A TECHNICAL UPDATE ON CNX-BANK NIFTY —20.3.2023

 

CNX-BANK NIFTY

Open-39442.40-High-39705.15-Low-38926.80-Close-39598.10 on 17.3.2023.

Support:-39419.80/39335/39258.25/39197.20/38765.85/38613.15/38437.95/38426.65/37950---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 was majorly on the down-slide during the week but in last two days it moved up, however it ended the week on 17.3.2023 with a loss of 887.34 points, which is a weak sign.

The technical setup and price action is weak but as expected it gave a smart up move today,  it is already into deep corrective mode, it is below its short & medium term moving average on the daily & weekly chart and some are below on the monthly chart also, almost all important technical indicators are negative on the daily chart except for one key indicator which is still positive so today’s up move can extend for a day or two, but most importantly the technical indicators are already negative as of now on the weekly & monthly chart indicating that it could break 38600 & 34700 levels or can go below it also in coming weeks/months, which is highly concerning. But please note that as long as it holds it critical support range of 38983---38739 (broke this range intraday once)---38613 there is a hope that it could bounce back from this range, it did bounce back today from this range and the good thing is that it moved within its long term moving average range today which is placed between 41277---39346(figures will change every day) for the day, so now the key support points are 39346---39335---38983—38739---38613 but looking at the weekly & monthly technical indicators holding this range seems less likely. Therefore sustained break below 38739 can drag it down to 37386.35 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.

Moving up it will find resistance at 39781—39921---39971---40142---40503---40690---40770 (these points could be possible sell point also).   Please note that 39335 & 39921(the figures will be scaled down if it breaks 38613.15) are the short and major pullback trigger points and today it closed above its short pullback trigger point of 39335, so if it sustains above this point then the up move may extend, but strong, meaningful and lasting pullback up move can only be expected if it moves above 39921 and sustain on the closing basis. It will gain potential strength for strong up momentum once it moves above its long term moving average range and sustain on the closing basis.

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 you are well aware that pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware. The bias is hugely bearish as of now.

TRADING VIEW: - Long trade can be tried if it hold 39345---39335 with a stop loss of 39000 for pullback gains. It is in deep corrective mode therefore long trade could be risky bet. Short trade should be attempted on the rise at appropriate points (see resistance 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 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 —17.3.2023

 

CNX-NIFTY

 Open-16994.65--High—17062.45--Low-16850.15---Close-16985.60 on 16.3.2023.

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 17864---17360(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17075 & 17331 (figure will change if it breaks 16850.15).

MOVING UP CRITICAL POINTS ARE:-17075---17175---17331---17360

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 16950---16915---16800---16747.70 , furthermore one key technical in is still positive , so chance of a further up move is still there provided it sustains above range. Please note that if it moves above 17075 and sustain then a feeble up move is expected but a strong and meaningful up move can only happen if it moves above 17331 & 17360 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, 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 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 intraday 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—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.