A TECHNICAL UPDATE ON CNX-BANK NIFTY—23.3.2023

 

CNX-BANK NIFTY

Open-40036-High-40085.60-Low-39837.80-Close-39999.05 on 22.3.2023.

Support:-39868.85/39600.25/ 39513/39491/39419.80/39335/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 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 20.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 41276---39408(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 RESISTANCE POINTS IS: - 40142---40270----40474----40503---40769---40950. (Possible sell points also)

MOVING DOWN CRITICAL SUPPORT POINTS IS:- 39971---39921---39781---39408---39335---38983---38739---38613--37386.35. (Possible buy points also)

The yesterday up move continued today but with slower pace and it closed with a gain of 104.35 points. It is way above its strong support range of 39408---39335---38983---38739  , two key important technical indicator are positive now and most importantly  it has moved above its major pullback trigger point of 39921 and if it manages to hold this point on the closing basis then a strong and meaningful pullback up move may continue, but chance of pullback up move will be alive till it holds 39408 & 39335 else  it will again start to move down move  with short relief rallies because technical indicators on the weekly & monthly chart as of now indicates that it may eventually break the aforesaid strong support range in coming week/months, so be alert and watchful.

The bias is  bearish as of now and since  it is into deep corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till correction completion  or bottoming out signs are visible. However aggressive traders can try intraday long trade at critical support points with strict stop losses because pullback up move is on, but be alert because long trade for pullback gains could be a risky affair.

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 —22.3.2023

 

CNX-NIFTY

 Open-17060.40--High—17127.70--Low-17016---Close-17107.50 on 21.3.2023.

Support: 17058/17044/17035/16950/16888/16836—833---809/16747.70/16438.75/16410.20.

Resistance:17145.80/17166---17161/17175/17224.65/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17565/17594/ 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 20.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 17852---17362(figures will change every day) for the day.

2. Short & Major pullback trigger points are now at 17058 & 17315 (figure will change if it breaks 16828.32).

MOVING UP CRITICAL RESISTANCE POINTS IS: - 17145.80---17175---17200---17224.65---17315---17362. (Possible sell points also)

MOVING DOWN CRITICAL SUPPORT POINTS IS: - 17058---16950---16915---16888--16836—833---809---16747.70. (Possible buy points also)

It rallied today and closed with a gain of 119.10 points. Since it held its critical and strong support range of 16915---16809---16747.70 yesterday and one key important technical indicator was also positive, so the possibility of an up move was there and hence it rallied. The good point was that it closed above its short pullback trigger point of 17058, so if it manages to hold this point on the closing basis then the rally can extend, but a strong and meaningful pullback up move can only be expected if it moves above 17315 & 17362 and sustain on the closing basis, else down move will continue with short relief rallies and as of now the indications are it may eventually break the aforesaid strong support range in coming week/months, so be watchful.

The bias is  bearish as of now and since  it is into deep corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till correction completion  or bottoming out signs are visible. However aggressive traders can try intraday long trade at critical support points with strict stop losses because short pullback up move is on, but be alert because long trade for pullback gains could be a risky affair.

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—22.3.2023

 

CNX-BANK NIFTY

Open-39599.65-High-39970.90-Low-39366.30-Close-39894.70 on 21.3.2023.

Support:-39868.85/39600.25/ 39513/39491/39419.80/39335/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 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 20.3.2023 will remain the same except for the following.

1. Its long term moving average range is between 41274---39384(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 RESISTANCE POINTS IS:-39921---39971---40142---40270----40474----40503---40769. (Possible sell points also)

MOVING DOWN CRITICAL SUPPORT POINTS IS:-39781---39384---39335---38983---38739---38613--37386.35. (Possible buy points also)

It rallied today and closed with a gain of 532.75 points. Since it held its critical and strong support range of 38983---38739 yesterday, one key important technical indicator was also positive and it was above its short pullback trigger point of 39335, so the possibility of an up move was there and hence it rallied. But please note that a strong and meaningful pullback up move can only be expected if it moves above 39921 and sustain on the closing basis, else down move will continue with short relief rallies and as of now the indications are it may eventually break the aforesaid strong support range in coming week/months, so be watchful.

The bias is  bearish as of now and since  it is into deep corrective mode therefore sell on the rise or sell on the price breakdown strategy should be adopted till correction completion  or bottoming out signs are visible. However aggressive traders can try intraday long trade at critical support points with strict stop losses because short pullback up move is on, but be alert because long trade for pullback gains could be a risky affair.

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 —21.3.2023

 

CNX-NIFTY

 Open-17066.60--High—17066.60--Low-16828.35---Close-16988.40 on 20.3.2023.

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

Resistance:16950/17035/17044/17166---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 20.3.2023 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 17058 & 17315 (figure will change if it breaks 16828.32).

MOVING UP CRITICAL POINTS ARE:-16950---17058---17175---17315---17360

MOVING DOWN CRITICAL POINTS ARE: - 16915---16888--16836—833---809---16747.70.

The technical setup and price action is already weak; therefore it could not build up on previous day gain and it opened on a weak note today and immediately slipped down further but staged a bounce back from the lower levels in the last hour of trade but ended the day with a loss of 111.65 points. But it managed to hold its very strong support  range of 16915---16809---16747.70 and bounced from this range , furthermore one key technical indicator in still positive after the fall , so chance of an up is still there provided it sustains the above mentioned range. Please note that if it moves above 17058 and sustain then a feeble up move is expected but a strong and meaningful pullback up move can only happen if it moves above 17315 & 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. 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, but long trade could be a risky affair.

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—21.3.2023

 

CNX-BANK NIFTY

Open-39512.10-High-39512.10-Low-38941.90-Close-39361.95 on 20.3.2023.

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

Resistance:39419.80/39491/39513/39600.25/39868.85/ 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 41274---39365(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:-39365—39705---39921.

MOVING DOWN CRITICAL POINTS ARE:-38983---38739---38613--37386.35.

The technical setup and price action is already weak; therefore it could not build up on previous day gain and it opened on a weak note today and immediately slipped down further but staged a bounce back from the lower levels in the last hour of trade but ended the day with a loss of 236.15 points. It has just fallen below its long term moving average range, which is concerning, but it managed to hold its very strong support range of 38983---38739   and bounced from this range today, furthermore one key technical indicator in still positive after the fall and it is above its short pullback trigger point of 39335, so chance of an up move is still there provided it sustains the above mentioned range and above 39335. Please note that it may have a feeble up move if it holds 39335 levels but a strong and meaningful pullback up move can only happen if it moves above 39365&39921 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 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. 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, but long trade could be a risky affair.

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—20.3.2023

 

CNX-NIFTY

 Open-17111.80--High—17145.80--Low-16958.15---Close-17100.05 on 10.3.2023.

Support: 17075/17044/17035/16950/16888/16836—833---809/16747.70/16438.75/16410.20.

Resistance:17166---17161/17175/17255.20/17306/17326.10/17342.10/17353.40/17405.55/17421.80/17452.90/17484/17493.55/17529.90/17565/17594/ 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 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 312.85 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 still into deep corrective mode and well below its long term moving average range which is placed between 17860---17360(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, 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 further 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 16100 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 16950---16915---16850---16747.70 there is a hope that it could bounce back from this range, it did bounce back from this range today but looking at the weekly & monthly technical indicators signal holding this range seems less likely. Please note that sustained break below 16747.70 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 17175---17213---17253---17331---17360------17437---17565---17576---17629(these points could be possible sell point also).   Please note that 17075 & 17331(the figures will be scaled down if it breaks 16850.15) are the short and major pullback trigger points and today it closed above its short pullback trigger point of 17075, so if it sustains above this point then up rally may extend, sustained close above 17175 may indicate that it may be inching towards correction completion and strong, meaningful and lasting pullback up move can only be expected if it moves above 17331 and sustain on the closing basis. But 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 holds 17075 for some time with a stop loss of 16940 or on decline near or within the range of 16850----16747 with a stop loss of 16690 for pullback gains. It is in deep corrective mode therefore long trade could be risky bet which please note. 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.