A TECHNICAL UPDATE ON CNX-NIFTY—28.6.2023

 

CNX-NIFTY

 Open-18748.55--High—18829.25--Low-18714.25--Close-18817.40 on 27.6.2023.

Support: 18778/18696.10/18660.65/18604.45/ 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: 18864.70/18794.10/18881.45/18886.60/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

The view and observation posted for 26.6.2023 will also be relevant for 28.6.2023 with the following addition or modification in figures and partly in views.

1. It has to maintain above 18775(figure will change every day) on the closing basis to have the requires strength for the up move, similarly sustained break below 18662(figure will change every day) on the closing basis will lose up steam and may head down, it is out of the corrective mode today but to pick up momentum it has to move above 18839 and sustain on the closing basis. It is important to mention here that strong up momentum and good rise can only be expected once its crosses its all-time high of 18887.60 and sustain on the closing basis, because it faced rejection at the level number of time, so it will pose very tough resistance. Moving down if it holds 18704(figure may change) and maintain on the closing basis then the chance of up move will be alive. 

2. It did bounced back today in a desired manner but it has to be seen whether it carries on today’s momentum or not in coming days.. Please note that if it fails to cross its all-time high of 18887.60 in next 2-3 trading sessions then it may head down again.

TRADING TIPS:--

1. Long trade can be tried on decline near 18775 if it holds this level for some time with a stop loss of 18714.  But aggressive traders can also try long trades if it moves above 18845 and maintain for some time with a short stop loss of 18800. Please note that long trade could be a risky affair at this juncture till it crosses 18887.60 and sustain on the closing basis. So be watchful in the long trade as three out of four technical indicators are still negative  on the daily chart as of now despite today’s rise.

2. It is out of correction mode today but short trade can still be attempted on the reasonable rise or on the price breakdown for intraday gains. Short trade can be tried if it does not cross 18887.60(even intraday) in first hour of trade with a stop loss of 18940. It could be a risky trade but worth trying..

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.