A TECHNICAL UPDATE ON CNX-NIFTY —14.3.2023

 

CNX-NIFTY

 Open-17421.90--High—17529.90--Low-17113.45---Close-17154.30 on 13.3.2023.

Support: 16950/16888/16836—833---809/16747.70.

Resistance: 17166---17161/17175/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17565/17594/ 17641/ 17680/ 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 in the deep corrective mode therefore all the figures & observation in my last post of 13.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 17875---17350(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17276 & 17533 (figure will change if it breaks 17113.45).

It has decisively gone below its long term moving average range today which has severely threatened the long term up trend, furthermore it has also closed below its last key support point of 17175 which is concerning and if it remains below it on the closing basis then it is heading for 16747.40 and sustained break below this mark may end the long term uptrend for a reasonable length of time and downward journey may continue with intermittent relief rally. Moving down from here it may find support at 17035---16985---16915---16747.70.

The price action is terribly weak and most importantly three out of four important technical indicators has turned negative today on the daily chart which is concerning. Looking at overall technical setup, it is suggested that long trade should be avoided till it closes above 17175 or 17350(lower band of the long term moving average). The bias is hugely bearish therefore sell on the rise or sell on the price breakdown strategy should be adopted 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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.