A TECHNICAL UPDATE ON CNX-NIFTY —8.3.2023

 

CNX-NIFTY

 Open-17680.35--High—17799.95--Low-17671.95---Close-17711.45 on 6.3.2023.

Support: - 17719.75/ /17641/17565/17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 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 6.3.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 17871---17317(figures will change every day, this is very strong support range) for the day.

It rallied on 3.3.2023 and continued the up move on 6.3.2023 and closed with a gain of 117.10 points. It is still within its long term moving average range but  above its major pullback trigger point of 17641, please note that as long as it sustains above it chances of pullback up move to continue will be alive with intermittent down correction, else it may start to drift down again. It will gain good strength above its long term moving average range and then sustained move above 18132 on the closing basis may put it on the strong up momentum.

It is important to mention here that certain technical indicators have turned positive on the daily chart today, so if price action remains o.k. then indicators will eventually help  the continuation of the up move.

TRADING VIEW: - Long trade can be tried if it holds 17645 for some time with a stop loss of 17580.

NOTE: - If it opens up with huge gap up then wait for it to settle down 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—8.3.2023

 

CNX-BANK NIFTY

Open-41418.40-High-41671.20-Low-41259.15-Close-41350.40 on 6.3.2023.

Support: 41095.10/40819.15/40312.90/40288.90/39868.85/39600.25/39419.80/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

 Resistance: 41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the deep corrective mode therefore all the observation in my last post of 6.3.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between41225--39142(figures will change every day, this is very strong support range) for the day.

The technical setup is good and price action was just o.k. today.

TRADING VIEW: - Long trade can be tried if it moves above 41420 and maintain for some time with a stop loss of 41180, but aggressive traders can also try long trade on decline near 41225 and then 40537 with a stop loss of 41100 & 40250 respectively for pullback gains. Please note that long trade below41225 for the day could be a risky affair 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 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 TECH MAHINDRA LTD—6.3.2023.

 

TECH MAHINDRA LTD

Open—1118--High—1119.60--Low—1082.45--Close—1085.15 on 3.3.2023.

Support: 1077/1036/1017.90/1016.40/1005/996.05/984.55/965/943.70/937/921/915/890/846/795/761/745.

Resistance: 1108/1120/1135/1152.50/1155/1165/1200/1237.30/1299/1324/1330/1361/1371/1406.95/1447/1470.40/1515/1526/1548/1575/1630/1638.25/1687.50/1755/1818/1838.

 (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 1515.50 and most importantly it is also into bear market territory as it is below its threshold point of 1470.40. The silver lining here is that after the fall from the all-time high of 1838 it is still above its two critical and most important support points of 1018 & 943.70(valid for 2023). Therefore price-wise it seems that it is in the process of bottom formation, but certain important technical indicators as of now are pointing that it still has a room for going down and if it breaks below 943.70 and sustain on the closing basis then it could drag it down 794 & 745 levels and finally sustain break below 745 on the closing can may drag it down to 500---475 levels.

In view of the above observation long trade can be tried if it holds 1082 for some time with a stop loss of 1070 or on decline near or within the range of 1018---944 with a stop loss of 920 or can be tried if it moves above 1165 and sustain on the closing basis with a stop loss of 1145. It is suggested to avoid fresh long trade below 944. Since it is in deep corrective mode one should be extremely alert and cautious in the long trade and do not trade without stop loss.

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. It is suggested to buy a token quantity at the CMP may be 5% to 10% of designated amount set aside for the stock. The other important buying range could be 1018---950 / 794---745 and 500—475, it is suggested to increase the % of buying on a steep decline day. It is important to mention here that as of now the range of 800---650 seems to be the worst price range for the stock on decline.

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 —6.3.2023

 

CNX-BANK NIFTY

Open-40671.40-High-41390.15-Low-40605.35-Close-41251.35 on 3.3.2023.

Support:-41095.10/40819.15/40312.90/40288.90/39868.85/39600.25/39419.80/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)      

It was very volatile and had a wild swings both ways during the week but eventually ended the week on 3.3.2023 with a robust gain of 1341.95 points. Please note that it recovered last week losses completely and posted net gain for the week, which is a good sign.

It is still into deep corrective mode, but the good news is that pullback mode is on as  it is well above its short and major  pullback trigger point of 40162 & 40537 therefore if it holds 40537 then the up move is likely to extend, furthermore it is above its long term moving average range now which is placed between 41204---39102(figures will change every day, it is very strong support range ) for the day, it has moved above its short term moving average on the daily chart , almost all the important technical indicators have turned positive on the daily and the price action was also good, but indicators are still negative on the weekly and monthly chart. Therefore if the price action remains strong then it is likely to move up, else it will start to drift down again.

Moving down it will find support at 41204(upper band of long term moving average range, it changes every day)---41070---40769---40537---40162---39975---39600.25---39419.80---39102(lower band of long term moving average, it changes every day) ---38983----38739(these points could be possible buying points also), break below 41204 will signal weakness, break below 40537 will put the pullback rally into jeopardy , break below 40162 may end the pullback rally, break below 39600.25 & 39419.80 may trigger fresh fall.   Please note that 39102(lower band of the long term moving average, it changes every day) & 38739 are the last key support points 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.

Similarly moving up it will find resistance at 41375---41415---41567---41786---41979---42344---42555.15----42986.45---43039---43206(these points could be possible sell point also), if it moves above 41375 & 42555.15 and sustain on the closing basis then it will completely get out of the corrective mode, sustained break above 42986.45 & 43039 on the closing basis will put it back on the strong up track mode and finally if it moves above 43206 and sustain on the closing basis then there is a possibility that it could retest its all-time high of 44151.80 or may go beyond also.

In view of the above observation the deep down correction is on but it is in pullback mode also therefore both side trades can be attempted by the traders. The long trade can be tried at important and critical support points for the pullback gains. Similarly sell trade can be tried on the rise at critical resistance points or on the price breakdown. It is important to mention here that the pullback move is on but it is in deep corrective mode and you are well aware that pullback rallies are treacherous in nature and can fizzle out abruptly trapping the traders unaware, so be alert and extremely cautious in the long trade initiated for pullback gains.   Please do not trade without stop loss.

TRADING VIEW: - Long trade can be tried if it maintains above 41225 for some time with a stop loss of 41120 and can add on position if it moves above 41391 and sustain with a stop loss of 41160 for pullback 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. 

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—6.3.2023

 

CNX-NIFTY

 Open-17451.25--High—17644.75--Low-17427.70---Close-17594.35 on 3.3.2023.

Support: 17565/17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 17641/17652.55/17719.75/17761.40/17774.25/17795.55/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)      

It was very volatile and had a wild swings both ways during the week but eventually ended the week on 3.3.2023 with a gain of 128.54 points. It did break its long term moving average range once intraday but held it on the closing basis, which has resulted in a good bounce back on the last day of the week but it has to be seen whether it can build up on today’s gain or not during the next week starting from 6.3.2023 because some important technical indicators are still weak on the daily, weekly & monthly chart. So if price action becomes weak it can drag it down fast, which may be kept in mind.

It is into deep corrective mode and still within the range of its long term moving average which is placed between 17868---17307(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 are below on the weekly chart also, almost all important technical indicators are still negative on the daily, weekly & monthly which is concerning. However the most important thing is price action and the price action was good today and it moved well above its short pullback trigger point of 17463 and if hold this mark then this up move can extend further, but it may have strong, meaningful and lasting up move only if it moves above its major pullback trigger point of 17641 and sustain on the closing basis, else it may start to drift down again. The bias is bearish as of now.

Moving down it will find support at 17565---17537---17509---17463---17353.40---17306---17255.20---17175 (these points could be possible buying points also), break below 17463 may end the pullback rally, but please note that 17306(lower band of the long term moving average) , 17255.20(recent bottom) & 17175 is the last key support for the time being, so it can bounce back from these two points as it did this time, but 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.

Similarly moving up it will find resistance at 17641---17695---17744---17799---17836---17879---17959---17992---18013---18032---18071---18105.30---18132(these points could be possible sell point also), sustained move above 17641 on the closing basis may ensure that the pullback up move may last, but as you are well aware that pullback rallies are treacherous in nature and can end abruptly, so it can end at any of these points or earlier also, therefore be alert and cautious in the long trade. It is important to mention here that it has to move above 18132 and sustain on the closing basis to put it back on the strong up track mode, which may please be noted.

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 and pullback rally can fizzle out any time. Please do not trade without stop loss.

TRADING VIEW: - Long trade can be tried for pullback gains if it moves above 17645 and maintain for some time with a stop loss of 17580.

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

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON TCS LTD—3.3.2023.

 

TCS LTD

Open—3361--High—3369.90--Low—3318--Close—3321.45 on 2.3.2023.

Support:- 3299/3261/3256.70/3234/3200/3163.65/3154.05/3132.40/3096.50/3081/3023.85/3004/2953/2926.10/2879/2845/2755/2624.95/2600/2555/2302.60/2296/2230.

Resistance:- 3323/3351/3391/3445/3480/3510.15/3576/3625/3666/3739/3780/3836/3855/3883/3945/3978—90/4043.

 (Bold and underlined figures are most important)

ALL-TIME HIGH—4043.

FOR TRADERS

It recently gotten into deep corrective mode as it is below its threshold point of 3444.30, but as long as it holds 3190 chances of up rally will be there. The overall technical setup is not that weak as of now but some important technical indicators are pointing that it may turn weak in coming days. It is critically poised at this point of time. Please note that Its key and critical support points are 3299.90---3261---3256.70--- 3234.40(bear market threshold point) and sustained break below this range will make the stock weak and can trigger fresh fall, which can drag it down to 2926.10---2879---2775 levels and sustained break below this range can pull it down further to 2475---2104---2013 levels and finally sustained break below 2013 can drag it down towards 1500 levels which may be kept in mind.

In view of the above observation traders can initiate long trade above 3299.90 and then near or within the range 3261---3234 with a stop loss of 3270 & 3180 respectively. It is strongly suggested to avoid fresh long trade below 3234.40 for sure. It will gain good foothold and may be strong up momentum above 3444.30 which please note. 

FOR INVESTOR

As mentioned above it is on a reasonable technical footing as of now but some advance technical indicators are pointing as of now that it may witness moderate to sharp in coming days. Therefore it is suggested to accumulate the stock in a staggered manner on decline with time horizon of 3-5 years for decent gains.  The buying points could be in the range of 3299.90---3234 and then in the range of 2926—2775 and then at 2475---2104---2013. For example one can initiate buying with 5% to 10% of the designated investment amount for the stock in the range of 3299.90---3234, 10% to 15% in the range of 2926---2775 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 2500---2350 seems to be the worst price range for the stock on decline. It is suggested to structure your trade or investment with the help of above observation.

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—3.3.2023

 

CNX-BANK NIFTY

Open-40604.55-High-40773.25-Low-40312.90-Close-40389.80 on 2.3.2023.

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 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 41188---39069(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 closed above its major pullback trigger point of 40537 yesterday, but today it slipped down and closed below it with a loss of 308.35 points. However it is still above its first pullback trigger point of 40162 , so chances of feeble up may be there till it holds  this mark , but strong and meaningful up move can only be expected once it moves above  40537 and sustain on the closing, else it may  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 bias 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.