A TECHNICAL UPDATE ON CNX-BANK NIFTY—10.3.2023

 

CNX-BANK NIFTY

Open-41532.65-High-41659-Low-41208.10-Close-41256.75 on 9.3.2023.

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 between 41264--39215(figures will change every day, this is very strong support range) for the day.

It gotten into deep corrective mode today as it closed below its threshold point of 41352, furthermore it has just fallen within its long term moving average range which is a weak sign and if it does not bounce back sharply above the moving average range and 41352 then the fall may deepen. However as it is well above its major pullback trigger point of 40537, therefore as long as it holds this level chances of pullback up will be alive.

The important technical indicators are positive on the daily chart, so if price action remains o.k. then indicators will eventually help the continuation of the up move. The price action was very weak today and if remains weak for a couple of days then the indicators can turn negative and fall may accelerate, which may be kept in mind.

TRADING VIEW: - Long trade can be tried if it moves above 41352 and maintain for some time with a stop loss of 41190 or buy on decline near 40537 with a stop loss of 40250 for pullback gains. Please note that long trade below 41352 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 CNX-NIFTY —9.3.2023

 

CNX-NIFTY

 Open-17665.75--High—17766.55--Low-17602.25---Close-17754.40 on 8.3.2023.

Support: - 17719.75/ 17680//17641/17594/17565/17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17166---17161/16950/16888/16836—833---809/16747.70.

Resistance: 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 17876---17325(figures will change every day, this is very strong support range) for the day.

It continued the up move and closed with a gain of 42.95 points. It is still within its long term moving average range but  well  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, so if price action remains o.k. then indicators will eventually help the continuation of the up move. In this regard please note that today’s price action was slightly weak as it made lower high and lower low during the day  but eventually closed near the high of the day which was comforting.

TRADING VIEW: - Long trade can be tried if it  moves above 17800 and maintain for some time  with a stop loss of  17730 or can try buy on decline near 17645 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—9.3.2023

 

CNX-BANK NIFTY

Open-41178.35-High-41625.35-Low-41100.35-Close-41577.10 on 8.3.2023.

Support: 41569.45/41095.10/40819.15/40312.90/40288.90/39868.85/39600.25/39419.80/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

 Resistance: 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 between 41244--39179(figures will change every day, this is very strong support range) for the day.

The technical setup is good and all the important technical indicators are positive on the daily chart, so if price action remains o.k. then indicators will eventually help the continuation of the up move. In this regard please note that today’s price action was slightly weak as it made lower high and lower low during the day  but eventually closed near the high of the day which was comforting and seems o.k.

TRADING VIEW: - Long trade can be tried if it moves above 41672 and maintain for some time with a stop loss of 41540 or buy on decline can be tried  near 41420 with a short stop loss of 41370 but aggressive traders can also try long trade on decline near 41244 and then 40537 with a stop loss of 41080 & 40250 respectively for pullback gains. Please note that long trade below41244 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 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.