A TECHNICAL UPDATE ON CNX-NIFTY —9.3.2023

 

CNX-NIFTY

 Open-17665.75--High—17766.55--Low-17602.25---Close-17754.40 on 8.3.2023.

Support: - 17719.75/ 17680//17641/17594/17565/17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 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 still in the deep corrective mode therefore all the observation in my last post of 6.3.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 17876---17325(figures will change every day, this is very strong support range) for the day.

It continued the up move and closed with a gain of 42.95 points. It is still within its long term moving average range but  well  above its major pullback trigger point of 17641, please note that as long as it sustains above it chances of pullback up move to continue will be alive with intermittent down correction, else it may start to drift down again. It will gain good strength above its long term moving average range and then sustained move above 18132 on the closing basis may put it on the strong up momentum.

It is important to mention here that certain technical indicators have turned positive on the daily chart, so if price action remains o.k. then indicators will eventually help the continuation of the up move. In this regard please note that today’s price action was slightly weak as it made lower high and lower low during the day  but eventually closed near the high of the day which was comforting.

TRADING VIEW: - Long trade can be tried if it  moves above 17800 and maintain for some time  with a stop loss of  17730 or can try buy on decline near 17645 with a stop loss of 17580.

NOTE: - If it opens up with huge gap up then wait for it to settle down 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.