A TECHNICAL UPDATE ON CNX-NIFTY —2.2.2023

 

CNX-NIFTY

 Open-17811.60--High—17972.20--Low-17353.40---Close-17616.30 on 1.2.2023.

Support: 17493.55/17452.90/17429/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:17637/17761.40/17774.25/17795.55/17959.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

Today was the presentation union budget and market exhibited huge volatility but finally settled in the negative territory.

It is in the downtrend therefore all the observation in my last post of 30.1.2023 will remain the same except the trigger point for the possible pullback rally. The trigger points now are   17553 & 17715(figure will be scaled down if it breaks its recent low of 17353.40) and sustained close above these points may trigger a short or moderate pullback rally. Since it is  above its first trigger point of  17553 and if it holds it then it could move up to 17678 and if it closes above 17715 then pullback rally may get some strength and it could  extend  to 17777---17850—17877----17939---18032---18121---18132---18201.25. Please note that the pullback rallies are treacherous in the nature and can end abruptly at any of the above points or earlier also (as it happened today) trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains. It is important to mention here that it may get good strength and extended pullback rally only once it moves above its long term moving average range of  17800—17192(it changes every day) and sustain on the closing basis.

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.