A TECHNICAL UPDATE ON CNX-NIFTY —24.2.2023

 

CNX-NIFTY

 Open-17574.65--High—17620.05--Low-17455.40---Close-17511.20 on 23.2.2023.

Support: 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: 17637/17719.75/17761.40/17774.25/17795.55/17959.20/17972.70/17992/17812/18105.30/18114.65/18132/18134.75/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is into deep corrective mode and still within the range of its long term moving average which is placed between 17865---17264(figures will change every day, this  is very strong support range) for the day, furthermore it is below its short & medium term moving average on the daily chart and some are below on the weekly chart also, almost all important technical indicators have turned negative on the daily chart and you are well aware that indicators are already weak on the weekly and monthly chart(see my post of 20.2.2023),  lastly and most importantly it is well below its major pullback trigger point of  17715(the trigger points will be scale down once it breaks its recent low of 17353.40) which indicates end of the rally. The overall technical setup is very weak. Therefore please note that if does not bounce back sharply in next 1-2 trading session (chances of which looks bleak at this point of time) and move above some of its critical points (see my post of 20.2.2023) and sustain then the accelerated fall looks inevitable in coming days. However short relief rally can happen during the fall if it moves above 17616(it will be scaled down once it breaks 17455.40) and sustain but reasonable and good pullback rally can only be expected if it sustains above 17715 on the closing basis. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is bearish.

The important key support points on the down slide would be at 17470---17353.40---17252---17161---17035---16950---16747.70.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY —23.2.2023

 

CNX-NIFTY

 Open-17755.35--High—17772.50--Low-17529.45---Close-17554.30 on 22.2.2023.

Support: 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: 17637/17719.75/17761.40/17774.25/17795.55/17959.20/17972.70/17992/17812/18105.30/18114.65/18132/18134.75/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is into deep corrective mode and still within the range of its long term moving average which is placed between 17865---17255(figures will change every day) for the day, furthermore it is below some of its short & medium term moving average on the daily chart and some averages are below the weekly chart also, some important technical indicators have also started turning negative on the daily chart and you are well aware that indicators are already weak on the weekly and monthly chart(see my post of 20.2.2023),  lastly and most importantly today it has decisively broken its pullback trigger point of  17715(the trigger points will be scale down once it breaks its recent low of 17353.40) which indicates end of the rally  and all the above findings together looks highly concerning. Therefore please note that if does not bounce back sharply in next 1-2 trading session (chances of which looks bleak at this point of time) and move above some of its critical points (see my post of 20.2.2023) and sustain then the accelerated fall looks inevitable in coming days. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is bearish now.

The important key support points on the down slide would be at 17553---17472---17353.40---17252---17161---17035---16950---16747.70.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—23.2.2023

 

CNX-BANK NIFTY

Open-40494.15-High-40529.25--Low-39899-Close-39995.90 on 22.2.2023.

Support: - 39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38/839426.65/37950---943/37581.05/37386.35.

Resistance: 40148.80/40160.20/40288.90/40502/40537/40839/41095.10/41115/41318.60/41569.45/41643.90/41677.65/41791.95/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                 

 (Bold and underlined figures are most important)

It is into deep corrective mode and still within the range of its long term moving average which is placed between 41131---38877(figures will change every day) for the day, furthermore it is below some of its short & medium term moving average on the daily chart and some averages are below the weekly chart also, almost all the important technical indicators has also turned negative on the daily chart and you are well aware that indicators are already negative on the weekly and monthly chart(see my post of 20.2.2023),  lastly and most importantly today it has decisively  broken its pullback trigger point of 40537(the trigger points will be scale down once it breaks its recent low of 39419.80) which indicates end of the rally  and all the above findings together looks highly concerning. Therefore please note that if does not bounce back sharply in next 1-2 trading session (chances of which looks bleak at this point of time)   and move above some of its critical points (see my post of 20.2.2023) and sustain then the accelerated fall looks inevitable in coming days. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is bearish.

The important key support on the down slide would be at 39620---38983---38877---38739---38437---38221---37943---37386.35.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY —22.2.2023

 

CNX-NIFTY

 Open-17905.80--High—17924.90--Low-17800.30---Close-17826.70 on 21.2.2023.

Support:17812/17795.55/17774.25/17761.40/17719.75/17637/17493.55/17452.90/17429/17405.55/17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17959.20/17972.70/17992/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is in corrective mode and still within the range of its long term moving average which is between 17860---17251(figures will change every day) for the day, furthermore it is  below some of its short & medium term moving average on the daily chart and in some averages below the weekly chart also which is  concerning. However as long as it holds the pullback trigger point of 17715 on the closing basis chances of pullback rally will be alive, else fall may accelerate. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is mixed as of now with a slight tilt towards downside.

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—22.2.2023

 

CNX-BANK NIFTY

Open-40784.90-High-40946.20--Low-40508.25-Close-40673.60 on 21.2.2023.

Support: - 40537/40502/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38/839426.65/37950---943/37581.05/37386.35.

Resistance: 40839/41095.10/41115/41318.60/41569.45/41643.90/41677.65/41791.95/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.          

 (Bold and underlined figures are most important)                       

It is in corrective mode and still within its long term moving average range which is placed between 41119---38847(figures will change every day) for the day, furthermore it is also below its short & medium term moving average on the daily chart and in some averages below the weekly chart also which is highly concerning and lastly but most importantly almost all the important technical indicators has also turned negative on the daily chart and you are well aware that indicators are already weak on the weekly and monthly chart(see my post of 20.2.2023). However till it hold the pullback trigger point of 40537 on the closing basis then the chances of pullback rally will be alive, else fall may accelerate. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is bearish as of now.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

TECHNICAL UPDATE ON CNX-NIFTY —21.2.2023

 

CNX-NIFTY

 Open-17965.55--High—18004.35--Low-17818.40---Close-17844.60 on 20.2.2023.

Support:17812/17795.55/17774.25/17761.40/17719.75/17637/17493.55/17452.90/17429/17405.55/17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17959.20/17972.70/17992/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in corrective mode; it opened on a flat to positive note today but slipped down and finally closed the day with a loss of 99.60 points. Furthermore it has fallen within its long term moving average range which is between 17855---17243(figures will change every day) for the day, which is a weak sign. However if it manages to hold the pullback trigger point of 17715 on the closing basis then chances of pullback will still be there else fall may accelerate. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is mixed 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-BANK NIFTY—21.2.2023

 

CNX-BANK NIFTY

Open-41221.55-High-41292.60--Low-40580.10-Close-40701.70 on 20.2.2023.

Support: - 40537/40502/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38/839426.65/37950---943/37581.05/37386.35.

Resistance: 40839/41095.10/41115/41318.60/41569.45/41643.90/41677.65/41791.95/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.          

 (Bold and underlined figures are most important)                       

It is still in corrective mode; it opened on a positive note today but slipped down after some time and finally closed the day with a loss of 430.05 points. Furthermore it has fallen within its long term moving average range which is between 41083---38789(figures will change every day) for the day, it is below its last week low of 40882.70 also both the signs are weak and concerning. However if it manages to hold the pullback trigger point of 40537 on the closing basis then chances of pullback will still be there else fall may accelerate. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is bearish as of now.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.