A TECHNICAL UPDATE ON RELIANCE INDUSTRIES LTD—27.3.2023.

 

RELIANCE INDUSTRIES LTD

Open—2245.25--High—2250--Low—2198--Close—2203.30 on 24.3.2023.

Support:2180/2153.55/2120/2066/2044/2016.25/1994.95/1906/1895/1892/1876.70/1855.25/1835/1830/1798/1695/1618/1609.

Resistance:2274.90/2291.45/2305/2311/2313/2343/2370/2424.60/2463.80/2480/2493/2502/2525.70/2547.20/2550/2567/2606/2615.90/2638.95/2677/2688/2755/2817.35/2856.15

 (Bold and underlined figures are most important)

FOR TRADERS

The overall technical setup is very weak and it is into deep corrective mode as it is way below its threshold point of 2388.75, it is into bear market territory as it is below its threshold point of 2285, furthermore it is well below its long term moving averages on the daily chart and below some on the weekly chart also and last but not least almost all important technical indicators are negative on the daily, weekly & monthly chart as of now pointing that it could break 1850 levels in coming weeks/months, all these developments together is highly concerning and can surely drag it down further from here. But please note it has a very strong support at 2180 ,so the chances are that it may bounce back from this point may be couple of time but breaking this support point looks inevitable in coming days as of now. Kindly note that sustained break below 2180 on the closing basis may accelerate the fall.

Since it is in deep corrective mode therefore for general or safe traders, it is suggested that sell on the rise or sell on the price breakdown strategy should be adopted till correction completion sign emerges. However aggressive traders can try long trade near 2180 with a stop loss of 2165 or on decline near its critical support points (see support point as mentioned above) with self defined stop loss for pullback gains. Please be alert in long trade initiated for pullback gains.

FOR INVESTORS

Kindly note that it is a good 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 or range could be at 2180/ 2070—2000/1830----1610/1350--1270. For example one can initiate buying with 15% of the designated investment amount for the stock near 2180, 20%in the range of 2070---2000 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 1830---1610 seems to be the worst price range for the stock on decline, but if it fall further and break 1270 and sustain then it could come down to 900 or 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-NIFTY—27.3.2023

 

CNX-NIFTY

 Open-17076.20--High—17109.45--Low-16917.35---Close-16945.05 on 24.3.2023.

Support: 16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance: 16950/17035/17044/17058/17166---17161/17175/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17529.90/17565/17594/ 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)      

It exhibited volatility and hit a high of 17207.25 during the week but eventually ended the week on 24.3.2023 with a loss of 155 points over the previous week’s close. The undertone is tremendously weak and it is expected to move down in coming week/months.

The overall technical setup and price action is weak but once a while it surprises with an up move which does not sustain. Please note that it is still into deep corrective mode and well below its long term moving average range which is placed between 17842---17371(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, almost all important technical indicators are negative on the daily chart except for one key indicator which is positive therefore it gives a glimmer of hope that it could still move up , but as it closed below its short pullback trigger point of 17058 today therefore it indicates that pullback up move has possibly ended for now and it may continue to move down with intermittent short relief rallies. It is most important to mention here that the technical indicators are already negative as of now on the weekly & monthly chart pointing that it could break 16100 levels or can go below it also in coming weeks/months, which is highly concerning. But please note that as long as it holds it critical support range of 16915---16850---16828---16809---16747.70 there is a hope that it could bounce back from this range, but here I reiterate once again that looking at the weekly & monthly technical indicators signal as of now it is pointing that holding the above range seems less likely for a longer period of time and will break it eventually, but don’t be extraordinarily bearish till it breaks 16474.70 levels and sustain on the closing basis.. Please note that sustained break below 16747.70 on the closing basis may end the long term uptrend for a reasonable length of time and fall may accelerate, so be alert and watchful.

Moving up it will face stiff resistance at 16950---16986---17058---17145.60---17175---17213---17253---17315---17371---17437---17565---17576---17629(these points could be possible sell point also).Up move if any can exhaust at any of these points or earlier also.  Please note that 17058 & 17315(the figures will be scaled down if it breaks 16828.35) are the short and major pullback trigger points and if it moves above 17058 and sustain than a feeble up move could be there, sustained close above 17175 may indicate that it may be inching towards correction completion, but a strong, meaningful and lasting pullback up move can only be expected if it moves above 17315 & 17371(figures may change) and sustain on the closing basis. It will gain potential strength for the strong up momentum once it moves above its long term moving average range and sustain on the closing basis.

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 you are well aware that pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware. The bias is hugely bearish as of now.

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 UPDATE ON CNX-BANK NIFTY —27.3.2023

 

CNX-BANK NIFTY

Open-39555.25-High-39767.90-Low-39294.90-Close-39395.35 on 24.3.2023.

Support:- 39335/39258.25/39197.20/38765.85/38613.15/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance:39419.80/39600.25/39868.85/ 40269/40288.90/40819.15/41095.10/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.          

 (Bold and underlined figures are most important)      

It exhibited volatility and hit a high of 40201.60 during the week but eventually ended the week on 24.3.2023 with a loss of 202.75 points over the previous week’s close. The undertone is weak and it is expected to slide down in coming week/months.

The overall technical setup and price action is weak but once a while it surprises with an up move which does not sustain. Please note that it is still into deep corrective mode and today it went below its long term moving average range which is placed between 41276---39475(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, it is well below its major pullback trigger point of 39921, therefore all together these developments are highly concerning. But out of four important technical indicators two key indicators are still positive despite the fall, furthermore it is still holding on to its short pullback trigger point of 39335 therefore it gives a glimmer of hope that it could still move up. It is most important to mention here that the technical indicators are already negative as of now on the weekly & monthly chart pointing that it could break 38650 & 36500 levels or can go below it also in coming weeks/months, which is highly concerning. But please note that as long as it holds it critical support range of 39335----38983---38739---38613 there is a hope that it could bounce back from this range, but here I reiterate once again that looking at the weekly & monthly technical indicators signal as of now, it is pointing that holding the above range seems less likely for a longer period of time and will break it eventually, but don’t be extraordinarily bearish till it breaks 38739 & 37386.55 levels and sustain on the closing basis.. Please note that sustained break below 38739 on the closing basis can drag it down to 37386.55 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 alert and watchful.

Moving up it will face stiff resistance at 39511---39644---39781—39861---39921---39971---40028---40142---40503---40690---40770(these points could be possible sell point also).Please note that up move if any can exhaust at any of these points or earlier also, but if it moves above 39921(the figures will be scaled down if it breaks 38613.15) and sustain on the closing basis then only a strong, meaningful and lasting pullback up move can be expected. It will gain potential strength for strong up momentum once it moves above its long term moving average range and sustain on the closing basis.

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 you are well aware that pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware. The bias is hugely bearish as of now.

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 —24.3.2023

 

CNX-NIFTY

 Open-17097.40--High—17205.40--Low-17045.30---Close-17076.95 on 23.3.2023.

Support:  17058/17044/17035/16950/16888/16836—833---809/16747.70/16438.75/16410.20.

Resistance: 17145.80/ 17166---17161/17175/17211.35//17224.65/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17565/17594/ 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)   

It is in the deep corrective mode therefore all the figures & observation in my last post of 20.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 17845---17368(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17058 & 17315 (figure will change if it breaks 16828.32).

MOVING UP CRITICAL RESISTANCE POINTS IS: - 17145.80---17175---17211.35---17224.65---17315---17362. (Possible sell points also)

MOVING DOWN CRITICAL SUPPORT POINTS IS: 17058---16950---16915---16888--16836—833---809---16747.70. (Possible buy points also)

After two days of relief rally it corrected today, so it is clearly visible that the up move is temporary and very weak in nature. It finally closed with a loss of 75 points. But it is well above its strong support range of 16915---16809---16747.70  ,one key important technical indicator is also positive and most importantly  it is above its short pullback trigger point of 17058, so the possibility of an up move is still there till it manages to hold this point on the closing basis, but a strong and meaningful pullback up move can only be expected if it moves above 17315 & 17368 and sustain on the closing basis, else it will continue to move down with short relief rallies because technical indicators on the weekly & monthly chart as of now  indicates that it may eventually break the aforesaid strong support range in coming week/months, so be alert and watchful.

The bias is  bearish as of now and since  it is into deep corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till correction completion  or bottoming out signs are visible. However aggressive traders can try intraday long trade at critical support points with strict stop losses because short pullback up move is on, but be alert because long trade for pullback gains could be a risky affair.

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-BANK NIFTY—24.3.2023

 

CNX-BANK NIFTY

Open-39836.15-High-40201.60-Low-39552.50-Close-39616.90 on 23.3.2023.

Support:-39600.25/ 39513/39491/39419.80/39335/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 39868.85/40269/40288.90/40819.15/41095.10/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.             

 (Bold and underlined figures are most important)

It is in the deep corrective mode therefore all the figures & observation in my last post of 20.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 41278---39452(figures will change every day) for the day.

2. Its short & major pullback trigger point are 39335 & 39921(figure will change if it breaks 38613.15) now.

MOVING UP CRITICAL RESISTANCE POINTS IS: -39781---39827---39921---39971----40142---40270----40474----40503---40769---40950. (Possible sell points also)

MOVING DOWN CRITICAL SUPPORT POINTS IS: - 39452---39335---39219---38983---38739---38613--37386.35. (Possible buy points also)

After two days of relief rally it corrected today and closed with a loss of 382.15 points. It is  above its strong support range of 39452---39335---38983---38739  , two key important technical indicator are positive now but most importantly  it has moved below its major pullback trigger point of 39921 today, which is concerning and pointing that the up move is temporary and weak in nature, however  as long as it holds 39452 & 39335 levels, chance of pullback up move will be alive ,else  it will continue to move down with short relief rallies because technical indicators on the weekly & monthly chart as of now indicates that it may eventually break the aforesaid strong support range in coming week/months, so be alert and watchful.

The bias is  bearish as of now and since  it is into deep corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till correction completion  or bottoming out signs are visible. However aggressive traders can try intraday long trade at critical support points with strict stop losses because short pullback up move is on, but be alert because long trade for pullback gains could be a risky affair.

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.