A TECHNICAL UPDATE ON CNX-BANK NIFTY—28.2.2023

 

CNX-BANK NIFTY

Open-39820.40-High-40371.45-Low-39745.40-Close-40307.10 on 27.2.2023.

Support:- 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: 40509/40537/40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 41156---38964(figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 40162 (the trigger points will be scaled down once it breaks its low of 39600.25) and major trigger is 40537(the trigger points will be scaled down once it breaks its low of 39419.80).

It staged recovery today and closed above its short pullback trigger point of 40162 and if it sustain above it then the up move can extend, but strong and meaningful pullback rally can only be expected once it moves above 40537 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points mentioned in my post of 27.2.2023.The technical setup is bearish.

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 —28.2.2023

 

CNX-NIFTY

 Open-17428.60--High—17451.60--Low-17299---Close-17392.70 on 27.2.2023.

Support :-17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance:- 17405.55/17421.80/17452.90/17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 17867---17279((figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17496 and the major pullback trigger point is 16674 now (the trigger points will be scaled down once it breaks its recent low of 17299)

Please note that it has been falling for last seven days and as mentioned in my post of 27.2.2023 that last two key support points are 17279(lower band of the long term moving averages) and 17175. It bounced back today from 17299 very near from its first key support point of 17279 and if hold this point than it can give a relief rally in coming days. In this context please note that if it moves above its first pullback trigger point of 17496 and sustain then rally can extend further, but meaningful pullback rally can only be expected once it moves above 17674 and sustain on the closing basis, else it may start to drift down again. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points mentioned in my post of 27.2.2023. The technical setup is bearish.

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 DOW JONES INDUSTRIAL AVERAGE –27.2.2023

 

DOW JONES INDUSTRIAL AVERAGE

Open—32999.19--High—32999.19—Low—32643.48—Close—32816.92 on 24.2.2023.

Support:32643.48/32573.42/32284.35/32074.60/31728.85/31231.27/30635.76/30145.31/29654.59/28723.55/28662.86

Resistance:32949.75/33147.28/33225.61/33285/33418.59/33583/34113.40/34342.28/34587.66/34711.63/35361.36/35492.72/35824.28/36189.66.

 (Bold and underlined figures are most important)

Further to my last post of 6.2.2023, it was consolidating in the range of 34711.63---32573.43 and now it is very near to its lower band of the range, which is concerning and break below the range could drag it down. It is into corrective mode now and fallen within the range of its long term moving average also which is placed between 33210---32089(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,  all the important technical indicators on the daily ,weekly and monthly charts are negative and indicate big fall ahead as of now,  the overall technical setup is very weak at this point of time, therefore please note that if does not bounce back sharply in next 4-5 trading session and move above some of its critical points as mentioned below and sustain then the accelerated fall looks inevitable in coming days.

Moving down it will find support at 32573.42---32530---32402---32089---31831---31689---30975---30622---30093---29875(these points could be possible buying points also), 32573---32530---32089 range is the strong support range, but please note that 32089(lower band of the long term moving average) & 30622 (pullback trigger point) is the last key support for now. It is already into correction mode and break below 32530 will push it into deep corrective mode , sustained break below 32089 will potentially threaten the long term uptrend and fall may accelerate ,but as long as it hold 30622 chance of pullback rally will be there, which please note.

Similarly moving up it will find resistance at 32949.75---33147.28---33225.61---33285---33787—34343---34997---35296(these points could be possible sell point also), Please note that it has to move above 33226 and sustain on the closing basis to put it back on the strong up track mode, else it may drift down again.

In view of the above observation technical setup is extremely weak and the down correction is on ,therefore it is a sell on the rise market or sell on the price breakdown in general as of now and for the safe traders it is suggested to avoid long trade till a visible sign of correction completion emerges. However since it is way above its major pullback threshold point of 30622, so chances of pullback rally is always there; therefore aggressive traders can try long trade at important and critical support points for the pullback gains. But be alert and extremely cautious in the long trade initiated for pullback gains because it is in the corrective mode and pullback rally can fizzle out abruptly trapping the traders unaware. Please do not trade without stop loss.

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 —27.2.2023

 

CNX-BANK NIFTY

Open-40259.10-High-40348.10-Low-39818.90-Close-39909.40 on 24.2.2023.

Support:-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: 40148.80/40160.20/40288.90/40509/40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)      

It fell down for four days during the week ended on 24.2.2023 and with a loss of 1222.35 points on the closing basis, which is a very weak sign. Since it has been falling for few days, therefore a short relief rally can happen any time but that may not be lasting.

It is into deep corrective mode and still within the range of its long term moving average which is placed between 41147---38932(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,  lastly and most importantly it is well below its major 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. It is below its downtrend line also. The overall technical setup is very weak. Therefore please note that if does not bounce back sharply in next 3-4 trading session (chances of which looks bleak at this point of time) and move above some of its critical points as mentioned below and sustain then the accelerated fall looks inevitable in coming days and it could go down to 38650 levels or below also. However, short relief rally can happen in between the fall. The bias is bearish.

Moving down it will find support at 39600.25---39419.80---38932---38739 38221(these points could be possible buying points also), 39487---38739 range is the strong support range, but please note that 38932(lower band of the long term moving average) & 38739 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 on the closing basis may end the long term uptrend for a reasonable length of time and fall may accelerate, which may be kept in mind, so 38932---38739 & 37386.35 are the key support points.

Similarly moving up it will find resistance at 39970---40162---40283---40537---40790---41070---41352---41418---41567---41681---41786---42016---42215---42347---42555.15----42986.45---43039(these points could be possible sell point also), please note if it moves above 40162( this figure will be scaled down if it breaks 39600.25 intraday) it may trigger short pullback rally but reasonable and good pullback rally can only be expected if it moves above 40537(figure can change) and sustain on the closing basis as of now. Please note that it has to move above 43039 and sustain on the closing basis to put it back on the strong up track mode, but looking at the just concluded week’s performance chances of strong upside moves looks pretty bleak during the week starting from 27.2.2023 at this point of time.

In view of the above observation the deep  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. However aggressive traders can try long trade at important and critical support points for the pullback gains. But be alert and extremely cautious in the long trade initiated for pullback gains because it is in deep corrective mode therefore pullback move can fizzle out abruptly. 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 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—27.2.2023

 

CNX-NIFTY

 Open-17591.35--High—17599.75--Low-17421.80---Close-17465.80 on 24.2.2023.

Support:17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17254.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

It has been falling continuously for the last six days and it ended the week on 24.2.2023 near the low of the week with a loss of 478.39 points on the closing basis, which is a very weak sign but since it has been falling strait for the last few days, therefore a short pullback up move can happen any time but that may not be lasting.

It is into deep corrective mode and still within the range of its long term moving average which is placed between 17867---17271(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,  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. It is below its downtrend line also. The overall technical setup is very weak. Therefore please note that if does not bounce back sharply in next 3-4 trading session (chances of which looks bleak at this point of time) and move above some of its critical points as mentioned below and sustain then the accelerated fall looks inevitable in coming days and it could go down to 17100 levels or below also. However, short relief rally can happen in between the fall. The bias is bearish.

Moving down it will find support at 17421.80---17405.55---17353.40---17271---17175 (these points could be possible buying points also), 17405---17175 range is the strong support range, but please note that 17271(lower band of the long term moving average) & 17175 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 on the closing basis may end the long term uptrend for a reasonable length of time and fall may accelerate, which may be kept in mind, so 17271---17175 & 16747.70 are the key support points.

Similarly moving up it will find resistance at 17553---17590---17694---17715---17778---17877---17966---17992---18013---18032---18105.30---18132(these points could be possible sell point also), please note if it moves above 17590( this figure will be scaled down if it breaks 17421.80 intraday) it may trigger short pullback rally but reasonable and good pullback rally can only be expected if it moves above 17715(figure can change) and sustain on the closing basis as of now. Please note that it has to move above 18132 and sustain on the closing basis to put it back on the strong up track mode, but looking at the just concluded week’s performance chances of strong upside moves looks pretty bleak during the week starting from 27.2.2023.

In view of the above observation the deep  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. However aggressive traders can try long trade at important and critical support points for the pullback gains. But be alert and extremely cautious in the long trade initiated for pullback gains because it is in deep corrective mode. 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-BANK NIFTY—24.2.2023

 

CNX-BANK NIFTY

Open-40494.15-High-40529.25--Low-39899-Close-39995.90 on 23.2.2023.

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 41138---38904(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 are 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  40537(the trigger points will be scale down once it breaks its recent low of 39419.85) 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 40162(it will be scaled down once it breaks 39600.25) and sustain but reasonable and good pullback rally can only be expected if it sustains above 40537 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 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 —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.