A TECHNICAL UPDATE ON CNX-NIFTY—15.6.2023

 

CNX-NIFTY

 Open-18744.60--High—18769.70--Low-18690--Close-18755.90 on 14.6.2023.

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

 (Bold and underlined figures are most important)

After two days correction at the end of the last week it has been continuously moving up for the last three days in the on-going week and closed above its recent important points of 18703--18719 & 18733 today, it is out of correction which is a good sign and if it holds above these points on the closing basis then it can retest its all-time high of 18887.60 very soon or may go beyond it also. It is also above its short, medium and long term moving averages on the daily, weekly and monthly chart and price action has also improved therefore all together it shows good strength now, but three out of four important advance technical indicators are still negative ,which is slightly concerning. Please note that close below the above key points will put it back in short correction again. The short, medium and long term trend is up as of now.

TRADING TIPS:--

1.  Long trade can be tried if it moves above 18778 with a stop loss of 18680 or long trade can be tried on decline at appropriate points with self defined stop loss or near 18565 with a short stop loss of 18520.

2. Since it is in the uptrend therefore short trade in general could be a risky affair, but it can be tried on the rise near or within the range of 18850---18890 with a short stop loss of 18930 or can sell on the price weakness if it moves below 18680 with a stop loss of 18760.

IMPORTANT NOTE: - It is in the long term uptrend but because of weak  technical indicators now it is suggested to be alert and cautious in the long trade at this point of time.

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.