rally in coming days, but sustained break below 17286 & 17175 can drag it down to 16750 levels or below. In this context please note that if it moves above its first pullback trigger point of 17463 and sustain then rally can extend further, but meaningful pullback rally can only be expected once it moves above 17641 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points mentioned in my post of 27.2.2023. The technical setup is bearish.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.