CNX-NIFTY
Open-17443.80--High—17451.50--Low-17324.35---Close-17412.90
on 10.3.2023.
Support: 17405.55/17353.40/17342.10/17326.10/17306/17255.20/17166---17161/16950/16888/16836—833---809/16747.70.
Resistance: 17421.80/17452.90/17484/17493.55/17565/17594/ 17641/ 17680/ 17719.75/ /17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60
(Bold and
underlined figures are most important)
The on-going week ended today i.e. on 10.3.2023 it was a truncated
week and for the first 3 days it moved in a range and on the last day of
the week it plunged down sharply and closed with a weekly loss of 181.44 points
which is a weak sign. It opened with a down gap and went down further,
therefore today’s gap still exists and if it makes an effort to fill the gap in
next 3-4 trading session which is technically possible then it can move
up to 17574, please note that if it does not fill the gap in the
stipulated time then chances of filling the gap will recede for now. The price
action was terribly weak and it has shattered the technical setup. The bias is
bearish.
It is into deep corrective mode and still within the range of its long
term moving average which is placed between 17875---17338(figures will change every day) for the day,
furthermore it is below its short & medium term moving average on the daily
& weekly chart and some are below on the monthly chart also, some important
technical indicators which were looking positive on the daily chart are now on
the verge of turning negative , and most importantly the technical indicators
are already negative as of now on the weekly & monthly chart indicating
that it could break 17100 levels or
can go much below also in coming days, which is highly concerning. Please note
that if it does not bounce back sharply in next 3-4 trading session and move above some of its important points mentioned
hereunder then fall may accelerate.
Moving down it will
find good support at 17353.40---17338---17325---17306---17255.20---17175---16855---16747.70(these
points could be possible buying points also), kindly note that the range of
17353---17175 is a very strong
support range for the time being, so there
is a possibility that it can bounce back from this range, but sustained break
below it could trigger a fresh fall and finally 16747.70 is the very critical and most important support point and
sustained break below it on the closing basis may end the long term uptrend for
a reasonable length of time and fall may accelerate, so be watchful.
Similarly moving up
it will find resistance at 17437---17463---17472---17528---17592---17618---17641---17688---17705---17800---17836---17879---17959---17992---18013---18032---18071---18105.30---18132(these
points could be possible sell point also). Please note that 17437( this figure will be scaled down if it breaks 17324.35) &
17641( this figure will be scaled down if it breaks 17255.20) are short and
major pullback trigger point and sustained close above 17437 may give a feeble up move but
sustained move above 17641 on
the closing basis may have strong, meaningful and lasting up move. But as you
are well aware that pullback rallies are treacherous in nature and can end
abruptly, so it can end at any of above points or earlier also, therefore be
alert and cautious in the long trade. It is important to mention here that it
will gain good strength if it moves above its long term moving average range
and sustain but it has to move above 18132
and sustain on the closing basis to put it back on the strong up track mode,
which may please be noted.
In view of the above
observation the deep 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. However aggressive traders can
try long trade at important and critical support points for the pullback gains.
But be alert and extremely cautious in the long trade initiated for pullback
gains because it is in deep corrective mode and pullback rally can fizzle out
any time. Please do not trade without stop loss.
TRADING VIEW: - Long trade can be tried in the range
of 17353---17175 with a stop loss of 17080 for pullback gains. It is in deep
corrective mode therefore long trade could be risky bet but worth trying in
this range. Short trade should be attempted on the rise at appropriate points
or on price breakdown.
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.
