A TECHNICAL UPDATE ON CNX-NIFTY —24.3.2023

 

CNX-NIFTY

 Open-17097.40--High—17205.40--Low-17045.30---Close-17076.95 on 23.3.2023.

Support:  17058/17044/17035/16950/16888/16836—833---809/16747.70/16438.75/16410.20.

Resistance: 17145.80/ 17166---17161/17175/17211.35//17224.65/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17565/17594/ 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 20.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 17845---17368(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17058 & 17315 (figure will change if it breaks 16828.32).

MOVING UP CRITICAL RESISTANCE POINTS IS: - 17145.80---17175---17211.35---17224.65---17315---17362. (Possible sell points also)

MOVING DOWN CRITICAL SUPPORT POINTS IS: 17058---16950---16915---16888--16836—833---809---16747.70. (Possible buy points also)

After two days of relief rally it corrected today, so it is clearly visible that the up move is temporary and very weak in nature. It finally closed with a loss of 75 points. But it is well above its strong support range of 16915---16809---16747.70  ,one key important technical indicator is also positive and most importantly  it is above its short pullback trigger point of 17058, so the possibility of an up move is still there till it manages to hold this point on the closing basis, but a strong and meaningful pullback up move can only be expected if it moves above 17315 & 17368 and sustain on the closing basis, else it will continue to move down with short relief rallies because technical indicators on the weekly & monthly chart as of now  indicates that it may eventually break the aforesaid strong support range in coming week/months, so be alert and watchful.

The bias is  bearish as of now and since  it is into deep corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till correction completion  or bottoming out signs are visible. However aggressive traders can try intraday long trade at critical support points with strict stop losses because short pullback up move is on, but be alert because long trade for pullback gains could be a risky affair.

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.