A TECHNICAL UPDATE ON CNX-BANK NIFTY—1.8.2023

 

CNX-BANK NIFTY

Open---45546.35---High—45694.90---Low---45359.75---Close—45651.10 on 31.7.2023.

Support:-45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:- 45655.50/45658/45845/45905.85/45940/46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.           

 (Bold and underlined figures are most important)

It opened on a positive note and finally ended the day with a gain of 183 points. It is into correction mode, it is below some of its short term moving averages, it made lower top & bottom on the line & bar chart  and two out of five important technical indicators are negative which  is  concerning and pointing that it can go down from here in coming days. But the good point is that it has closed above its pullback threshold point of 45506(figure may change) today and if it holds this mark on the closing basis then the chance of up move will be alive. Therefore despite weak technical indicators it is likely to move up from here provided it holds 45506 on the closing basis; else it may start to drift down again. The short term chart setup and technical indicators are slightly weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, negative technical indicators and correction mode it is suggested to be alert and cautious in the, long trade on decline till visible sign of correction completion emerges. So watch out.

Moving up from here it may face resistance at 45655.50---45671---45697----45760---45804----45940---46103---46143---46187---46220---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. It will get out of corrective mode if it closes above 45940 and sustains and then it is expected to pick up good up momentum again and finally if it moves above 46143 and sustain on the closing basis then it could retest its all-time high of 46369.50 or may go beyond it also.  

Similarly moving  down further from here its good support points could be at 45506---45407---45327---45331---45238---45120---44958---44912---44825---44787---44747—44695---44539----44151.80(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It is into correction mode now and break below each support point will weaken it further, sustained break below 45460 & 45370 may trigger fresh fall, break below 45238 & 45195 could be highly concerning, there is a strong chance that it could bounce back from 44912 but break below it could be a bad sign, break below 44539 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.

IMPORTANT NOTE:-Long trade below 45468 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried on decline near 45506 but not below it with a stop loss of 45350 or if it move above 45734 and maintain for some time with a stop loss of 45600. However, aggressive traders can also try long trade on decline near or within the range of 45370 & 45238 but not below it with a stop loss of 45080. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 45940---45980 with a stop loss of 46110 or sell if it moves below 45468 with a stop loss of 45660.It could be a risky trade mind you but worth trying.  

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—1.8.2023

 

CNX-NIFTY

 Open-19666.35--High—19772.75-Low-19597.60--Close-19753.80 on 31.7.2023.

Support: 19748/ 19674/19664.30/19639/19608/19584/19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened on a positive note and finally ended the day with a gain of 107.75 points. It is into correction mode, it made lower top & bottom on the line & bar chart and most importantly four out of five important technical indicators are negative now which is concerning and pointing that it can go down from here in coming days. But the good point is that it has closed above its pullback threshold point of 19664.30(figure may change) today and if it holds this mark on the closing basis then the chance of up move will be alive, furthermore it has bounced back above its short term moving averages also and the price action was good today. Therefore it is likely to move up from here provided it holds 19664.30 and in worst case 19562.95 on the closing basis; else it may start to drift down. The short term chart setup and technical indicators are weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, negative technical indicators and correction mode it is suggested to be alert and cautious in the long trade on decline till visible sign of correction completion emerges. So watch out.

Moving up from here it may face resistance at 19777---19830---19891---19906---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up good up momentum again and finally if it moves above 19906 and sustain on the closing basis then it could retest its all-time high of 19991.75 or may go beyond it also.   

Similarly down from here its support points could be at 19727---19664.30---19631—19619---19615----19603----19570---19562.95----19547---19536---19513---19441---19417---19385---19372---19356---19327---19323----19303.60—19300----19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It is already in the correction mode and break below each support point will weaken it further, but 19664.30 is the pullback threshold point  and if it holds this point then the chance of up move will be alive, break below 19619 will be an alert point, break below 19562.95 & 19547 may accelerate the fall, there is a strong chance that it could bounce back from 19441 but break below it could be a bad sign, break below the range of 19385---19372---19356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

IMPORTANT NOTE:-Long trade below 19646 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried on decline near 19665 but not below it with a stop loss of 19590 or if it move above 19780 and maintain for some time with a stop loss of 19700. However, aggressive traders can also try long trade on decline near or within the range of 19562----19547---19441 but not below it with a stop loss of 19370. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19890----19910 with a stop loss of 19950 or sell if it moves below 19646 with a stop loss of 19715 .It could be a risky trade mind you but worth trying.

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 UPDATE ON CNX-BANK NIFTY—31.7.2023

 

CNX-BANK NIFTY

Open---45560.90---High—45727.75---Low---45238.80---Close—45468.10 on 28.7.2023.

Support:-45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:- 45525/45655.50/45658/45845/45905.85/45940/46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.           

 (Bold and underlined figures are most important)

After yesterday’s key reversal it opened with a down gap and thereafter slightly recovered and moved above previous days closed but could not sustain and plunged down but in last half hour of trade it recovered to some extent and finally ended the day with a loss of 211.20 points. It is already into correction mode, it has fallen below some of its short term moving averages, it is making lower top & bottom on the line & bar chart after a long time and now three out of five important technical indicators are negative, therefore all together it is very concerning and pointing that it can go down sharply from here in coming days and I believe the process is on. It is important to mention here that if it fails to stage a sharp recovery in next 3-4 trading sessions and closes above some of its critical points as mentioned below and sustain above it then the continuation of the up move will be in jeopardy and it may keep drifting down and sustained break below 45238 & 45120(figure can change) may drag it down fast. The short term technical chart setup and parameters are weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, key reversal, negative technical indicators and correction mode it is suggested to defer buying on decline for some time till visible sign of correction completion emerges because correction can get ugly also at times, so watch out. 

Moving  down further from here its good support points could be at 45407---45327---45331---45238---45120---44958---44912---44825---44787---44747—44695---44539----44151.80(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It is into correction mode now and break below each support point will weaken it further, sustained break below 45407—45331 & 45225 may trigger fresh fall, break below 45120 could be highly concerning, there is a strong chance that it could bounce back from 44912 but break below it could be a bad sign, break below 44539 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.

Moving up from here it may face resistance at 45475--- 45570----45655.50---45697----45760--- 45940---46187---46220---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again. Please note that 45506(figure may change) is its pullback threshold point and if it closes above it and sustains then the chances are that it could possibly move up further to 45671—45804---45938---46103---46143, this rally can fizzle out at any of these points or earlier, but if it closes above 46143 and sustains then it could possibly retest its all-time high of 46369.50 or may go beyond it also.  It will get out of corrective mode if it closes above 45940 and sustains and then it is expected to pick up good up momentum again.   

IMPORTANT NOTE:-Long trade below 45570 & 45238 could be a risky bet for the day.

TRADING TIPS:--

1. For safe trader’s it is suggested to avoid long trade till it closes above 45570 or correction completion sign emerges. However, aggressive traders can also try long trade if it moves above 45591 and maintain for some time with a stop loss of 45450 or can buy on decline near or within the range of 5331 & 45238 but not below it with a stop loss of 45050. It could be a risky trade but worth trying.

 2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode and other parameters are also weak, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 45875---45940 with a stop loss of 46080 or sell if it moves below 45238 with a stop loss of 45470 .It could be a risky trade mind you but worth trying.  

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—31.7.2023

 

CNX-NIFTY

 Open-19659.75--High—19695.90-Low-19564.70--Close-19646.05 on 28.7.2023.

Support: 19639/19608/19584/19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 19663/19674/19748/ 19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

After yesterdays key reversal it opened flat and slightly moved up but later went down and in last half hour it recovered but finally ended the day with meager loss of 13.85 points. It is already into correction mode, it has fallen below some of its short term moving averages, it is making lower top & bottom on the line & bar chart after a long time and most importantly four out of five important technical indicators are negative now, therefore all together it is very concerning and pointing that it can go down sharply from here in coming days and I believe the process is on. However it is important to mention here that if it fails to stage a sharp recovery in next 3-4 trading sessions and closes above some of its critical points as mentioned below and sustain above it then the continuation of the up move will be in jeopardy and it may keep drifting down and break below 19562.95 may accelerate the fall. The short term technical chart setup and parameters are weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, key reversal, negative technical indicators and correction mode it is suggested to defer buying on decline for some time till visible sign of correction completion emerges because correction can get ugly also at times, so watch out. 

Moving down from here its support points could be at 19631—19619---19615----19603----19570---19536---19513---19441---19417---19385---19372---19356---19327---19323----19303.60—19300----19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It is already in the correction mode and break below each support point will weaken it further, break below 19619 & 19603 will be an alert point, break below 19562.95 & 19525 may accelerate the fall, there is a strong chance that it could bounce back from 19441 but break below it could be a bad sign, break below the range of 19385---19372---19356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

Similarly moving up from here it may face resistance at 19653—19674---19696----19830---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again. Please note that 19664.30(figure may change) is its pullback threshold point and if it closes above it and sustains then chances are that it could possibly move up further to 19727---19777---19828---19891---19906(figures may change), possible rally can fizzle out at any of these points or earlier, but if it closes above 19906 and sustains then the possibility is that it could retest its all-time high of 19991.85 or may go beyond it also.  It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up good up momentum again.   

IMPORTANT NOTE:-Long trade below 19525 could be a risky bet for the day.

TRADING TIPS:--

1. For safe trader’s it is suggested to avoid long trade till it closes above 19665 or correction completion sign emerges. However, aggressive traders can  try long trade if it moves above 19696 and maintain for some time with a stop loss of 19600 or can buy on decline near or within the range of 19525----19441 but not below it with a stop loss of 19370. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode and other parameters are also weak, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19770----19800 with a stop loss of 19860 or sell if it moves below 19560 with a stop loss of 19625 .It could be a risky trade mind you but worth trying.

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 UPDATE ON CNX-BANK NIFTY—28.7.2023

 

CNX-BANK NIFTY

Open---46285.85---High—46310.10---Low---45570.65---Close—45679.30 on 27.7.2023.

Support:-45658/45655.50/45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:- 45845/45940/46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.          

 (Bold and underlined figures are most important)

It opened with an up gap and thereafter slightly went up further but could not sustain and steadily moved down and closed below the low of the previous day with a loss of 383.05 points. Please note that it has given key reversal today, it slipped into correction mode again, it has fallen below some of its short term moving averages also, it made lower top & bottom on the line & bar chart after a long time and one out of five important technical indicators has turned negative today, therefore all together it is very concerning and pointing that it can go down sharply from here in coming days.  It is important to mention here that if it fails to stage a sharp recovery in next 4-5 trading sessions and closes above some of its critical points as mentioned below and sustain above it for the continuation of the up move, else the correction will deepen further. The short term chart setup and parameters are weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, key reversal, some negative technical indicators and correction mode it is suggested to defer buying on decline for some time till visible sign of correction completion emerges because correction can get ugly also at times, so watch out. 

Moving  down further from here its good support points could be at 45655.50---45656----45570----45475---45407---45327---45316---45220---45070.80---45038---44958---44825---44787---44747—44695---44539----44151.80(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It slipped into correction mode again today and now break below each support point will weaken it further, 45570 will be an alert point, sustained break below 45407—45316 & 45225 may accelerate the fall, break below 45040 could be highly concerning, break below 44539 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.

Moving up from here it may face resistance at 45697----45760--- 45940---46187---46220---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again. Please note that 45760(figure may change) is its pullback threshold point and if it closes above it and sustains then chances are that it could possibly move up further to 45876—45970---46064---46181---46210, this rally can fizzle out at any of these points or earlier, but if it closes above 46210 and sustains then it could possibly retest its all-time high of 46369.50 or may go beyond it also.  It will get out of corrective mode if it closes above 45940 and sustains and then it may pick up momentum again.   

IMPORTANT NOTE:-Long trade below 45570 could be a risky bet for the day.

TRADING TIPS:--

1. For safe trader’s it is suggested to avoid long trade till it closes above 46070 or correction completion sign emerges. However, aggressive traders can also try long trade if it moves above 45760 and maintain for some time with a stop loss of 45600 or can buy on decline near or within the range of 45407—45316 & 45225 but not below it with a stop loss of 45000. It could be a risky trade but worth trying.

 2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode and other parameters are also weak, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 46150---46250 with a stop loss of 46380 or sell if it moves below 45570 with a stop loss of 45770 .It could be a risky trade mind you but worth trying.  

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.