A TECHNICAL UPDATE ON CNX-BANK NIFTY—15.3.2023

 

CNX-BANK NIFTY

Open-39522.40-High-39768.50-Low-39132.60-Close-39411.40 on 14.3.2023.

Support:-39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance:39419.80/39600.25/39868.85/ 40269/40288.90/40819.15/41095.10/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.          

 (Bold and underlined figures are most important)

It is in the deep corrective mode therefore all the figures & observation in my last post of 13.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 41283---39295(figures will change every day) for the day.

2. Its short & major pullback trigger point are 39732 & 40317(figure will change if it breaks 39132.60) now.

The price action is terribly weak, it is near the lower band of the long term moving averages which is concerning. Furthermore  most importantly three out of four important technical indicators has turned negative  today but one key indicator is still positive on the daily chart despite sharp fall in the last few days ,which is indicating that it could possibly stage a temporary bounce back from here if it holds it very strong support range of 39295---38983---38739 .  But please note that sustained break below 39295 will threaten the long term uptrend and sustained break below 38739 will trigger fresh fall and finally sustained break below 37386.35 on the closing basis may end the long term uptrend for a reasonable length of time and downward journey may continue with intermittent relief rally. The bias is hugely bearish therefore sell on the rise or sell on the price breakdown strategy should be adopted for now. However aggressive traders can try long trade at critical support points with strict stop losses.

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 —14.3.2023

 

CNX-NIFTY

 Open-17421.90--High—17529.90--Low-17113.45---Close-17154.30 on 13.3.2023.

Support: 16950/16888/16836—833---809/16747.70.

Resistance: 17166---17161/17175/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17565/17594/ 17641/ 17680/ 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 in the deep corrective mode therefore all the figures & observation in my last post of 13.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 17875---17350(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17276 & 17533 (figure will change if it breaks 17113.45).

It has decisively gone below its long term moving average range today which has severely threatened the long term up trend, furthermore it has also closed below its last key support point of 17175 which is concerning and if it remains below it on the closing basis then it is heading for 16747.40 and sustained break below this mark may end the long term uptrend for a reasonable length of time and downward journey may continue with intermittent relief rally. Moving down from here it may find support at 17035---16985---16915---16747.70.

The price action is terribly weak and most importantly three out of four important technical indicators has turned negative today on the daily chart which is concerning. Looking at overall technical setup, it is suggested that long trade should be avoided till it closes above 17175 or 17350(lower band of the long term moving average). The bias is hugely bearish therefore sell on the rise or sell on the price breakdown strategy should be adopted now.

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

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

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

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—14.3.2023

 

CNX-BANK NIFTY

Open-40356.10-High-40690.05-Low-39454.60-Close-39564.70 on 13.3.2023.

Support:-39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance:39600.25/39868.85/ 40269/40288.90/40819.15/41095.10/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.          

 (Bold and underlined figures are most important)

It is in the deep corrective mode therefore all the figures & observation in my last post of 13.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 41285---39272(figures will change every day) for the day.

2. Its short pullback trigger point is 39978(figure will change if it breaks 39454.60) now.

The price action is terribly weak; but the only silver lining is that out of four important technical indicators only one has turned negative today on the daily chart but this alone without strong price action is of no help, which please note. However moving down from here it may find good support at 39419---39246---38983---38739, it may bounce back from this range, but sustained break below 39246 will threaten the long term uptrend and sustained break below 38739 may end the long term uptrend for a reasonable length of time and downward journey may continue with intermittent relief rally. The bias is hugely bearish therefore sell on the rise or sell on the price breakdown strategy should be adopted now.

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

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

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

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—13.3.2023

 

CNX-NIFTY

 Open-17443.80--High—17451.50--Low-17324.35---Close-17412.90 on 10.3.2023.

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

Resistance: 17421.80/17452.90/17484/17493.55/17565/17594/ 17641/ 17680/ 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)      

The on-going week ended today i.e. on 10.3.2023 it was a truncated week and for the first 3 days it moved in a range and on the last day of the week it plunged down sharply and closed with a weekly loss of 181.44 points which is a weak sign. It opened with a down gap and went down further, therefore today’s gap still exists and if it makes an effort to fill the gap in next 3-4 trading session which is technically possible then it can move up to 17574, please note that if it does not fill the gap in the stipulated time then chances of filling the gap will recede for now. The price action was terribly weak and it has shattered the technical setup. The bias is bearish.

It is into deep corrective mode and still within the range of its long term moving average which is placed between 17875---17338(figures will change every day) for the day, furthermore it is below its short & medium term moving average on the daily & weekly chart and some are below on the monthly chart also, some important technical indicators which were looking positive on the daily chart are now on the verge of turning negative , and most importantly the technical indicators are already negative as of now on the weekly & monthly chart indicating that it could break 17100 levels or can go much below also in coming days, which is highly concerning. Please note that if it does not bounce back sharply in next 3-4 trading session and move above some of its important points mentioned hereunder then fall may accelerate.

Moving down it will find good support at 17353.40---17338---17325---17306---17255.20---17175---16855---16747.70(these points could be possible buying points also), kindly note that the range of 17353---17175 is a very strong support range  for the time being, so there is a possibility that it can bounce back from this range, but sustained break below it could trigger a 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, so be watchful.

Similarly moving up it will find resistance at 17437---17463---17472---17528---17592---17618---17641---17688---17705---17800---17836---17879---17959---17992---18013---18032---18071---18105.30---18132(these points could be possible sell point also).   Please note that 17437( this figure will be scaled down if it breaks 17324.35) & 17641( this figure will be scaled down if it breaks 17255.20) are short and major pullback trigger point and  sustained close above 17437 may give a feeble up move but  sustained move above 17641 on the closing basis may have strong, meaningful and lasting up move. But as you are well aware that pullback rallies are treacherous in nature and can end abruptly, so it can end at any of above points or earlier also, therefore be alert and cautious in the long trade. It is important to mention here that it will gain good strength if it moves above its long term moving average range and sustain but 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 in the range of 17353---17175 with a stop loss of 17080 for pullback gains. It is in deep corrective mode therefore long trade could be risky bet but worth trying in this range. Short trade should be attempted on the rise at appropriate points or on price breakdown.

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 —13.3.2023

 

CNX-BANK NIFTY

Open-40805.25-High-40839-Low-40341.70-Close-40485.45 on 10.3.2023.

Support:-40473/40341.70/40312.90/40288.90/40269/39868.85/39600.25/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 40819.15/41095.10/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)      

The on-going week ended today i.e. on 10.3.2023 it was a truncated week and for the first 3 days it moved in a range and on the last day of the week it plunged down sharply and closed with a weekly loss of 765.90 points which is a weak sign. It opened with a down gap and went down further, therefore today’s gap still exists and if it makes an effort to fill the gap in next 3-4 trading session which is technically possible then it can move up to 41208, please note that if it does not fill the gap in the stipulated time then chances of filling the gap will recede for now. The price action was terribly weak and it has shattered the technical setup. The bias is bearish.

It is still into deep corrective mode, it has fallen within its long term moving average range which is placed between 41275---39246(figures will change every day, it is very strong support range) for the day, it is below its short & medium term moving averages on the daily chart and some below the weekly chart also, it is below its major pullback trigger point of 40537(figure will change if it breaks 39419.80) but it is still above its short pullback trigger point of  40162(figure will change if it breaks 39600.25) so feeble up move can be there if it holds 40162 but strong and meaningful pullback can only be expected if it sustains above 40537 on the closing basis and finally some important technical indicators which were looking positive on the daily chart are now on the verge of turning negative , and most importantly the technical indicators are already negative as of now on the weekly & monthly chart indicating that it could break 38650 levels or can go much below also in coming days, which is highly concerning. Please note that if it does not bounce back sharply in next 3-4 trading session and move above some of its important points mentioned hereunder then fall may accelerate.  

Moving down it will find support at 40391---40341.70---40162---40089---40015---39970---39600.25---39419.80---39246--- (lower band of long term moving average range, it changes every day) ---38983----38739(these points could be possible buying points also), break below 40162 may end the possibility of a pullback up move , break below 39600.25 & 39419.80 may deepen down move.   Please note that 39246(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 40537---40769---40880---41228---41567---41676---41786---41979---42344---42555.15----42986.45---43039---43206(these points could be possible sell point also), up move can fizzle out at any of the above points or earlier. But if it moves above 40537 and sustain then it could give a pullback up move, 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 it also.

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 if it moves above 40537 and maintains for some time with a stop loss of 40430. Short trade can also be tried on the rise near critical resistance points or if it moves below 40340 with a stop loss of 40550.

 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 —10.3.2023

 

CNX-NIFTY

 Open-17772.05--High—17772.35--Low-17573.60---Close-17589.60 on 9.3.2023.

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: 17594/ 17641/ 17680/ 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 17876---17332(figures will change every day, this is very strong support range) for the day.

 It is already into deep corrective mode  and within this it corrected today and closed below its very short correction threshold point of 17671.40 so it has gotten into short corrective mode, furthermore it is also below its major pullback trigger point of 17641  and also below some of its short term moving averages on the daily and below some on the weekly chart also, which is concerning, please note that if it does not bounce back above these two points and sustain on the closing basis in next 2-3 trading session then correction may deepen. However if it manages to hold 17463 then chances of a feeble up move will be there but strong up move can only be expected if it sustains above 17641 on the closing basis, else it may start to drift down again. It is needless to mention here that 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 back on the strong up momentum.

Please note that certain technical indicators are positive on the daily chart, so if the 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.

TRADING VIEW: - for safe traders long trade can be tried if it closes above 17641 and sustain on the closing basis, else avoid, however aggressive traders can try long trade if it moves above 17641 and maintain for some time with a stop loss of 17570. Since, it gotten into short corrective mode, so short trade can also be attempted below 17570 with a stop loss of 17655.

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.