A TECHNICAL UPDATE ON CNX-BANK NIFTY—1.3.2023

 

CNX-BANK NIFTY

Open-40303.70-High-40391.45-Low-40073-Close-40269.05 on 28.2.2023.

Support:- 40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 40288.90/40509/40537/40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 41164---39000(figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 40162 (the trigger points will be scaled down once it breaks its low of 39600.25) and major trigger is 40537(the trigger points will be scaled down once it breaks its low of 39419.80).

It is still above its short pullback trigger point of 40162 and if it sustain above it then the up move can extend, but strong and meaningful pullback rally can only be expected once it moves above 40537 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points as mentioned in my post of 27.2.2023.The technical setup is bearish.

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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY —1.3.2023

 

CNX-NIFTY

 Open-17383.25--High—17440.45--Low-17255.20---Close-17303.95 on 28.2.2023.

Support:-17254.20/17175/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the deep corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 17866---17286((figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17463 and the major pullback trigger point is 16641 now (the trigger points will be scaled down once it breaks its recent low of 17255.20)

Please note that it has been falling for last eight days and its last two key support points for the time being are 17286(lower band of the long term moving averages) and 17175 as mentioned in my post of 27.2.2023, it did break its first key support of 17279 for 28.2.2023 intraday but just managed to close above it, however it is a weak sign. Please note that if it holds 17286 on the closing basis than it can give a relief rally in coming days, but sustained break below 17286 & 17175 can drag it down to 16750 levels or below. In this context please note that if it moves above its first pullback trigger point of 17463 and sustain then rally can extend further, but meaningful pullback rally can only be expected once it moves above 17641 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points mentioned in my post of 27.2.2023. The technical setup is bearish.

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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON INFOSYS LTD—1.3.2023.

 

 INFOSYS LTD

Open—1515--High—1524--Low—1481.30--Close—1487.55 on 28.2.2023.

Support: /1482.45/1446.50/1410/1399.25/1367/1355/1311/1244/1231/1186/1051/986.

Resistance: 1496.35/1507.40/1508.20/1514/1532.65/1564/1575/1613/1619.75/1631.35/1655/1672/1691/1709/1735/1757/1788/1809/1848/1914/1923/1953.90.

 (Bold and underlined figures are most important)

FOR TRADERS

The overall technical setup is weak and it is into deep corrective mode as it is way below its threshold point of 1613 and most importantly it is into bear market territory as it is below its threshold point of 1564, furthermore it is also below its two critical points of 1514 & 1508.20(valid for 2023) which is concerning and can drag it down further from here. Please note that sustained break below 1355 may witness an accelerated fall. Therefore for safe trader’s long trade should be avoided till it moves above 1564 and sustain on the closing basis, please note that it will pick up strong up momentum only once it sustains above 1613 on the closing basis. However aggressive traders can try long trade if it moves above 1514 and sustain on the closing basis with a stop loss of 1490 or going down at important support points (see the support level mentioned above) with self defined stop losses for pullback gains. Since it is in corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till it moves above 1564 and sustain on the closing basis or till it gives visible sign of  correction completion.

FOR INVESTOR

Kindly note that it is a high pedigree stock and one can get these types of stock cheaper only when they are technically weak. It is therefore suggested to accumulate the stock in a staggered manner on every deep decline day with time horizon of 3-5 years for decent gains. Moving down the good buying points could be at 1446---1402---1355---1268---1200---1061---850---798. For example one can initiate buying with 5% of the designated investment amount for the stock in the range of 1446---1402, 10% amount near 1355 and so on; it is suggested to increase the buying % on a very steep decline. It is important to mention here that as of now the range of 1230—1200 seems to be the worst price range for the stock on decline, but if it break 1200 and sustain then it could come down to 950 or much lower ,which may please be noted. Therefore it is suggested to structure your investment with due caution.

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, 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

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—28.2.2023

 

CNX-BANK NIFTY

Open-39820.40-High-40371.45-Low-39745.40-Close-40307.10 on 27.2.2023.

Support:- 40288.90//40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 40509/40537/40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 41156---38964(figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 40162 (the trigger points will be scaled down once it breaks its low of 39600.25) and major trigger is 40537(the trigger points will be scaled down once it breaks its low of 39419.80).

It staged recovery today and closed above its short pullback trigger point of 40162 and if it sustain above it then the up move can extend, but strong and meaningful pullback rally can only be expected once it moves above 40537 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points mentioned in my post of 27.2.2023.The technical setup is bearish.

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-NIFTY —28.2.2023

 

CNX-NIFTY

 Open-17428.60--High—17451.60--Low-17299---Close-17392.70 on 27.2.2023.

Support :-17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:- 17405.55/17421.80/17452.90/17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 17867---17279((figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17496 and the major pullback trigger point is 16674 now (the trigger points will be scaled down once it breaks its recent low of 17299)

Please note that it has been falling for last seven days and as mentioned in my post of 27.2.2023 that last two key support points are 17279(lower band of the long term moving averages) and 17175. It bounced back today from 17299 very near from its first key support point of 17279 and if hold this point than it can give a relief rally in coming days. In this context please note that if it moves above its first pullback trigger point of 17496 and sustain then rally can extend further, but meaningful pullback rally can only be expected once it moves above 17674 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points mentioned in my post of 27.2.2023. The technical setup is bearish.

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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –27.2.2023

 

DOW JONES INDUSTRIAL AVERAGE

Open—32999.19--High—32999.19—Low—32643.48—Close—32816.92 on 24.2.2023.

Support:32643.48/32573.42/32284.35/32074.60/31728.85/31231.27/30635.76/30145.31/29654.59/28723.55/28662.86

Resistance:32949.75/33147.28/33225.61/33285/33418.59/33583/34113.40/34342.28/34587.66/34711.63/35361.36/35492.72/35824.28/36189.66.

 (Bold and underlined figures are most important)

Further to my last post of 6.2.2023, it was consolidating in the range of 34711.63---32573.43 and now it is very near to its lower band of the range, which is concerning and break below the range could drag it down. It is into corrective mode now and fallen within the range of its long term moving average also which is placed between 33210---32089(figures will change every day, this  is very strong support range) for the day, furthermore it is below its short & medium term moving average on the daily chart and some are below on the weekly chart also,  all the important technical indicators on the daily ,weekly and monthly charts are negative and indicate big fall ahead as of now,  the overall technical setup is very weak at this point of time, therefore please note that if does not bounce back sharply in next 4-5 trading session and move above some of its critical points as mentioned below and sustain then the accelerated fall looks inevitable in coming days.

Moving down it will find support at 32573.42---32530---32402---32089---31831---31689---30975---30622---30093---29875(these points could be possible buying points also), 32573---32530---32089 range is the strong support range, but please note that 32089(lower band of the long term moving average) & 30622 (pullback trigger point) is the last key support for now. It is already into correction mode and break below 32530 will push it into deep corrective mode , sustained break below 32089 will potentially threaten the long term uptrend and fall may accelerate ,but as long as it hold 30622 chance of pullback rally will be there, which please note.

Similarly moving up it will find resistance at 32949.75---33147.28---33225.61---33285---33787—34343---34997---35296(these points could be possible sell point also), Please note that it has to move above 33226 and sustain on the closing basis to put it back on the strong up track mode, else it may drift down again.

In view of the above observation technical setup is extremely weak and the down correction is on ,therefore it is a sell on the rise market or sell on the price breakdown in general as of now and for the safe traders it is suggested to avoid long trade till a visible sign of correction completion emerges. However since it is way above its major pullback threshold point of 30622, so chances of pullback rally is always there; therefore 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 the corrective mode and pullback rally can fizzle out abruptly trapping the traders unaware. Please do not trade without stop loss.

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 updating, 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

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —27.2.2023

 

CNX-BANK NIFTY

Open-40259.10-High-40348.10-Low-39818.90-Close-39909.40 on 24.2.2023.

Support:-39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 40148.80/40160.20/40288.90/40509/40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)      

It fell down for four days during the week ended on 24.2.2023 and with a loss of 1222.35 points on the closing basis, which is a very weak sign. Since it has been falling for few days, therefore a short relief rally can happen any time but that may not be lasting.

It is into deep corrective mode and still within the range of its long term moving average which is placed between 41147---38932(figures will change every day, this  is very strong support range) for the day, furthermore it is below its short & medium term moving average on the daily chart and some are below on the weekly chart also, almost all important technical indicators have turned negative on the daily chart and you are well aware that indicators are already weak on the weekly and monthly chart,  lastly and most importantly it is well below its major pullback trigger point of  40537(the trigger points will be scale down once it breaks its recent low of 39419.80) which indicates end of the rally. It is below its downtrend line also. The overall technical setup is very weak. Therefore please note that if does not bounce back sharply in next 3-4 trading session (chances of which looks bleak at this point of time) and move above some of its critical points as mentioned below and sustain then the accelerated fall looks inevitable in coming days and it could go down to 38650 levels or below also. However, short relief rally can happen in between the fall. The bias is bearish.

Moving down it will find support at 39600.25---39419.80---38932---38739 38221(these points could be possible buying points also), 39487---38739 range is the strong support range, but please note that 38932(lower band of the long term moving average) & 38739 is the last key support for the time being and sustained break below it could trigger fresh fall and finally 37386.35 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, which may be kept in mind, so 38932---38739 & 37386.35 are the key support points.

Similarly moving up it will find resistance at 39970---40162---40283---40537---40790---41070---41352---41418---41567---41681---41786---42016---42215---42347---42555.15----42986.45---43039(these points could be possible sell point also), please note if it moves above 40162( this figure will be scaled down if it breaks 39600.25 intraday) it may trigger short pullback rally but reasonable and good pullback rally can only be expected if it moves above 40537(figure can change) and sustain on the closing basis as of now. Please note that it has to move above 43039 and sustain on the closing basis to put it back on the strong up track mode, but looking at the just concluded week’s performance chances of strong upside moves looks pretty bleak during the week starting from 27.2.2023 at this point of 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 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 therefore pullback move can fizzle out abruptly. 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 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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.