CNX-NIFTY
Open-17974.85--High—18034.25--Low-17884.60---Close-17944.20
on 17.2.2023.
Support:17916.80/17812/17795.55/17774.25/17761.40/17719.75/17652.55/17493.55/17484/17452.90/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.
Resistance:17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.
(Bold and
underlined figures are most important)
It did made an attempt to cross its important point of 18132
during the week ended on 17.2.2023, but failed to close above it despite
some important technical indicators turning positive on the daily chart which
is slightly concerning and if it does not pick up momentum in next few days and
price weaken then it may start drifting down, because technical parameter on the
weekly & monthly chart are giving very weak indication and pointing that it
could break 17100 levels in coming
week /months if it does not stage a sharp recovery and move above its important
points as mentioned shortly.
It is still in to the
corrective mode but pullback move is on and sustain close above 18363 only could end the on-going correction
and put it back on the strong up track, else it may start moving down again. But
as long as it holds the upper band of its long term moving average range which
is placed between 17850---17237(it
changes every day) for the day and its pullback trigger point of 17715 (the trigger points will be scale down once its break its recent low of
17353.40), chance of pullback rally
will remain.
Moving down it will
find strong support at 17939---17877---17850---17812---17761---17715---17637---17565---17553---17472---17405.55---17353.40---17252---17237---17175
(these points could be possible buying points also),please note that 17237 & 17175 is the last key
support for the time being and sustained break below it could trigger fresh
fall and finally 16747.70 is the
very critical and most important support point and sustained break below it may
end the long term uptrend for a reasonable length of time and fall may
accelerate, which may be kept in mind, so 17237---17175
& 16747.70 are very important support points. Similarly moving up it
will find resistance at 17972---18013---18032---18105.30---18132---18201.25---18265.25---18302---18363---18526---18581(these
points could be possible sell point also), please note that it is a
pullback rally as of now therefore it can end at any of these points or earlier
also but if it moves above 18132 and
sustain on the closing basis then it will provide good strength for the up move
to continue and close above 18013 &
18363 will end the corrective mode and finally if it moves above 18581 and sustain on the closing basis
then it could retest its all-time high of 18887.60
or may go beyond it also.
In view of the
above observation the down correction is
on therefore it is a sell on the rise market or sell on the price breakdown in
general and for the safe traders it is suggested to avoid long trade till a
visible sign of correction completion emerges. But the pullback move is also on
therefore aggressive traders can still try long trade at important support
points for the pullback gains. But it is important to mention here that the
pullback rallies are treacherous in the nature and can end abruptly trapping
the traders unaware, so be alert and extremely cautious in the long trade
initiated for pullback gains. Please do not trade without stop loss.
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.
