A TECHNICAL UPDATE ON CNX-BANK NIFTY—23.11.2023

 

2

CNX-BANK NIFTY

Open---43663.60---High—43692.50---Low---43230.95---Close—43449.60 on 22.11.2023.

Support:43345.95/43078.90/43038.25/ 42986.45/42582.20/42105.40/41962/41840.15/41829.60/41729/41569/40819.15/39600.25/39419.50..

Resistance: 43600.35/43796.75/43830.75/44151.80/44279.40/44498.60/44547.80/44710.55/44779.65/44949.90/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/45905.85/46310.40/46369.50/.    

 (Bold and underlined figures are most important)

It opened on a flat to negative note and then started moving down and towards the end of the 2^nd half it staged a bounce back and finally ended the day with a loss of 239.55 point. The overall technical setup has further weakened today, it is already into deep short & medium term correction mode for its earlier rise and into deep short correction mode for its recent rise also, therefore looking at overall technical assessment further fall from here cannot be ruled out in coming days. But please that that the only good point is that it is still above its most critical and trend deciding range of 43345.95---43112----430---43038.25----42986.45(figures may change) it did break the upper band of the range intraday today but bounced back from middle of the range to closed above it, therefore as long as it holds this range on the closing basis chances of up move will be alive. But for the smooth and steady up move it has to move above 43880---44151.80--- 44235(figures may change) and sustain on the closing basis. Please note that to get into the strong up momentum track it has to close above 44421---44710.55----44730---45363---45517(figure may change) and sustain on the closing basis. 

Please note that now only two out of  five important technical indicators on the daily chart are  positive, therefore the chances of the on-going up extension has receded now, four out of five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore on the weekly & monthly chart it is still highly concerning and indicates it may witness deep fall in coming days/ weeks/months because  it is the up move within the downtrend only as of now. Furthermore the price action has also not been consistently positive in the recent past and it was weak today also, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now. The short term technical setup has weakened, so be watchful and alert. 

Moving up from here it may face resistance at 43504.95---43583----43865---43734----44151.80---44229---44237---44711---44741---45118---45363----45469---45517---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.  

Kindly note that moving down from here it’s possible support points would be at 43345.95---43284---43112---43038.25---42986.45---42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure may change) it may bounce back from any of these points, It is already into deep correction mode  and sustained break below the range of 43345.95---42987 may trigger big fall and will severely threaten the long term uptrend too.

IMPORTANT NOTE: -- It seems that the on-going up move may have been over but chances of bounce back are still alive till it holds the range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore buying can be tried near or within the range, but not below this range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 41000 or much lower levels in coming weeks provided it moves below 43345.95 and sustains. Please note that it may get into strong up momentum track only if it moves above 44710.55(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade for the day. But aggressive traders can long trade on decline near or within the range of 43345.95---43000 with a stop loss of 42900 or if it moves above 43592 and maintain for some time with a stop loss of 43450. It could be a risky trade.

2. It is already into deep short and medium term correction mode and long term uptrend is also threatened, but the meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or within the range of 43750---43850 with a stop loss of 43950.

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. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—23.11.2023

 

CNX-NIFTY

Open-19784.00---High—19825.55--Low-19703.85--Close-19811.85 on 22.11.2023.

Support: 19645.50/19635.30/19584.45/19523.40/19492.10/19480/19333.60/19329.10/19296.45/19253.60/19223.65/19204.85/18973.30/18887.60/18837.85/18646.70/18604.45/18555.40/18464.55/18350.95/18131.70/18114.65/18108.30/18042/17992.20/17959/17824/17774.25/17761.85/17553.95.

Resistance: 19849.75/19867.55/19875.25/19991.85/20222.45.

 (Bold and underlined figures are most important)

It opened on a flat note and had both side movements during the day and finally ended the day with a gain of 28.45 points. It is still into deep short term correction mode for its earlier rise but the overall technical setup still looks good for the continuation of the on-going up move as of now. It is well above its first recent critical range of 19670---19550----19400(figure will change every day) and most importantly it is well above its ultimate critical range of 19275---19223.60---19180---19165(figures may change) therefore as long as it holds the above mentioned range the up move is likely to continue with intermittent correction, but break below the range of 19670---19550----19400 could be highly concerning and can drag it down. Please note that to get into the strong up momentum track it has to close above 19849.75—19875.25---19946&19991.85(figure may change) and sustain on the closing basis. 

Please note that all the five important technical indicators on the daily chart are positive now therefore the on-going up move can extend further provided it holds the key support range as mentioned above, furthermore four out of five indicators on the weekly chart are negative  and most importantly weakness has trickled down to monthly chart also in few indicators , therefore weekly & monthly chart indicators are still highly concerning and indicates that after the on-going up move exhaustion it may still witness deep fall in coming weeks/months because it is the up move within the downtrend till it closes above 19849.75 and sustains. Furthermore the price action has also not been consistently positive in the recent and it was weak today also, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days.   Its long term uptrend is intact as of now, but deep short term correction mode is on and the meaningful pullback mode is also on. The short term bias is positive as of now. 

Moving up from here it may face resistance at 19849.75---19875.25---19896---19946--19991.85 (figure may change), it may correct at any of these points and then may resume the up move again or rally may exhaust also, so be watchful. Please note that sustained close above 19849.75 & 19875.25 will put it into the strong up momentum track; else it may correct.

Kindly note that moving down from here its strong support points would be -19746.44----19694---19662---19647---19630---19367----19329---19245----19223.60---19165---191--19077----18973.70---18887.60---18837.85---186---18604.45---18615---18350.95---18131.70----18105.30(figure may change) it may bounce back from any of these points, break below 19746.44  will push it into very short correction mode for its recent rise, break below  19662----19647 & 19630 will push it into deep short correction mode for its recent rise, break below 19329 may accelerate the fall, sustained break below the range of 19275---19223.60---19180---19165 will trigger fresh fall,  sustained break below 18973.70 will weaken it further, sustained break below 18887.60 & 18837.85 will be an extreme alert point for further fall, sustained break below 186 will potentially threaten the long term uptrend and finally sustained break below 18131.70 & 18105.30  may accelerate the fall, which may please be noted.

IMPORTANT NOTE: - The on-going up may extend further provided it holds the range of 19670---19550----19400 and finally its most critical key point of 19223.65..Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 18000 or lower levels in coming weeks provided it moves below 19223.65 and sustains. Please note that the on-going up move is just a pullback rally in corrective mode as of now and it may get into strong up momentum track only if it moves above 19849.75(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19850 and maintain for some time with a stop loss of 19770 or on decline near or within the range of 19695----19650 with a stop loss of 19600. But aggressive traders can also try long trade on the sharp decline near or within the range of 19275--- 19223----19180 with a stop loss of 19155. Please note that long trade below 19694 could be a risky affair for the day.

2. Its long term uptrend is intact but it is still into deep short term correction mode but meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 19920—19950 with a stop loss of 20000 for intraday corrective gains. It could be a risky trade.

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—22.11.2023

 

2

CNX-BANK NIFTY

Open---43790.95---High—43790.95---Low---43586.45---Close—43689.15 on 21.11.2023.

Support:43600.35/43345.95/43078.90/43038.25/ 42986.45/42582.20/42105.40/41962/41840.15/41829.60/41729/41569/40819.15/39600.25/39419.50..

Resistance: 43796.75/43830.75/44151.80/44279.40/44498.60/44547.80/44710.55/44779.65/44949.90/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/45905.85/46310.40/46369.50/.    

 (Bold and underlined figures are most important)

It opened with an up gap and the open was the day’s high also and then it moved in a short range and finally ended the day with a gain of 104.20 point. The overall technical setup looks pretty weak as of now and it is already into deep short & medium term correction mode for its earlier rise and into deep short correction mode for its recent rise also, therefore  further fall from here cannot be ruled out in coming days. But please that that the only good point is that it is well above its most critical and trend deciding range of 43345.95---43112----43079---43038.25----42986.45(figures may change) and as long as it holds this range chances of up move will be alive. But for the smooth and steady up move it has to move above 43900---44151.80--- 44233(figures may change) and sustain on the closing basis. Please note that to get into the strong up momentum track it has to close above 44421---44710.55----44740---45363---45517(figure may change) and sustain on the closing basis. 

Please note that four out of  five important technical indicators on the daily chart are still positive now, therefore the on-going up move can still extend further provided it holds the key support range as mentioned above, four out of five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore on the weekly & monthly chart it is still highly concerning and indicates that after the on-going up move exhaustion  it may still witness deep fall in coming days/ weeks/months because  it is the up move within the downtrend only as of now. Furthermore the price action has also not been consistently positive in the recent past but today it was positive, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now. The short term technical setup has weakened, so be watchful and alert. 

Moving up from here it may face resistance at 43865---43734----44151.80---44229---44237---44711---44741---45118---45363----45469---45517---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.  

Kindly note that moving down from here it’s possible support points would be at 43583----43504.95---43345.95---43284---43112---43038.25---42986.45---42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure may change) it may bounce back from any of these points, It is already into deep correction mode break below 43583 will weaken it  and sustained break below the range of 43345.95---42987 may trigger big fall and will severely threaten the long term uptrend too.

IMPORTANT NOTE: -- It seems that the on-going up move may have been over but chances of bounce back are still alive till it holds the range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 41000 or much lower levels in coming weeks provided it moves below 43345.95 and sustains. Please note that it may get into strong up momentum track only if it moves above 44710.55(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Long trade can be tried if it moves above . But aggressive traders can also try long trade on decline near 43590 with a stop loss of 43490 or can try on sharp decline near or within the range of 43345.95---43000 with a stop loss of 42900.

2. It is already into deep short and medium term correction mode and long term uptrend is also threatened, but the meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or within the range of 43950---44050 with a stop loss of 44150 or can sell below 43580 with a stop loss of 43750 for intraday corrective gains. It could be a risky trade.

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. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—22.11.2023

 

CNX-NIFTY

Open-19770.90---High—19829.10--Low-19754.05--Close-19783.40 on 21.11.2023.

Support: 19645.50/19635.30/19584.45/19523.40/19492.10/19480/19333.60/19329.10/19296.45/19253.60/19223.65/19204.85/18973.30/18887.60/18837.85/18646.70/18604.45/18555.40/18464.55/18350.95/18131.70/18114.65/18108.30/18042/17992.20/17959/17824/17774.25/17761.85/17553.95.

Resistance: 19849.75/19867.55/19875.25/19991.85/20222.45.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a gain of 89.40 points. It is still into deep short term correction mode for its earlier rise but the overall technical setup looks good for the continuation of the on-going up move as of now. It is well above its first recent critical range of 19665---19560----19365(figure will change every day) and most importantly it is well above its ultimate critical range of 19265---19223.60---19171---19165(figures may change) therefore as long as it holds the above mentioned range the up move is likely to continue with intermittent correction, but break below the range of 19665---19560---19365 could be highly concerning and can drag it down. Please note that to get into the strong up momentum track it has to close above 19849.75—19946&19991.85(figure may change) and sustain on the closing basis. 

Please note that all the five important technical indicators on the daily chart are positive now therefore the on-going up move can extend further provided it holds the key support range as mentioned above, furthermore four out of five indicators on the weekly chart are negative  and most importantly weakness has trickled down to monthly chart also in few indicators , therefore weekly & monthly chart indicators are still highly concerning and indicates that after the on-going up move exhaustion it may still witness deep fall in coming weeks/months because it is the up move within the downtrend till it closes above 19849.75 as of now. Furthermore the price action has also not been consistently positive in the recent but it was positive today, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days.   Its long term uptrend is intact as of now, but deep short term correction mode is on and the meaningful pullback mode is also on. The short term bias is positive as of now. 

Moving up from here it may face resistance at 19849.75---19896---19946--19991.85 (figure may change), it may correct at any of these points and then may resume the up move again or rally may exhaust also, so be watchful. Please note that sustained close above 19849.75 will put it into the strong up momentum track; else it may correct.

Kindly note that moving down from here its strong support points would be -19746.44----19694---19662---19647---19630---19367----19329---19245----19223.60---19165---191--19077----18973.70---18887.60---18837.85---18670---18604.45---18615---18350.95---18131.70----18105.30(figure may change) it may bounce back from any of these points, break below 19746.44  will push it into very short correction mode for its recent rise, break below  19662----19647 & 19630 will push it into deep short correction mode for its recent rise, break below 19329 may accelerate the fall, sustained break below the range of 19265---19223.60---19171---19165 will trigger fresh fall,  sustained break below 18973.70 will weaken it further, sustained break below 18887.60 & 18837.85 will be an extreme alert point for further fall, sustained break below 18670 will potentially threaten the long term uptrend and finally sustained break below 18131.70 & 18105.30  may accelerate the fall, which may please be noted.

IMPORTANT NOTE: - The on-going up may continue provided it holds the range of 19665---19560---19365. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 18000 or lower levels in coming weeks provided it moves below 19223.65 and sustains. Please note that the on-going up move is just a pullback rally in corrective mode as of now and it may get into strong up momentum track only if it moves above 19849.75(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19801 and maintain for some time with a stop loss of 19740. But aggressive traders can try long trade on decline near or within the range of 19695----19650 with a stop loss of 19600 or near or within the range of 19223----19165 with a stop loss of 19130. Please note that long trade below 19694 could be a risky affair for the day.

2. Its long term uptrend is intact but it is still into deep short term correction mode but meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 19860—19890 with a stop loss of 19930 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