A TECHNICAL UPDATE ON CNX-NIFTY-1.8.2024.

 

CNX-NIFTY

Open-24886.70--High-24984.60—Low—24856.50--Close-24951.15 on 31.7.2024.

Support:24854.80/24461.05/24210.80/24168.85/24141.80/24074.20/23992.65/23985.80/23667.10/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance: 24999.75/25067/25152/25337/25494/25551/26118.

OVERALL VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 93.85 points. It is showing extraordinary strength , it is above all its short, medium and long term moving averages with positive price action, which is a good sign for the continuation of the up move. But it is important to mention here that the vertical rise, wild swings and volatility and most importantly few important technical indicators are still negative on the daily chart and few indicators on the weekly & monthly chart are negative and is also indicating overbought condition, which is still a concern and can drag it down sharply in the coming days. However the up move may continue provided it holds the range of 24813.56----24781.32 & 24698.68 (figure may change) on the closing basis. Please note that break and close below 24813.56 will push it into correction mode and thereafter break and close below each point will deepen the correction and finally break and close  below each point of the range of 24719----24688---24622----24617---24610.41----24576.58---24531 & 24480(few figures will change daily) may accelerate that fall..

Since it is out of all correction modes today therefore it is a buy on decline market now in general but both side trades can be tried or attempted depending on the price action for intraday gains.  

NOTE: - IF IT HOLDS THE RANGE OF 24813.56—24781.32 & 24698.68 ON THE CLOSING BASIS THEN THE UP MOVE MAY CONTINUE, ELSE IT MAY START TO DRIFT DOWN. IT IS IN THE STRONG UPTREND AS OF NOW.   

STRENGTH:-

1. It is in the long term uptrend now.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It is in the new zone.

4. Four out of seven important technical indicators is positive on the daily chart.

5. It is out of all corrective modes today. The important correction threshold points are at 24813.56---24781.32---24610.41----24576.56 & 24122.23(figures may change). Please note that break below each point will make the correction deeper.

6. The price action was positive today.

7. It is above all its short term moving averages on the daily chart and the important range is between 24719----24688----24622----24617---24531----24480(figure will change every day), sustained break below this range can trigger fresh down move again.

8. It has crossed its recent top on the line & bar chart both.

WEAKNESS:-.

1. Three out of seven important technical indicators have turned negative on the daily chart    

2. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

3. Volatility and wild swing can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24919----24865 with a stop loss of 24770 or can buy if it moves above 25000 and maintain for some time with a stop loss of 24900, else avoid.

2. Short trade can be tried on the rise near or within the range of 25080--25130 with a stop loss of 25190 or can sell if it moves below 24760 with a stop loss of 24835 It could be a risky trade but can be tried for intraday corrective 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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—1.8.2024

 

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CNX-BANK NIFTY

Open—51583.45--High—51663.10--Low—51335.70---Close—51553.40 on 30.7.2024.

Support:51138.90/51133.20/50784.25/49974.75/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85.                           

Resistance:51749.45/51957/51996.65/52246.70/52342.25/52351.15/52794.55/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 54.10 points. It is still into deep correction mode for its recent rise as it is well below  all its correction threshold points of 53036.49----52834.06---52454.47---52167.20----51891.39---51853.33 & 51639.66 .Furthermore it is also below all its short term moving averages and few medium term moving averages on the daily chart and also below some key points which are placed at 52117---51996.65----51957---51832---51748---51691---51646( some figures will change daily) for the day and finally  almost all  the important technical indicators are negative on the daily chart  & few indicators on the weekly & monthly chart, and volatility  and wild swings is also a concern, therefore all together despite last three days rise it is still showing gross weakness and overbought condition and it is pointing that it may be heading for a big fall in coming days. But the good thing is that it is above its pullback threshold point of 50994.45(short) & 51127.28(deep)(figure may change) and two other important points of 51133.20 & 51138.90 and if it sustains above these points and price action improves then the chances of continuation of the up move will be alive, it will gain strong foothold for the continuation of the up move if it moves above 51639.66 and  sustains  on the closing basis, but it will gain good strength only if it moves above 52120 (figure will change daily) and sustain on the closing basis. Please note that It may continue the up move if it sustains above 51127.28 & 50994.45 on the closing basis, else it may start to drift down, which please note.  It is important to mention here that moving down the next key support point will be at 49165(figure will change daily, for in between support points please look at the above mentioned support points) break below it will threaten the long term uptrend and finally sustained break and close below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and it could be sharp in the intensity and then the correction could be painful time-wise and price-wise both. Since it is into correction mode therefore it is still sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - IF IT SUSTAINS ABOVE 51138.90---51133.20---51127.28 & 50994.45 ON THE CLOSING BASIS CHANCES OF CONTINUATION OF UP MOVE WILL BE ALIVE, ELSE IT MAY START TO DRIFT DOWN AGAIN. SHORT TERM TREND IS BEARISH AS OF NOW AND IF IT FAILS TO GIVE SHARP AND SUSTAINABLE BOUNCE BACK IN NEXT 1-2 TRADING SESSIONS THEN IT MAY BEGIN TO SLIDE DOWN.

  STRENGTH:-

1. It is in the long term uptrend, but break below 49165 will threaten the long term uptrend.

2. It is well above its most critical points of 48203.45---48292.25 & 48636.45, please note that it must stay above all these points to keep up the strong up momentum going in the year 2024.

3. It is above its pullback threshold point of 50994.45 & 51127.28(figure may change). Please note that if it sustains above it on the closing basis then it could possibly move ahead further, else down move may continue.

4. Three out of seven indicators are positive on the daily chart.

5. The price action was mixed today.

WEAKNESS:-

1. It is already into deep correction mode now as it is below all its important correction threshold point of 53036.49---- 52834.06----52454.47---52167.20---51891.39---51853.33 & 51639.66(figure may change), which is a very weak sign.                                                        

2. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

3. Volatility and wild swing can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

4. Five out of seven important technical indicators are negative on the daily chart now.

5. It is below all its short term moving averages now on the daily chart and the important average range for today is between 52117---51832----51748----51691----51646---51497(figure will change every day), sustained break below this range can trigger big down move.

6. It still has lower top & bottom on the line & bar chart.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of   51471----51350 with a stop loss of 51100 or can buy if it moves above 51665 and maintain for some time with a stop loss of 51450 for possible pullback gains, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. 

2. Short trade can be tried on the rise near or within the range of 52250---52350 with a stop loss of 52500 or can sell if it moves below 51100 with a stop loss of 51360. It could be a risky trade but can be tried for intraday corrective 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. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.  

 

A TECHNICAL VIEW ON KNR CONSTRUCTION LTD-31.7.2024

 

KNR CONSTRUCTION LTD

SECTOR: CONTRUCTION--INFRASTRUCTURE. 

TTM/EPS;-Rs.27.64 (+69.72%yoy)

TTM/PE:-14.82 /SECTOR PE:-45.52

BOOK VALUE:-Rs.126.38

PRICE TO BOOK VALUE:-3.25

DIVIDEND YIELD:-0.06%

FACE VALUE: - Rs.2/

EQUITY: - 56.25cr.

SHARE HOLDING PATTERN:- PROMOTER—48.80% ---FII---8.20%----DII---30.80% & PUBLIC---12.30%.

All-Time High: --407 made on 6.6.2024.

All-Time Low: --2.90 made in 2009.

NEW ALL-TIME HIGH;--413.50 made on 30.7.2024

Recent Low: - 226.30 made on 9.6.2023. 

Open-392--High-413.50--Low-388.20—Close-409.60 on 30.7.2024 

Support:407/395.80/392.20/386.95/381.75/365.10/357.30/350.05/343.90/339.50/332.90. 

Resistance: 427/435/453/475/527/571/610/647/700/740/800. 

(Bold and underlined figures are most important) 

Technically it is strongly placed and in the new territory, therefore likely to continue the up move. It has given upside breakout today from its previous all time high of 407 and hit a new all-time high of 413.50 and closed above the previous high of 407 which is a very positive sign for the continuation of the up move if it holds the range of 407---392.20. In case of down move the worst price for the stock could be in the range of 343.90---332.90, but if it has the strength it should not break the range of 407---392.20 on the closing basis. Please note that if it sustains above 407 on the closing basis then the upside target could be 427---435---453---475---527---571---610---647---700—740---800. 

In view of the above observation, it is suggested that investors can accumulate the stock now and on decline near of within the range of 407---392.20 with a stop loss of 363 and then buy near or within the range of 344---333 with a strict stop loss of 320. The stock has the potential to give 40---60% or more return in 6-9 months time from here. 

IMPORTANT: DO NOT TRADE OR INVEST WITHOUT STOP LOSS. 

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore  investors are advised to look into fundamental, financial details of the company because that too keeps on changing and last but not the least management perception for the future of the company before taking investment decision.

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.

 

CNX-NIFTY PROBABLE RANGE FOR -31.7.2024.

 

 CNX-NIFTY

CLOSE ON 30.7.2024:-24857.30

The possible range for the day is between 24901----24814, if it moves above 24901 and sustain then the upside target for the day could be 24944---24987---25030, if it moves above 25030 and sustain then it can sharply move up further. Similarly break below 24814 can pull it down to 24771---24728---24685, it can bounce back from any of these points but sustained break below 24685 may accelerate the fall.

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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -31.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 30.7.2024:-51499.30

The possible range for the day is between 51674-----51325, if it moves above 51674 and maintain then the upside target for the day could be 51848---52022---52196, if it moves above 52196 and sustain then it can sharply move up further. Similarly break below 51325 can pull it down to 51151----50977----50803, it can bounce back from any of these points but break below 50803 may accelerate the fall.

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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com