A TECHNICAL UPDATE ON CNX-NIFTY —3.3.2023

 

CNX-NIFTY

 Open-17421.50--High—17445.80--Low-17306---Close-17321.90 on 2.3.2023.

Support: - 17255.20/17175/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the deep 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 17866---17301(figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17463 and the major pullback trigger point is 16641 now (the trigger points will be scaled down once it breaks its recent low of 17255.20)

It rallied yesterday after 8 days fall and closed just below its first pullback trigger point of 17463.  But it failed to carry on the up move today, it opened flat and then slipped down during the day and closed with a loss of 129 points, it almost reversed yesterday’s gain, which indicates that the undertone is terribly weak and it may be bracing for a further fall in coming days. Please note that sustained break below 17301(lower band of the long term moving averages, it changes every day) & 17175 may drag it down to 16750 levels or below also. Similarly if it moves above its first pullback trigger point of 17463 it may give a feeble up move ,but for a strong and meaningful pullback it has to move above 17641 and sustain on the closing basis ,else it may drift down again ,which it did today.

 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 bias 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 CNX-NIFTY —2.3.2023

 

CNX-NIFTY

 Open-17360.10--High—17467.75--Low-17345.25---Close-174 50.90 on 1.3.2023.

Support:- 17421.80/17405.55/17353.40/17342.10/17326.10/17254.20/17175/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 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 deep 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 17866---17294((figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17463 and the major pullback trigger point is 16641 now (the trigger points will be scaled down once it breaks its recent low of 17255.20)

As expected after 8 days of fall it rallied today and closed with a gain of points, but it is still below its first pullback trigger point of 17463. Please note that if it moves above its first pullback trigger point of 17463 and sustain then rally can extend further, but meaningful pullback rally can only be expected once it moves above 17641 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 CNX-BANK NIFTY—2.3.2023

 

CNX-BANK NIFTY

Open-40473.85-High-40725.35-Low-40341.95-Close-40698.15 on 1.3.2023.

Support:- 40537/40509/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 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 41176---39036(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 was above its short pullback trigger point of 40162 and today it moved above its major pullback trigger point of 40537 and if it sustain above it then it may have a strong and meaningful pullback rally ahead, else it may start to drift down again. Moving up from here the important resistance or target points could be at 40790---41070---41228---41418---41503---41786---41979---42344, it is pullback rally so it can fizzle out at any of these points or earlier also, therefore be cautious and alert in long trade initiated for pullback gains. 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 as mentioned in my post of 27.2.2023.The technical setup 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 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 TATA ELXSI LTD—2.3.2023.

 

TATA ELXSI LTD

Open—6128.85--High—6243.95--Low—6123—Close—6194.60 on 1.3.2023.

Support: 6089/5990/5782/5709.05/5700/5613.95/5555.55/5340/5263.40/4750/4601/4373/4107/3868/3555

Resistance: 6285.90/6317.35/6382/6432/6730/6825/7123/7195/7636/7833/7964/8015/8330/8480/8685/8822/9059/9270/9420/9985/10760.

 (Bold and underlined figures are most important)

FOR TRADERS

The overall technical setup is terribly weak now and it is into deep corrective mode as it is way below its threshold point of 8339 and most importantly it is into bear market territory as it is well below its threshold point of 8608, furthermore it is also below its two critical points of 6317.35 & 6285.90(valid for 2023) which is concerning and if it remains below these points, it can drag it down further from here. Please note that sustained break below 6089 can trigger fresh fall and sustained break below 5709 may witness an accelerated fall. Therefore safe traders should avoid long trade till correction completion sign emerges. However aggressive traders can try long trade if it moves above 6317.35 and sustain on the closing basis with a stop loss of 6200 or more authentic stop loss of 6050 or going down at important support points (see the support level mentioned above) with a self defined stop losses for pullback gains. But please note that even after moving above 6317.35 nothing much may not happen because to gain strong foothold technically for the up momentum it has to move up way above from the present levels , chances of which seems  bleak in near term.  Since it is in corrective mode therefore it is suggested to adopt sell on the rise or sell on the price breakdown strategy till it gives visible sign of correction completion.

FOR INVESTOR

Kindly note that it is a good pedigree stock and one can get these types of stock cheaper only when they are technically weak. It is therefore suggested to accumulate the stock in a staggered manner on every deep decline day with time horizon of 3-5 years for decent gains. Moving down the good buying points could be at 5709---5629---4450---3650---2925---2550. For example one can initiate buying with 5% of the designated investment amount for the stock near 5709, 10% amount near 5629 and so on; it is suggested to increase the buying % on a very steep decline. It is important to mention here that as of now the range of 4000--3600 seems to be the worst price range for the stock on decline, but if it break 3600 and sustain then it could come down to 3200 & 2550 or  lower ,which may please be noted. Therefore it is suggested to structure your investment with due caution.

NOTE: - It is a technical assessment of the stock 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—1.3.2023

 

CNX-BANK NIFTY

Open-40303.70-High-40391.45-Low-40073-Close-40269.05 on 28.2.2023.

Support:- 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: 40288.90/40509/40537/40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (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 41164---39000(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 is still 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 as 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 CNX-NIFTY —1.3.2023

 

CNX-NIFTY

 Open-17383.25--High—17440.45--Low-17255.20---Close-17303.95 on 28.2.2023.

Support:-17254.20/17175/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)   

It is still in the deep 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 17866---17286((figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 17463 and the major pullback trigger point is 16641 now (the trigger points will be scaled down once it breaks its recent low of 17255.20)

Please note that it has been falling for last eight days and its last two key support points for the time being are 17286(lower band of the long term moving averages) and 17175 as mentioned in my post of 27.2.2023, it did break its first key support of 17279 for 28.2.2023 intraday but just managed to close above it, however it is a weak sign. Please note that if it holds 17286 on the closing basis than it can give a relief rally in coming days, but sustained break below 17286 & 17175 can drag it down to 16750 levels or below. In this context please note that if it moves above its first pullback trigger point of 17463 and sustain then rally can extend further, but meaningful pullback rally can only be expected once it moves above 17641 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 INFOSYS LTD—1.3.2023.

 

 INFOSYS LTD

Open—1515--High—1524--Low—1481.30--Close—1487.55 on 28.2.2023.

Support: /1482.45/1446.50/1410/1399.25/1367/1355/1311/1244/1231/1186/1051/986.

Resistance: 1496.35/1507.40/1508.20/1514/1532.65/1564/1575/1613/1619.75/1631.35/1655/1672/1691/1709/1735/1757/1788/1809/1848/1914/1923/1953.90.

 (Bold and underlined figures are most important)

FOR TRADERS

The overall technical setup is weak and it is into deep corrective mode as it is way below its threshold point of 1613 and most importantly it is into bear market territory as it is below its threshold point of 1564, furthermore it is also below its two critical points of 1514 & 1508.20(valid for 2023) which is concerning and can drag it down further from here. Please note that sustained break below 1355 may witness an accelerated fall. Therefore for safe trader’s long trade should be avoided till it moves above 1564 and sustain on the closing basis, please note that it will pick up strong up momentum only once it sustains above 1613 on the closing basis. However aggressive traders can try long trade if it moves above 1514 and sustain on the closing basis with a stop loss of 1490 or going down at important support points (see the support level mentioned above) with self defined stop losses for pullback gains. Since it is in corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till it moves above 1564 and sustain on the closing basis or till it gives visible sign of  correction completion.

FOR INVESTOR

Kindly note that it is a high pedigree stock and one can get these types of stock cheaper only when they are technically weak. It is therefore suggested to accumulate the stock in a staggered manner on every deep decline day with time horizon of 3-5 years for decent gains. Moving down the good buying points could be at 1446---1402---1355---1268---1200---1061---850---798. For example one can initiate buying with 5% of the designated investment amount for the stock in the range of 1446---1402, 10% amount near 1355 and so on; it is suggested to increase the buying % on a very steep decline. It is important to mention here that as of now the range of 1230—1200 seems to be the worst price range for the stock on decline, but if it break 1200 and sustain then it could come down to 950 or much lower ,which may please be noted. Therefore it is suggested to structure your investment with due caution.

NOTE: - It is a technical assessment of the stock 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.