NASDAQ
COMPOSITE
Open—17221.55--High—17506.58—Low—17149.36—Close—17449.89 on 1.4.2024.
Support:17431.67/17238.24/17033.96/17032.60/16668.57/16445.54/16046.56/15862.63/15713.07/15557.64/15343.01/15222.78/15158.70/15057.22/14860.04/14776.29/14706.23/14477.51.
Resistance:17496.44/17770.62/17791.58/17935.99/18017.69/18146.61/18281.13/18327.34/18564.25/18598.87/18670.81/18831.91/19117.59/19141/19310.79/19364.98/19403.90/19862.54/19969.17/20007.11/20070.08/20118.61/20204.58/20578/20729/21053.
Technically
it is on a very weak footing now and into correction mode and most importantly
long term uptrend is also severely threatened as it is way below its long term
moving averages on the daily chart, therefore further fall looks inevitable in
coming times with in between short relief rally at times. However if it manages
to hold the point or range of 17375.77----17299.29----17221.55
then it may extend the up-move, but it may get some strength for the rally
to move up further once it closes above 17645.02(figure
may change) and sustain on the closing basis and then the broad upside
target could be at 18083.95---18134---18281----18530---18925---18992, else it
may drift down again. Please note
that if it moves above 18083.95 and
sustain on the closing basis then it
will gain strong foothold and may get back on a strong up-momentum track again.
The chances of it happening look slim at this point of time because the overall
bias is hugely negative as of now.
Similarly,
if it moves below the aforesaid range of 17375.77----17299.29----17221.55
and sustain on the closing basis then it is likely to go down to the range
of 16854----16670----16611, and this
could be a strong bounce back range .but if it break & sustained below 16611 on the closing basis for a longer
time period then it could drag it down to 15720
or lower. The short & medium term bias is negative and long term uptrend is
severely threatened as of now.
Furthermore,
it is important to mention here that as of now almost all the important
technical indicators are weak on the daily, weekly & monthly chart.
Therefore in totality further fall looks inevitable in coming times, provided
it do not stage a sharp recovery and move above the critical points.
NOTE: - It is a technical assessment
of the indices as of now, the technical interpretation changes with the price
movement and time; therefore it needs periodic review, which may please be
noted.
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 favorable 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.
Contact me for strategic guidance
to enter and exit trade.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.