A TECHNICAL UPDATE ON CNX-NIFTY —22.2.2023

 

CNX-NIFTY

 Open-17905.80--High—17924.90--Low-17800.30---Close-17826.70 on 21.2.2023.

Support:17812/17795.55/17774.25/17761.40/17719.75/17637/17493.55/17452.90/17429/17405.55/17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17959.20/17972.70/17992/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is in corrective mode and still within the range of its long term moving average which is between 17860---17251(figures will change every day) for the day, furthermore it is  below some of its short & medium term moving average on the daily chart and in some averages below the weekly chart also which is  concerning. However as long as it holds the pullback trigger point of 17715 on the closing basis chances of pullback rally will be alive, else fall may accelerate. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is mixed as of now with a slight tilt towards downside.

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.