A TECHNICAL UPDATE ON CNX-NIFTY —31.1.2023

 

CNX-NIFTY

 Open-17541.95--High—17709.15--Low-17405.55---Close-17648.95 on 30.1.2023.

Support:17637/17493.55/17452.90/17429/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:17761.40/17774.25/17795.55/17959.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

It is in the downtrend therefore all the observation in my last post of 30.1.2023 will remain the same except the trigger point for the possible pullback rally. The trigger points now are   17594 & 17756(figure will be scaled down if it breaks its recent low of 17405.55) and sustain close above these points may trigger a short or moderate pullback rally. Since it has closed above its first trigger point of  17594 and if it holds it then it could move up to 17710 and if it closes above 17756 then pullback rally may get some strength and it could  extend  to 17803---17897—17972---18014---18042---18147. Please note that the pullback rallies are treacherous in the nature and can end abruptly at any of the above points or earlier also trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains. It is important to mention here that it may get good strength and extended pullback rally only once it moves above its long term moving average range of  17783—17190(it changes every day) and sustain on the closing basis.

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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —31.1.2023

 

CNX-BANK NIFTY

Open-39856.15-High-40789.55-Low-39419.80-Close-40387.45on 30.1.2023.

Support:-40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 40509/40839/41643.90/41677.65/41829.60/41840.15/41877/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is in the downtrend therefore all the observation in my last post of 30.1.2023 will remain the same except the trigger point for the possible pullback rally. The trigger points now are   40283 & 40537(figure will be scaled down if it breaks its recent low of 39419.80) and sustain close above these points may trigger a short or moderate pullback rally. Since it has closed above first its trigger point of 40283 and if it holds it then it could move up further and if it closes above 40537 and sustain then the pullback rally may get some strength and it could extend to 40818---41250---41681---41786---42215---42347---43040. Please note that the pullback rallies are treacherous in the nature and can end abruptly at any of the above points or earlier also trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains. It is important to mention here that it may get good strength and extended pullback rally only once it moves above its long term moving average range of  40770—38455(it changes every day) and sustain on the closing basis.

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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY —30.1.2023

 

CNX-NIFTY

 Open-17877.20--High—17884.75--Low-17493.55---Close-17604.35 on 27.1.2023.

Support:17493.55/17452.90/17342.10/17326.10/17254.20/17166---17161/16950/16888/

16836—833---809/16747.70.

Resistance:17761.40/17774.25/17795.55/17959.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

It was in the corrective mode and the correction deepened during the week ended on 27.1.2023 as it could not cross its important resistance points of 18132—18184---18266.

Furthermore it has slipped within its long term moving average range of 17777---17193(figure may change every day) which is a weak sign and sustained break below 17193 will potentially threaten the long term uptrend and finally sustained break below 16747.70 on the closing basis may end the long term uptrend and a steady down move may begin, which may please be noted. Therefore 17193 & 16747.70 could be considered as strong support points and it could bounce back from points the other important bounce back support points  could be 17565---17493---17252---17175. The on-going trend is down but a sustained close above 17661 & 17823(figure will be scaled down if it breaks its recent low of 17493.55) may trigger a short or moderate pullback rally.

The major important technical indicators are giving weak signal on the daily, weekly and monthly chart, therefore down move is likely to continue with short relief rallies from time to time.

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 still try long trade at important support points or above pullback threshold points as mentioned above 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 trader unaware, so be alert and 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.

 

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY —30.1.2023

 

CNX-BANK NIFTY

Open-41382.35-High-41417.90-Low-40148.80-Close-40345.30 on 27.1.2023.

Support:-40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 40509/40839/41643.90/41677.65/41829.60/41840.15/41877/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

Further to my last post on 23.1.2023, it was in corrective mode but the pullback move was on ,but since it could not cross its important resistance points of 42555.15—42986.45---43038.25 on the closing basis the pullback up move fizzled out and it slipped into deep corrective mode during the week ended on 27.1.2023.

Furthermore it has slipped within its long term moving average range of 40727---38720(figure may change every day) which is a very weak sign and sustained break below 38720 will potentially threaten the long term uptrend and finally sustained break below 37386.35 on the closing basis may end the long term uptrend and a steady down move may begin, which may please be noted. Therefore 38720 & 37386.35 could be considered as strong support points and it could bounce back from these points and the other important bounce back support points  could be 39970---38983---38739. The on-going trend is down but sustained close above 40840 & 41094(figure will be scaled down if it breaks its recent low of 40148.80) may trigger a short or moderate pullback rally.

The major important technical indicators are giving weak signal on the daily, weekly and monthly chart, therefore down move is likely to continue with short relief rallies from time to time.

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 still try long trade at important support points or above pullback threshold points as mentioned above 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 trader unaware, so be alert and 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.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—23.1.2023

 

CNX-BANK NIFTY

Open-42516.05-High-42709.20-Low-42366.15-Close-42506.80 on 20.1.2023.

Support:-42202.55/42179/42052/41840.15/41829.60/41729/41569.45/41318.60/40819/

40160.20/39848.85/39759.15/39258.25/38437.95.

Resistance: 42555.15/42622.75/42716.80/42986.45/43038.25/43339.15/43515.05/43578.40/

43614.65/44151.80.

 (Bold and underlined figures are most important)

After making an all-time high of 44151.80 on 14.12.2022 it is into a corrective mode but the long term uptrend is still intact.

It is into corrective phase but pullback move is on and as long as it holds 42179 & 42052 on the closing basis chances are that the rally may continue but it will gain strength and pick up momentum only once it crosses it critical resistance points of 42555.15—42986.45---43038.25 and sustain on the closing basis. Similarly break below 42179 & 42052 can end the pullback up move and it may head down, but moving down it will find very strong support at 41840.15--41829.60 — 41729--41569.45 break below 41840.15--41829.60 will weaken it further and break 41569.45 may accelerate the fall, which may please be noted.

The important technical indicators are giving mixed signals on the weekly and monthly chart at this point of time but some indicators on the daily chart and price pattern are pointing that the up move could continue from here with intermittent correction if it holds the level of 42179 & 42052 on the closing basis. Therefore it is suggested that long trade can be tried near 42179 & 42052 with a proper stop loss and then near or within the range of 41840---41569 but not below 41569 with a stop loss of 41400 for pullback gains.

In view of the above observation it seems that the up rally is likely to continue provided it respects the important support points as mentioned above but how it will culminate has to be seen because the corrective up rallies are treacherous in the nature and can end abruptly trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains.

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 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—23.1.2023

 

 CNX-NIFTY

 Open-18115.60--High—18145.45--Low-18016.20---Close-18027.65 on 20.1.2023.

Support: 17959.20/17795.55—774.25---761.55/17613.40/17452.90/17342.10/17254.20

17161/16956/16836—833---809/16747.70.

Resistance: 18105.30/18114.65/18132/18183.75/18210.15/18265.25/18350.95/18442.15/

18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

After making an all-time high of 18887.60 on 1.12.2022 it is into a corrective mode now but the long term uptrend is still intact.

In this corrective phase it is expected to oscillate in the range of 18266---18184---18132—17853---17761--750, and breakout on the either side will decide the further direction, sustained break and close above 18132 may put it back on the up momentum track and sustained break and close above 18184 & 18266 can accelerate the up move, similarly close below 18013 & 17920 could weaken it further and close below 17761---750 may accelerate the down move and will indicate weakness for the long term uptrend also and break below the range of 17750---17200 will potentially threaten the long term uptrend and finally sustained break below 16747.70 on the closing basing may end the long term uptrend and steady down move may begin. Therefore the range of 17750—17200 is a very strong support range and chances of a bounce back is pretty much strong from this range.

The important technical indicators are giving mixed signals for the long term uptrend at this point of time but some of the indicators on the daily chart are pointing that an up move could be possible from here if it holds the level of 18013 & 17920 and finally 17750 on the closing basis then it could bounce back and can give an up rally to the range of 18250---18450 in coming days. Since it is in corrective mode therefore it is a sell on the rise market in general near the critical resistance point but long trade can also be tried near the important support point of 18013, 17920 & 17750 with a self defined stop loss for a pullback up move.

In view of the above observation it seems that an short up rally is on the card provided it respects the important support points as mentioned above but how it will culminate has to be seen because the corrective up rallies are treacherous in the nature and can end abruptly trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains.

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 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.