A TECHNICAL UPDATE ON CNX-BANK NIFTY—8.2.2023

 

CNX-BANK NIFTY

Open-41513.10-High-41630.75-Low-41095.10-Close-41490.95 on 7.2.2023.

Support:-40839/40509/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 41569.45/41643.90/41677.65/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                  

 (Bold and underlined figures are most important)

It is still in the corrective mode but pullback move is on, therefore all the observation & figures in my post of 6.2.2023 will remain valid except for the long term moving range which is between 40885---38568(figures will change every day) for the day and one important change is that out of four critical technical indicators one has turned positive today which is good sign but price pattern is most important, if price is firm positive indicators may act as a catalyst for the up momentum  ,similarly if price breaks down  nothing will work ,which may please be noted. The  price is firm 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 —8.2.2023

 

CNX-NIFTY

 Open-17790.10--High—17811.15--Low-17652.55---Close-17721.50 on 7.2.2023.

Support:17637/17493.55/17452.90/17429/17405.55/17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:17761.40/17774.25/17795.55/17959.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the corrective mode but pullback move is on therefore all the observation & figures in my  post of 6.2.2023 will remain valid except for the long term moving range which is between 18812---17203(figures will change every day) for the day.

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 —7.2.2023

 

CNX-NIFTY

 Open-17818.55--High—17823.70--Low-17698.35---Close-17764.60 on 6.2.2023.

Support:17761.40/17637/17493.55/17452.90/17429/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:17774.25/17795.55/17959.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the corrective mode but pullback move is on therefore all the observation in my last post of 6.2.2023 will remain the same except for the long term moving range which is between 18812---17200(figures will change every day) for the day.

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-BANK NIFTY—7.2.2023

 

CNX-BANK NIFTY

Open-41530.15-High-41724.50-Low-41261.20-Close-41374.65 on 6.2.2023.

Support:-40839/40509/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 41569.45/41643.90/41677.65/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                  

 (Bold and underlined figures are most important)

It is still in the corrective mode but pullback move is on, therefore all the observation in my last post of 6.2.2023 will remain the same except for the long term moving range which is between 40859---38545(figures will change every day) for the day.

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 DOW JONES INDUSTRIAL AVERAGE –6.2.2023

 

DOW JONES INDUSTRIAL AVERAGE

Open—33885.93--High—34178.98—Low—33813.92—Close—33925.06 on 3.2.2023.

Support:33581.42/33418.59/33285//33225/33147.28/32949.75/32812.33/32573.43/32530/33479.06/31728.85.

Resistance:34040/34087/34283/34342.28/34711.43/34849.32/35091.56/35296/35492/35631/35825.

 (Bold and underlined figures are most important)

The trend is up as of now and it has been consolidating in a range of 34711.63---32573.43 for quite some time and breakout on the either side will decide the further direction, however as of now it seems that it is evenly poised, so if it moves up from here then it will face resistance at 34342.28---34587.46---34711.63----34997.18---35295.47, please note that this rally may exhaust at any of these points or earlier also, but if it moves above 35296 and sustain on the closing basis then it could retest its all-time high of 36952.65 or may go beyond it also. It is important to mention here that moving up the range of 34689---36050 will pose a very stiff resistance which may please be noted. Similarly moving down it will find good support at 33581---33285---33225---33147.28---33100---32812.33----32635---32573.43---32530.25---32306---32070. Please note that break below 33285 will push it into corrective mode, sustained break below 33225---33147.28 & 33100 will weaken it further and will also pose threat to the long term uptrend, break below 32530.25 will push it into major correction mode and finally sustained break below 32070 will potentially threaten the long term uptrend which may please be noted.

The major important technical indicators are looking good on the daily, weekly but slightly weak on the monthly chart. Since it is consolidating in a range one can trade the range till it breaks out on the either side. Looking at the overall technical setup as of now it seems that it is evenly poised with a slight tilt towards upside.

NOTE: - It is a technical assessment of the indices 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-BANK NIFTY —6.2.2023

 

CNX-BANK NIFTY

Open-41019.35-High-41539.95-Low-40609.75-Close-41499.70 on 3.2.2023.

Support:-40839/40509/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 41569.45/41643.90/41677.65/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the corrective mode but pullback mode is on as it is well above its trigger point of 40283 & most important trigger point of 40537 for the pullback up move (these trigger points will be scale down once its break its recent low of 39419.80), furthermore it is also above its long term moving average range of 40833---38519(it changes every day). Therefore as long as it holds the upper band of the long term moving average range i.e.40833 and then 40537 chances of strong pullback rally will remain else it may start to drift down again.

Moving down it will find strong support at 41115---40819---40769---40655.05---40537----40283---39419.80---38519(these points could be possible buying points also),please note that 38519 is the last key support for the time being and sustained break below it could trigger fresh fall and finally 37386.35 is the very critical and most important support point and sustained break below it may end the long term uptrend for a reasonable length of time and fall may accelerate, which may be kept in mind, so 38519 & 37386.35 are very important and critical points. Similarly moving up it will find resistance at 41681---41786---42016---42215---42347---42986.45---43039---43079---43206---43578.40---(these points could be possible sell point also), please note that it is a pullback rally as of now therefore it can end at any of these points or earlier also but if it moves above 43039 and sustain on the closing basis then it will provide good strength for the up move to continue and finally if it moves above 43206 and sustain on the closing basis then it could retest its all-time high of 44151.40 or may go beyond it also.

The major important technical indicators are still weak on the daily, weekly and some on the monthly chart also, but after moving in a range for some day it closed firmly on 3.2.2023 and above its key points as mentioned above, so chances of up move to continue could be there but since it is in corrective mode, therefore it has to be seen in next 3-4 days how it behaves, whether it build up on yesterday’s gains or will fizzle out abruptly.

In view of the above observation the  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. But the pullback is on therefore aggressive traders can still try long trade at important support points but preferably above key point as mentioned above for the pullback gains. But it is important to mention here that the pullback rallies are treacherous in the nature and can end abruptly trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains. Please do not trade without stop loss.

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 VIEW ON CNX-NIFTY —6.2.2023

 

CNX-NIFTY

 Open-17721.75--High—17870.30--Low-17584.20---Close-17854.05 on 3.2.2023.

Support:17795.55/17774.25/17761.40/17493.55/17452.90/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: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 still in the corrective mode but pullback mode is on as it is well above its trigger point of 17553 & most important trigger point of 17715 for the pullback up move (these trigger points will be scale down once its break its recent low of 17353.40), furthermore it is also above its long term moving average range of 17800---17197(it changes every day). Therefore as long as it holds the upper band of the long term moving average range i.e.17800 and then 17715 chances of strong pullback rally will remain else it may start to drift down again.

Moving down it will find strong support at 17761---17637---17553---17405.55---17353.40---17252---17197 (these points could be possible buying points also),please note that 17197 is the last key support for the time being and sustained break below it could trigger fresh fall and finally 16747.70 is the very critical and most important support point and sustained break below it may end the long term uptrend for a reasonable length of time and fall may accelerate, which may be kept in mind, so 17197 & 16747.70 are very important points. Similarly moving up it will find resistance at 17877---17939---17972---18032---18105.30---18132---18201.25---18302---18526---18581(these points could be possible sell point also), please note that it is a pullback rally as of now therefore it can end at any of these points or earlier also but if it moves above 18132 and sustain on the closing basis then it will provide good strength for the up move to continue and finally if it moves above 18581 and sustain on the closing basis then it could retest its all-time high of 18887.60 or may go beyond it also.

The major important technical indicators are still weak on the daily, weekly and some on the monthly chart also, but after moving in a range for some day it closed firmly on 3.2.2023 and above its key points as mentioned above, so chances of up move to continue could be there but since it is in corrective mode, therefore it has to be seen in next 3-4 days how it behaves, whether it build up on yesterday’s gains or will fizzle out abruptly.

In view of the above observation the  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. But the pullback is on therefore aggressive traders can still try long trade at important support points but preferably above key point as mentioned above for the pullback gains. But it is important to mention here that the pullback rallies are treacherous in the nature and can end abruptly trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains. Please do not trade without stop loss.

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-NIFTY —2.2.2023

 

CNX-NIFTY

 Open-17811.60--High—17972.20--Low-17353.40---Close-17616.30 on 1.2.2023.

Support: 17493.55/17452.90/17429/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:17637/17761.40/17774.25/17795.55/17959.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

Today was the presentation union budget and market exhibited huge volatility but finally settled in the negative territory.

It is in the downtrend therefore all the observation in my last post of 30.1.2023 will remain the same except the trigger point for the possible pullback rally. The trigger points now are   17553 & 17715(figure will be scaled down if it breaks its recent low of 17353.40) and sustained close above these points may trigger a short or moderate pullback rally. Since it is  above its first trigger point of  17553 and if it holds it then it could move up to 17678 and if it closes above 17715 then pullback rally may get some strength and it could  extend  to 17777---17850—17877----17939---18032---18121---18132---18201.25. Please note that the pullback rallies are treacherous in the nature and can end abruptly at any of the above points or earlier also (as it happened today) trapping the trader unaware, so be alert and cautious in the long trade initiated for pullback gains. It is important to mention here that it may get good strength and extended pullback rally only once it moves above its long term moving average range of  17800—17192(it changes every day) and sustain on the closing basis.

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.