A TECHNICAL UPDATE ON CNX-NIFTY-30.5.2024.

 

CNX-NIFTY

Open-22762.75—High—22825.50—Low—22705.60--Close-22on 29.5.2024.

Support:22678.85/22568.40/22554.68/22526.60/22348.05/22305.25/22297/22224.35/22126.80/21883/21875/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance: 22730/22775.70/22783.35/22794.70/22958/23039/23060/23092/23117/23167/23201/23282/23397/23444/23525/23768.

It opened with a huge down gap and then had both side moves during the day and finally ended the day with a loss of 183.45 points. The gap it created today is still there and if it makes an effort to fill the gap in the next 3-4 days which is technically possible then it can come up to 22859, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for the time being but eventually it will fill the gap some day. Today it slipped into correction mode for its very recent rise as it closed well below its threshold point of 22806.42, furthermore it also closed below its two most critical point of 22794.70 & 22775.75, both are the weak sign and if it sustain below these points it may continue to move down. However the last important support range exist between 22694---22585---22574---22482, and if it manages to hold this range on the closing basis then it could still bounce back, but sustained break below this range can witness an accelerated fall.

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---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024.

3. It is above all its short term moving averages on the daily & weekly chart and the important range of averages is between 22694---22585—22482(figures will change every day) for the day, sustained close above this range will keep the continuation of the up move intact.

4. Moving down the possible good bounce back support point could be at 22600---22546----22526.60----22466---22407---22269----22126.80---22098----22056----21860----21821.05----21796----21777.65----21710.20(figures may change), , it slipped into correction mode and went below other key points also as mentioned below, which is a weak sign, break below 22526.60 could be a warning sign and sustained break below 22079 can pull it down to 21821.05 & 21777.65  levels and finally sustained break below these points could be a warning sign and can drag it down to devastatingly lower levels in coming days and may make the correction more painful time wise and value wise both, which may please be noted, break below 21796 will threaten the long term uptrend. So 21821.05---21796 & 21777.65 is a very strong and may be the last bounce back support points as of now or make or break point or benchmark points. So be watchful.

5.  All the important technical indicators are positive on the daily chart.

6. It has been making higher top and bottom on the line and bar chart recently.

WEAKNESS:-

1. It slipped into correction mode today and it will get out of it once it moves above 22806.42 and sustain on the closing basis and then it could get back on the up momentum track again.

2. It is below its recent key points of 22775.75 & 22794.70.

3. Some technical indicators are still weak on the weekly and monthly charts and pointing that it could head down in coming weeks and months, so be watchful in view of this.

4. Volatility 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.

5. The price action has been mixed for the last few days and today it was negative.

OVERALL VIEW: -- It slipped below its important key range of 22806.42---22794.70---22775.75 today and if it remains below this range then it can continue to drift down. The last  bounce back range is between 22694---22585---22574---22482, and if it fails to hold this range it can witness an accelerated fall. It is in the long term uptrend but into correction mode now therefore both side trades can be attempted depending on the price action. But please note that both side trades amid volatility and in a corrective market could be a risky affair, so be alert and watchful in your trades.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 22585----22527 with a stop loss of 22450.

2. Short trade can be tried on the rise near or within the range of 22800--- 22860 with a stop loss of 22920 or can sell if it moves below 22650 with a stop loss of 22750. 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—30.5.2024

 

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CNX-BANK NIFTY

Open—48786.70--High—49022.60--Low—48401.55---Close—48501.35 on 29.5.2024.

Support:48292.25/48203.45/48161.25/47737.20/47313.35/47279.80/46919.70/46579.05/46529.05/45828.80.                            

Resistance:48636.45/49057.80/49173.36/49262/49396.75/49446.69/49676/49732/49883/49974.75.        

It opened with a huge down gap and then had both side moves during the day and finally ended the day with a loss of 640.80 points. The gap it created today is still there and if it makes an effort to fill the gap in the next 3-4 days which is technically possible then it can come up to 49044, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for the time being but eventually it will fill the gap some day. It was already in the correction mode for its earlier rise and today it slipped into correction mode for its very recent rise as it closed well below its threshold point of 49050.33, furthermore it also closed below its one of the most critical point of 48636.45 both are the weak sign and if it sustain below these points it may continue to move down. However the last important support range exist between 48478---48389---48372---48317----48292---48203, if it manages to hold this range on the closing basis then it could still bounce back, but sustained break below this range can witness an accelerated fall.

STRENGTH:-

1. It is in the long term uptrend as of now.   

2. The short range for it now is between 49974.75---47737.20 and the long range is between 49974.75----47737.20----46913----46579.05.

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

4. It is above its all short term moving averages on the daily and weekly chart and the important average range is between 48478---48389---48372---48317---48292---28203(figures will change every day),  and if it sustains above it on the closing basis then the up move may continue, else it may move down further

5. It is above its medium term moving averages.

6. It is above its pullback threshold point of 47689.25(figure may change) and if it sustains above it on the closing basis then the rally can extend further and the possible upside target or resistance points could be at 48636.45—48655---48855---49050.33---49173.36---49377---49397---49447---49676---49732---49883---49974.75, if it moves above 48636.45 and sustain on the closing basis then only it will get back on the up momentum track.

7. Moving down the possible good bounce back point could be at 48336---48292.25---48276---48203.45---48126---48016---47876---47737.20---47689.25----47621----47524----47258---47157----46983.25---46579.05(figure may change), It is already into correction mode for its earlier rise and slipped into correction mode for its recent rise, break below 48292.25 & 48203.45 will be an warning sign, break below 47689.25 may end the on- going up move, sustained break below 47524 & 47258 can pull it down to 46983 &46579.05  sustained break below 47157 will threaten the long term uptrend and finally sustained break below 46579.05 could be a warning sign and can drag it down to devastatingly lower levels in coming days and may make the on-going correction more painful time wise and value wise both, which may please be noted. So 47157---46983 &46579.05 is a very strong and may be the last bounce back support points as of now or make or break point or benchmark points.

8. It still has higher top and bottom on the line chart.

9.  Three out of five important technical indicators are positive on the daily chart.

WEAKNESS:-

1. It is into correction mode for its earlier rise and today it slipped into correction mode for its recent rise and it will get out of all the correction mode, if it moves above 49050.33---49173.36 & 49446.69 and sustain on the closing basis.

2. The price action has been mixed for the last few days and today it was negative.

3. Some important technical indicators are weak on the daily/weekly and monthly charts and pointing that it could head downs in coming days/weeks and months.

4. Volatility 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.

OVERALL VIEW: -- Today’s move has given a jolt to its technical setup as it closed below its two important points of 49050.33 &48636.45 and if it remains below these points fall may continue, however even now if it manages to hold the range of 48478---48389---48372---48317----48292---48203, on the closing basis then it could still bounce back and may resume the up move again, else it may witness an accelerated fall. Since it is in correction mode and the pullback mode is also on therefore both side trades can be attempted depending on the price action. But please note that both side trades amid volatility and in a corrective market could be a risky affair, so be alert and watchful in your trades. The long term trend is up, the short term bias is weak now. Be alert in long trade below 48636.45 and avoid long trade below 48203.45 for sure.

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near or within the range of 48346----48203 with a stop loss of 48100 or can buy if it moves above 48657 and maintain for some time with a stop loss of 48380.

2. Short trade can be tried on the rise near or within the range of 48900 —49000 with a stop loss of 49130 or can sell below 48400 with a stop loss of 48660.  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 UPDATE ON CNX-NIFTY-29.5.2024.

 

CNX-NIFTY

Open-22977.15—High—22998.55—Low—22858.50--Close-22888.15on 28.5.2024.

Support:22794.70/22783.35/22775.70/22730/22678.85/22568.40/22554.68/22526.60/22348.05/22305.25/22297/22224.35/22126.80/21883/21875/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:22958/23039/23060/23092/23117/23167/23201/23282/23397/23444/23525/23768.

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a loss of 44.30 points. After 10 days of rise it has been falling for the last 3 days, but it is exhibiting good strength and in the new zone, therefore it is likely to continue the up move in the coming days provided it holds its key range of 22806.42---22794.70 & 22775.75, sustained break below this range could drag it down. The long term trend is up and short term trend is also up as of now.

STRENGTH:-

1. It is in the long term uptrend now.

2. It is in the new zone.

3. It is well above its critical points of 21821.05---21801.45---21777.65---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024.

4. It is out of all corrective mode now and its correction threshold point for its recent rise is at 22806.42(figure may change).

5. It is above all its short term moving averages on the daily & weekly chart and the important range of averages is between 22699---22564—22477(figures will change every day) for the day, sustained close above this range will keep the continuation of the up move intact.

6. Moving down the possible good bounce back support point could be at 22806.42----22794.70----22775.75----22546----22526.60----22407---22269----22126.80---22098----22056----21860----21821.05----21777.65----21710.20(figures may change), , break below 22806.42 will push it into correction mode for its recent rise, break below 22794.70 & 22775.75 could be an extreme alert sign, break below 22526.60 could be a warning sign and sustained break below 22079 can pull it down to 21821.05 & 21777.65  levels and finally sustained break below these points could be a warning sign and can drag it down to devastatingly lower levels in coming days and may make the correction more painful time wise and value wise both, which may please be noted. So 21821.05 & 21777.65 is a very strong and may be the last bounce back support points as of now or make or break point or benchmark points. So be watchful.

7.  All the important technical indicators are positive on the daily chart.

8. It is above its recent key points of 22775.75---22794.70 & 22806.42.

9. It has been making higher top and bottom on the line and bar chart.

WEAKNESS:-

1. Some technical indicators are still weak on the weekly and monthly charts and pointing that it could head down in coming weeks and months, so be watchful in view of this..

2. Volatility 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.

3. The price action has been mixed for the last few days and today it was negative.

OVERALL VIEW: -- The up move is likely to continue with the intermittent correction  if it manages to hold the key range of 22806.42---22794.70---22775.75 but sustained break below these points could be a warning sign and will push it into correction mode and can drag it down lower. Since it is in the new zone it is buying on the decline market in general as of now but short trade can also be attempted after a reasonable rise for intraday corrective gains with utmost caution and care.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 22806----22785 with a stop loss of 22740.

2. Short trade can be tried on the rise near or within the range of 23040--- 23060 with a stop loss of 23120 or can sell if it moves below 22740 with a stop loss of 22820. 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—29.5.2024

 

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CNX-BANK NIFTY

Open—49390.90--High—49511.15--Low—49043.65---Close—49142.15 on 28.5.2024.

Support:49057.80/48636.45/48292.25/48203.45/48161.25/47737.20/47313.35/47279.80/46919.70/46579.05/46529.05/45828.80.                            

Resistance: 49173.36/49262/49396.75/49446.69/49676/49732/49883/49974.75.        

It opened on a positive note and then had both side moves during the day and finally ended the day with a loss of 139.65 points. After three days of rise it took a breather today, however technically it is still on a good footing now, but it is still into correction mode for its earlier rise, but if it manages to hold its correction threshold point of 49050.33(figure may change) for its very recent rise and in worst case scenario if it hold its most critical points of 48636.45---48292.25 & 48203.45 on the closing basis then the up move is likely to continue, else it may head down. It is suggested to avoid long trade if it sustains below 48636.45.

STRENGTH:-

1. It is in the long term uptrend as of now.   

2. The short range for it now is between 49974.75---47737.20 and the long range is between 49974.75----47737.20----46913----46579.05.

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

4. It is above its all short term moving averages on the daily and weekly chart and the important average range is between 48480---48377---48359(figures will change every day),  and if it sustains above it on the closing basis then the up move may continue.

5. It is above its medium term moving averages also.

6. It is above its pullback threshold point of 47689.25(figure may change) and if it sustains above it on the closing basis then the rally can extend further and the possible upside target or resistance points could be at 49173.36---49377---49397---49447---49676---49732---49883---49974.75 and if it moves above 49377 and sustain on the closing basis then it could retest its all-time high of 49974.75 or may go beyond it also.

7. Moving down the possible good bounce back point could be at 49050.33---48855---48655---48636.45—48336---48292.25---48276---48203.45---48126---48016---47876---47737.20---47689.25----47621----47524----47258---47130----46983.25---46579.05(figure may change), It is already into correction mode for its earlier rise, break below 49050.33 will push it into correction mode for its recent rise, break below 48636.45 could be an alert point, , break below 48292.25 & 48203.45 will be an warning sign, break below 47689.25 may end the on- going up move, sustained break below 47524 & 47258 can pull it down to 46983 &46579.05  sustained break below 47130 will threaten the long term uptrend and finally sustained break below 46579.05 could be a warning sign and can drag it down to devastatingly lower levels in coming days and may make the on-going correction more painful time wise and value wise both, which may please be noted. So 47130---46983 &46579.05 is a very strong and may be the last bounce back support points as of now or make or break point or benchmark point.

8. It has made higher top and bottom on the line chart.

9.  All the important technical indicators are positive on the daily chart.

WEAKNESS:-

1. It is into correction mode for its earlier rise and it will get out of it, if it moves above 49173.36 & 49446.69 and sustain on the closing basis.

2. The price action has been mixed for the last few days and today it was negative.

3. Some important technical indicators are weak on the weekly and monthly charts and pointing that it could head downs in coming days/weeks and months.

4. Volatility 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.

OVERALL VIEW: -- It is on a good footing technically now and if it holds 49050.33 and in worst case if it holds 48636.45 on the closing basis then the up move is likely to continue. Please note that sustained break below this range may drag it down. Since it is in correction mode and the pullback mode is also on therefore both side trades can be attempted depending on the price action. But please note that both side trades amid volatility and in a corrective market could be a risky affair, so be alert and watchful in your trades. The long term trend is up, the short term bias is also up with slight caution as of now. Be alert in long trade below 48636.45 and avoid long trade below 48203.45 for sure.

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near 49050 with a stop loss of 48900 or if it moves above 49260 and maintain for some time with a stop loss of 49000.

2. Short trade can be tried on the rise near or within the range of 49500 —49600 with a stop loss of 49750 or can sell below 48900 with a stop loss of 49110.  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.