NASDAQ
COMPOSITE
Open—16358.53--High—16753.41—Low—16228.04—Close—16724.46 on 11.4.2024.
Support:16668.57/16538.86/16445.54/16212.23/16163.67/16053.39/15901.47/15862.63/15713.07/15557.64/15451.65/15403.44/15343.01/15222.78/15158.70/15057.22/14931.06/14860.04/14706.23/14646.90/14477.57/14178.06/14084.70/14003.14/13714.14/13548.93/13181.09/13002.54/12786.80/12543.86/12397.05..
Resistance:17032.60/17033.96/17238.24/17431.67/17496.44/17770.62/17791.58/17935.99/18017.69/18146.61/18281.13/18327.34/18564.25/18598.87/18670.81/18831.91/19117.59/19141/19310.79/19364.98/19403.90/19862.54/19969.17/20007.11/20070.08/20118.61/20204.58/20578/20729/21053.
It has filled the gap on 9.4.2025
which it created on 3.4.2025 & 4.4.2025
and the gap point was 16537.52 & 17186.04.
It is exhibiting huge volatility which is not a good sign for a steady market,
which may please be noted.
Technically
it is still on a weak footing now, as it is into deep correction mode and most
importantly long term uptrend is severely threatened and in jeopardy as it is way
below all its long term moving averages on the daily chart and to top it all it
entered into bear market territory on 4.4.2025
as it decisively closed below its threshold point of 16163.67, but it bounced back above this mark on 9.4.2025. Therefore as long as it holds
16163.67 levels hope of an up-move
will be alive, but if it breaks it and stays
below it for a longer period of time on the closing basis then the correction
or the down move could be very painful time-wise & price-wise both. Moving
down further its good support points or range could be at 15222---14935---14860---14646---14519---14477(it bounced back from this
range on 7.4.2025), it may bounce from any of these points because it is a
strong bounce back range, but break & sustained close below 14477 may trigger fresh down move and
it may witness an accelerated fall. Therefore moving down 16163.67 & 14477 is a very crucial or make or break support
point.
Similarly
if it moves above 16857.10 and
sustain on the closing basis then there could be an extension of the up-move
and if it moves above 17221.55 &
17299.29 and sustain on the closing basis, it may gain a good foothold and
may extend the rally further, but looking at the present technical setup
chances of a strong and continued up-move looks bleak at this point of time. The
overall bias is negative 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 and it may seek much lower
levels in coming times may be with short in between relief rallies.
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 is solely of the author and for
educational purpose 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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