A TECHNICAL UPDATE ON CNX-NIFTY —16.3.2023

 

CNX-NIFTY

 Open-17166.45--High—17211.35--Low-16938.90---Close-16972.15 on 15.3.2023.

Support: 16950/16888/16836—833---809/16747.70/16438.75/16410.20.

Resistance:17035/17044/17166---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 17143 & 17399 (figure will change if it breaks 16938.90).

The technical setup and price action is very weak but it has a very strong support in the range of 16950---16915---16800---16747.70 , furthermore one key technical in is still positive after five days sharp fall, so chances of a temporary short bounce back is there if it sustain this range. Please note that if it moves above 17175 and sustain then a feeble up move is expected but a strong and meaningful up move can only happen if it moves above 17399 and sustain on the closing basis, else down move will continue with short relief rallies and it may eventually break the aforesaid strong support range in coming days and then it may witness an accelerated fall, which please note. Please note that sustained break below 16747.70 on the closing basis may end the long term uptrend for a reasonable length of time. So please be extra alert in short trade near or within the above mentioned support range and in long trade also because it is in deep down correction.  

The bias is hugely bearish as of now 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, but it could be a risky affair mind you.

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.