A TECHNICAL UPDATE ON CNX-NIFTY —16.2.2023

 

CNX-NIFTY

 Open-17896.60--High—18034.10--Low-17853.80---Close-18015.85 on 15.2.2023.

Support:17992/17972.70/17959.20/17812/17795.55/17774.25/17761.40/17637/17493.55/17452.90/17429/17405.55/17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: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)   

After 14 days trading it managed to close shade above 18000, which is a good sign, furthermore all the major important technical indicators are positive on the daily chart as of now, so it is likely to support the continuation of today’s up move in coming days, but until and unless it moves above 18132 and sustain on the closing basis it may not get the required strength to pick up the strong up momentum and this should happen in next few days else it may start to drift down again.

It is still in the corrective mode but pullback move is on and close above18363 could end the on –going correction, therefore all the observation & figures in my post of 13.2.2023 will remain valid except for the long term moving average range which is between 17841---17226(figures will change every day) for the day.  

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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.