A TECHNICAL UPDATE ON CNX-BANK NIFTY—17.3.2023

 

CNX-BANK NIFTY

Open-39061.70-High-39381.40-Low-38613.15-Close-39132.60 on 16.3.2023.

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

Resistance:39197.20/39258.25/39419.80/39600.25/39868.85/ 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 41279---39345(figures will change every day) for the day.

2. Its short & major pullback trigger point are 39335 & 39921(figure will change if it breaks 38613.15) now.

MOVING UP CRITICAL POINTS ARE:-39335—39345—39921.

After five days of strait fall it gave a very weak bounce back today. The technical setup and price action is already weak but it held its very strong support  range of  38983---38739   after an intraday break  , furthermore one key technical in is still positive , so chance of a further up move is still there provided it sustains above range on the closing basis. Please note that if it closes above 39335 and sustain then a feeble up move can be there but a strong and meaningful up move can only be expected if it moves above 39921 and sustain on the closing basis, else down move will continue with in between short relief rallies and it may eventually break the aforesaid strong support range in coming days and then it may head for its most critical and important support point of 37386.35 and sustained break below it may end the long term uptrend for a reasonable length of time, which please note. So please be extra alert in short trade near or within the above mentioned support range and in long trade also because it is in deep down correction mode and some important technical indicators on the weekly & monthly chart as of now indicates that steep fall may be ahead and it may seek much lower levels then mentioned above. So be watchful.

The bias is hugely bearish as of now 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, but it could be a risky affair mind you.

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 —16.3.2023

 

CNX-NIFTY

 Open-17166.45--High—17211.35--Low-16938.90---Close-16972.15 on 15.3.2023.

Support: 16950/16888/16836—833---809/16747.70/16438.75/16410.20.

Resistance:17035/17044/17166---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 17872---17350(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17143 & 17399 (figure will change if it breaks 16938.90).

The technical setup and price action is very weak but it has a very strong support in the range of 16950---16915---16800---16747.70 , furthermore one key technical in is still positive after five days sharp fall, so chances of a temporary short bounce back is there if it sustain this range. Please note that if it moves above 17175 and sustain then a feeble up move is expected but a strong and meaningful up move can only happen if it moves above 17399 and sustain on the closing basis, else down move will continue with short relief rallies and it may eventually break the aforesaid strong support range in coming days and then it may witness an accelerated fall, which please note. Please note that sustained break below 16747.70 on the closing basis may end the long term uptrend for a reasonable length of time. So please be extra alert in short trade near or within the above mentioned support range and in long trade also because it is in deep down correction.  

The bias is hugely bearish as of now 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, but it could be a risky affair mind you.

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—16.3.2023

 

CNX-BANK NIFTY

Open-39777.90-High-39914.10-Low-38934.65-Close-39051.50 on 15.3.2023.

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

Resistance:39197.20/39258.25/39419.80/39600.25/39868.85/ 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 41284---39315(figures will change every day) for the day.

2. Its short & major pullback trigger point are 39581 & 40166(figure will change if it breaks 38934.65) now.

The technical setup and price action is very weak and most importantly it has moved below its long term moving average range, which is concerning. But it has a very strong support in the range of 39295---38983---38739   , furthermore one key technical in is still positive after five days sharp fall , so chances of a temporary short bounce back is there if it sustain this range. Please note that if it closes above 39581 and sustain then a feeble up move can be there but a strong and meaningful up move can only be expected if it moves above 40166 and sustain on the closing basis, else down move will continue with in between short relief rallies and it may eventually break the aforesaid strong support range in coming days and then it may head for its most critical and important support point of 37386.35 and sustained break below it may end the long term uptrend for a reasonable length of time, which please note. So please be extra alert in short trade near or within the above mentioned support range and in long trade also because it is in deep down correction.  

The bias is hugely bearish as of now 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, but it could be a risky affair mind you.

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 —15.3.2023

 

CNX-NIFTY

 Open-17160.55--High—17224.65--Low-16987.10---Close-17043.30 on 14.3.2023.

Support: 17035/16950/16888/16836—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 17872---17350(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17179 & 17436 (figure will change if it breaks 16987.10).

It is decisively below its long term moving average range lower band of 17350, furthermore it is also 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 levels 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 16985---16950---16915---16747.70.

The price action is tremendously weak and most importantly three out of four important technical indicators are negative 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 because 16985---16747.70  is a very strong support range. But 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-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.