NASDAQ
COMPOSITE
Open—16045.60--High—16128.16—Low—15575.68—Close—15587.79 on 4.4.2024.
Support: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: 15713.07/15862.63/15901.47/16053.39/16163.67/16212.23/16445.54/16538.86/16668.57/17032.60/17033.96/17238.24/17431.67/17496.44/17770.62/17791.58/17935.99/18017.69/18146.61/18281.13/18327.34/18564.25/18598.87/18670.81/18831.91/19117.59/19141/19310.79/19364.98/19403.90/19862.54/19969.17/20007.11/20070.08/20118.61/20204.58/20578/20729/21053.
It has been opening with a down gap for the last two days.
Please note that if it makes an effort to fill the gap by 10th & 11th April-2025, which is
technically possible then it can come up to 16537.52 & 17186.04 levels, but if fails to fill the gap in the
stipulated time then chances of filling the gap will recede for the time being.
But please note that it will fill the gap some day for sure.
Technically
it is on a terribly weak footing now and 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 has entered
into bear market territory as it has decisively closed below its threshold
point of 16163.67, and if it 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 may bounce from
any of these points because it is a strong bounce back range, but break &
sustained close below 14477 may
trigger fresh fall and it may witness an accelerated fall.
Similarly
till it moves above 16163.67 and
sustain on the closing basis chances of a reasonable recovery is ruled out and
to enhance the hope of recovery further
it has to move above 16214.17 & 16668.10
(figure will change and will be scale down if it breaks the low of 15575.68)
and sustain on the closing basis then the recovery may have mild extension,
else down move will continue. The short, medium and long term bias is hugely
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 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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