A TECHNICAL UPDATE ON CNX-NIFTY—27.6.2023

 

CNX-NIFTY

 Open-18682.35--High—18722.05--Low-18646.70--Close-18691.20 on 26.6.2023.

Support: 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: 16696.10/18778/18864.70/18794.10/18881.45/18886.60/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

The view and observation posted for 26.6.2023 will also be relevant for 27.6.2023 with the following addition or modification in figures and partly in views.

1. If it close above 18770(figure may change) it will gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 17787---18809---18839 and sustain on the closing basis. However if it closes above 18704(figure may change) and sustain on the closing basis then the chance of a pullback rally could be there. 

2. If it does not bounce back sharply in shortest possible time and moves above the key points as mentioned above then it may keep drifting down.

TRADING TIPS:--

1. Long trade can be tried if it holds 18647 for some time with a stop loss of 18600 or if it moves above 18704 and maintain for some time with a stop loss of 18640.

2. As it is into short correction mode, therefore short trade can also 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 18775---18800 with a stop loss of 18840. It could be a risky trade but worth trying or sell if it moves below 18647 with a stop loss of 18725.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, so long trade could be risky bet , therefore it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it at all till correction completion sign emerges because correction may take an ugly turn also therefore it has to be seen in next few days how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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—27.6.2023

 

CNX-BANK NIFTY

Open---43714.75---High—43773.10---Low---43541.75---Close---43641.05 on 26.6.2023.

Support: 43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 43706.15/43874.05/44095.25/44151.80/44220.10/43266/44340/44459.25/44498.60/44592/45525/45658.                       

 (Bold and underlined figures are most important)

The view and observation posted for 26.6.2023 will also be relevant for 27.6.2023 with the following addition or modification in figures and partly in views.

1. If it close above 43950(figure may change) it will gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 44151.80---44237--- 44268 and sustain on the closing basis. However, if it manages to hold above 43618(figure may change) on the closing basis then the chance of a pullback up move will be there, else it may drift down.

2. If it does not bounce back sharply in shortest possible time and moves above the key points as mentioned above then it may keep drifting down. Please note that crossing the key points looks pretty difficult as of now.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible or it closes above 44151.80 at least. However, aggressive traders can try long trade on decline near or within the range of 43390---43345---43109---43044 with a stop loss of 42900 or if it holds the level of 43618 for some time with a stop loss of 43500. Please note that as it is in corrective mode therefore long trade could be a risky affair, so be alert and cautious.

2. As it is into short & medium correction mode therefore short trade can also be attempted on the price rise or on the price breakdown for intraday corrective gains. One can try short trade on the rise near or within the range of 43925---43975 with a stop loss of 44060 or sell if it maintains below 43618 for some time with a stop loss of 43820 or sell below 43345 with a stop loss of 43630.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, so long trade could be risky bet , therefore it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it at all till correction completion sign emerges because correction may take an ugly turn also therefore it has to be seen in next few days how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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—26.6.2023

 

CNX-NIFTY

 Open-18741.85--High—18756.40--Low-18647.10--Close-18665.50 on 23.6.2023.

Support: 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: 16696.10/18778/18864.70/18794.10/18881.45/18886.60/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

It ended the on-going week near the low of the week, it is into short correction mode now, furthermore it has fallen below some of its short term moving averages on the daily chart, for the first time in the recent past it has broken bottom on the line & bar chart and most importantly three out of four important advance technical indicators are negative, which is concerning and as of now indicates that it could sharply fall in coming days and could hit much lower levels, if it does not bounce back sharply in next 2-3 trading sessions. Therefore all together it is exhibiting weakness now. But the long term bias is up as of now

Its range for the week starting from 26.6.2023 is between 18647---18887.60 and it may oscillate between the range during the week, so one can trade the range. But since it ended the last week near low of the week therefore chances of going down further from here is pretty bright at this point of time and break below 18647 can drag it down further.

Moving down it may find support at 18647---18622---18572---18555---18476---18464---18421---18401---18362.50 it may bounce back again from any of these points and may resume the up move again, but break below each support point will deepen the correction but please note as long as it holds 18476 on the closing basis chances of retesting its all-time high of 18887.60 or may go beyond will be alive but break below 18476 & 18464 will trigger fresh fall and break below 18401 & 18362 will accelerate the fall. Last but not the least to keep the uptrend alive it has to maintain above 18131.70 & 18105.30, which may please be noted.

Moving up it has to close above 18775(figure may change) to gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 17787---18809---18839 and sustain on the closing basis. However if it closes above 18704(figure may change) and sustain on the closing basis then the chance of a pullback rally could be there.  

TRADING TIPS:--

1. Long trade can be tried if it holds 18647 for some time with a stop loss of 18600 or if it moves above 18704 and maintain for some time with a stop loss of 18640.

2. As it is into short correction mode, therefore short trade can also 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 18775---18800 with a stop loss of 18840. It could be a risky trade but worth trying or sell if it moves below 18647 with a stop loss of 18715.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, therefore at this point it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it because correction may take an ugly turn also therefore it has to be seen how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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—26.6.2023

 

CNX-BANK NIFTY

Open---43641.60---High—43824.10---Low---43519.55---Close---43622.90 on 23.6.2023.

Support: 43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 43706.15/43874.05/44095.25/44151.80/44220.10/43266/44340/44459.25/44498.60/44592/45525/45658.                       

 (Bold and underlined figures are most important)

It is still into short and medium correction mode for its recent rise. Furthermore it is still below some of its short and medium term moving averages on the daily chart, making lower top & bottom on the line and bar chart and most importantly all the four important advance technical indicators are still negative, which is very concerning and indicates that it could still witness further sharp fall from here and may seek much lower levels in coming days, if it does not bounce back sharply in a short span of time and move above some of the key points as mentioned below. Therefore all together it is exhibiting weakness now. But the long term bias is up as of now.

Its range for the week starting from 26.6.2023 is between 43345---44045 and it may oscillate between the range during the week, so one can trade the range. But since it ended the last week near the lower band of the range therefore chance of going down further from here is pretty bright at this point of time and break below 43345 can drag it down further.

Moving down it has very strong support at 43618---43390—43345---43109----43044---43038.25---42986.45, it may bounce back from any of these points but break below each point will deepen the correction, please note that to keep the uptrend alive it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else it may trigger fresh fall. I once again reiterate that technical indicators are pointing towards a sharp fall in the coming days as of now; therefore one should be alert and cautious in the long trade at this point of time.

Moving up it has to close above 43995(figure may change) to gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 44151.80---44237--- 44268 and sustain on the closing basis. However, if it manages to hold above 43618(figure may change) on the closing basis then the chance of a pullback up move will be there, else it may drift down further. 

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, therefore at this point it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it because correction may take an ugly turn also therefore it has to be seen how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out. 

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible or it closes above 44151.80 at least. However, aggressive traders can try long trade on decline near or within the range of 43390---43345---43109---43044 with a stop loss of 42900 or if it holds the level of 43618 for some time with a stop loss of 43500. Please note that as it is in corrective mode therefore long trade could be a risky affair, so be alert and cautious.

2. As it is into short & medium correction mode therefore short trade can also be attempted on the price rise or on the price breakdown for intraday corrective gains. One can try short trade on the rise near or within the range of 43925---43975 with a stop loss of 44060 or sell if it maintains below 43618 for some time with a stop loss of 43820 or sell below 43345 with a stop loss of 43630..

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—23.6.2023

 

CNX-NIFTY

 Open-18853.60--High—18886.60--Low-18759.50--Close-18771.25 on 22.6.2023.

Support: 16696.10/18662.45/18604.45/ 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: 18778/18864.70/18794.10/18881.45/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

It has been facing rejection near the all-time high top of 18887.60 for the last five days and eventually it corrected today and slipped into short correction mode for its recent rise, it may last for 2-3 days at max but if it last beyond this then it could be a really weak indication. The overall chart setup is still o.k. but three out of four important advance technical indicators are negative, which is concerning and it can  drag it down further ,if it fails to bounce back sharply in short span of time. The long term bias is positive as of now.

Moving down further from here its critical support points could be at 18725---18692----18659---18555---18476---18464---18421—18401---18362, it may bounce back again from any of these points and may resume the up move again, but break below each support point will deepen the correction but please note as long as it holds 18476 on the closing basis chances of retesting its all-time high of 18887.60 or may go beyond will be alive and break below 18476 & 18464 will trigger fresh fall and break below 18401 & 18362 will accelerate the fall.

Please note that to get out of corrective mode and put it back on up momentum track it has to move above 18787----18809 & 18838 and sustain on the closing basis. Moving up further it will face resistance at 18887.60(ATH)----18915----19138----19498---19764.

It is in the long term uptrend and is buy on decline market now till it holds the key points as mentioned above, but exercise some caution in the long trade in light of three weak technical indicators and five failed attempts to cross the top. Therefore fearless long trade can only be attempted once it crosses its all-time high of 18887.60 and sustain on the closing basis till then exercise some caution because you never know how correction will culminate eventually.

TRADING TIPS:--

1. Long trade can be tried if it holds 18755 for some time with a stop loss of 18700.

2. As it slipped into short correction again today, therefore short trade can also 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 18865---18888 with a stop loss of 18925. It could be a risky trade but worth trying or sell if it moves below 18700 with a stop loss of 18780.

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—23.6.2023

 

CNX-BANK NIFTY

Open---43874.80---High--44042.15---Low---43663.35---Close---43724.85.20 on 22.6.2023.

Support: 43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 43874.05/44095.25/44151.80/44220.10/43266/44340/44459.25/44498.60/44592/45525/45658.                    

 (Bold and underlined figures are most important)

It is still into short and medium correction mode for its recent rise. Furthermore it is still below some of its short and medium term moving averages on the daily chart, making lower top & bottom on the line and bar chart and most importantly all the four important advance technical indicators are still negative, which is very concerning and indicates that it could still witness further sharp fall from here in coming days. Please note that all together it is exhibiting gross weakness as of now. It is important to mention here that to get out of corrective mode and to put it back on the strong up momentum track it has to move above its critical points of 44151.80---44237--- 44268--44282 and sustain on the closing basis. However, if it manages to hold above 43618 on the closing basis then the chances of a pullback up move will be there, else it may drift down further. The long term bias is positive as of now.   

Moving down it has very strong support at 43618---43390—43347---43109----43044---43038.25---42986.45 and it may bounce back from any of these points, please note that to keep the uptrend alive it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else it may trigger fresh fall. I once again reiterate that technical indicators are pointing towards a sharp fall in the coming days as of now, which may please be noted, so one should be alert and cautious in the long trade at this point of time.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible or it closes above 44151.80 at least. However, aggressive traders can try long trade on decline near or within the range of 43390---43347---43109---43044 with a stop loss of 42900 or if it holds the level of 43618 for some time with a stop loss of 43500. Please note that as it is in corrective mode therefore long trade could be a risky affair, so be alert and cautious.

2. As it is into short & medium correction mode therefore short trade can also be attempted on the price rise or on the price breakdown for intraday corrective gains. One can try short trade on the rise near or within the range of 44100---44150 with a stop loss of 44270 or sell if it maintains below 43618 for some time with a stop loss of 43820.

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.