A TECHNICAL UPDATE ON CNX-NIFTY—10.7.2023

 

CNX-NIFTY

 Open-19422.80--High—19523.60--Low-19303.60--Close-19331.80 on 7.7.2023.

Support: 19303/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 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: 19450/19498/19523.60/19535/19639/19663/19674/19748/20160/20210/20390.

 (Bold and underlined figures are most important)

After 8 days of strait rise it had a down move today, please note that it was just a breather and not a meaningful correction because it is still above its correction threshold point of 19316.65(figure can change). It shows extraordinary strength in it for the continuation of the up move. Therefore chances are that it may bounce back from here itself and may resume the up move again, but break below 19316.65 will push it into real correction and then it may slide further which please note.

Moving down from here its support points could be at 19316.65—19295.10—19273.65---19246.50---19234.40---19212---19201.70---19189---19178----19058---18907----18887.60(figures may change), it may bounce back from any of these points and resume the up move again, but break below 19316.65 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below19246.50---19234---19201.70----19189 will be an alert point, break below 19058 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18907 & 18887.60  and sustain on the closing basis. 

 Moving up from here it may face resistance at 19356---19434.15---19498---19515---19523.60---19535---19590---19639---19666, it may correct at any of these points and then may resume the up move again. Please note that if it closes above 19356(figure may change) and sustain then it can stage a pullback up move and the upside could be 19388---19414--- 19440---19427---19480 and if it closes above 19480 and sustain then it could retest it all-time high of 19523.60 or may go beyond it also.

It is in the strong long term uptrend and it is buying on decline market in general, it had a down move today but it is not in a real corrective mode, so it can stage a bounce back from here itself. 

TRADING TIPS:--

1. Safe traders can try long trade on decline if it holds the range of 19316---19234 with a stop loss of 19185. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19058----18888 with a stop loss of 18850 or if it moves above 19386 and maintain for some time with a stop loss of 19310, but please note that it could be a highly risky trade for the day. LONG TRADE BELOW 19234.40 COULD BE A RISKY TRADE FOR THE WEEK STARTING FROM 10.7.2023.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19470----19500 with a short stop loss of 19550 or sell if it moves below 19234 with a  stop loss of 19320, both the trade could be a risky bet but worth trying at this juncture.

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.