A TECHNICAL UPDATE ON CNX-NIFTY—13.6.2023

 

CNX-NIFTY

 Open-18595.05--High—18633.60--Low-18559.75--Close-18601.50 on 12.6.2023.

Support: 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 18604.45/ 18662.45/16696.10/18778/18788/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

The view and observation posted for 12.6.2023 will also be relevant for 13.6.2023 with the following addition or modification in figures and partly in views.

1.  The price action is still weak.

2. Three out of four important technical indicators are showing distinct weakness on the daily chart. So, further fall looks imminent from here provided it breaks 18531.60 & 18464.55 and chances of breaking theses point’s looks very strong as of now.

3. Please note that if it does not bounce back above 18703 & 18733 in next two trading sessions and sustain on the closing basis then it may move sideways or may drift down.

TRADING TIPS:--

1.  For safe traders it is suggested to avoid long trade for the day, however aggressive traders can try long trade if it moves above 18635 and maintain for some time with a stop loss of 18580 or can buy on decline near 18563 and then near 18476 but not below it with a stop loss of 18520 & 18440 . Please note that long trade below 18563 could be a risky trade for the day. It is important to be extremely alert and cautious in the long trade at this juncture.

2. As it is into short correction therefore short trade can also be attempted on the price rise or on the price breakdown for intraday gain. One can try short trade near or within the range of 18680---18703 with a stop loss of 18740 or sell if it moves below 18531 with a stop loss of 18610.

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

Mobile—8240951127/9831313654.