A TECHNICAL UPDATE ON CNX-NIFTY—8.6.2023

 

CNX-NIFTY

 Open-18665.60--High—18738.95--Low-18636---Close-18726.40 on 7.6.2023.

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

 (Bold and underlined figures are most important)

The view and observation posted for 5.6.2023 will also be relevant for 8.6.2023 with the following addition or modification in figures and partly in views.

1. It should pick up momentum now as it closed above its important point of 18662.45 & 18696.10 today. Therefore it is likely to test its all-time high of 18887.60 very shortly.  

2. The price action was looking shaky for the last few days but it has firmed up today, which is a positive sign.

It is in the uptrend and price action is also good and except for one all the important technical indicators on the daily chart has improved which is a positive sign, but in view of the strait rise for the last 4 day one should be cautious in the long trade at this point of time because it may have short correction anytime.

TRADING TIPS:--

1. Long trade can be tried if it moves above 18740 and maintain for some time with a short stop loss of 18700. It could be a risky trade.

2. For safe traders long trade can also be tried on decline at appropriate points but not below 18634 with a stop loss of 18590; however aggressive traders can also try long trade on decline near 18487 but not below it with a stop loss of 18430.

3. Short trade can also be attempted on the rise near or within the range of 18850---18888 with a short stop loss of 18920.

IMPORTANT NOTE:- It is in the uptrend ,therefore short trade could be a risky affair but it can be attempted at appropriate points with strict stop losses for intraday gains.

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.