A TECHNICAL UPDATE ON CNX-NIFTY —15.3.2023

 

CNX-NIFTY

 Open-17160.55--High—17224.65--Low-16987.10---Close-17043.30 on 14.3.2023.

Support: 17035/16950/16888/16836—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 17872---17350(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17179 & 17436 (figure will change if it breaks 16987.10).

It is decisively below its long term moving average range lower band of 17350, furthermore it is also 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 levels 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 16985---16950---16915---16747.70.

The price action is tremendously weak and most importantly three out of four important technical indicators are negative but one key indicator is still positive on the daily chart despite sharp fall in the last few days ,which is indicating that it could possibly stage a temporary bounce back from here because 16985---16747.70  is a very strong support range. But the bias is hugely bearish therefore sell on the rise or sell on the price breakdown strategy should be adopted for now. However aggressive traders can try long trade at critical support points with strict stop losses.

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.