A TECHNICAL UPDATE ON CNX-NIFTY—10.4.2023

 

CNX-NIFTY

 Open-17533.85--High—17638.70--Low-17502.85---Close-17599.15 on 6.4.2023.

Support: 17594/ 17565/17529.90/ 17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17175/17166/17161/17058/17044/17035/16950/16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance:  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 has been continuously moving up for the last 5 day and closed near the high of the day with a gain of 42.10 points. Please note that the strait rise also makes it vulnerable for short correction also, so be watchful.

The short term technical setup is looking good as of now. But it is still into deep corrective mode, but the pullback up move is on, it seems that the up move is near exhaustion but if it moves above 17615 and sustain on the closing basis then this rally can extend up to 17755---17815 but it will face very tough resistance in the range of 17639---17690. It is important to mention here that it will gain good strength only if it moves above its long term moving average range which is placed between 17824----17430 for the day sustain on the closing.

Moving up its critical resistance points could be at 17571---17615---17639---17672---17690---17755—17797----17817. The on-going pullback rally may exhaust at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 17429---17472---17405---17395---17360---17315---17255---17225---17175---17058---16950---16913---16850---16828---16747.70. Please note that break below 17468 & 17447(figure may change)will push it into short & medium corrective mode for the recent rise, break below 17430(figure will change every day) will be an alert sign for up move exhaustion, sustained break below 17359.75 & 17315 on the closing basis will indicate that the pullback rally has weaken, break below 17175 on the closing basis may deepen the down move and can drag it down to 16747.70 and break below 17058 may end the hope of the continuation of the  pullback up move ,which may be kept in mind.  

In view of the above observation the deep down correction is on but pullback rally is also on. Since it is in deep correction mode therefore it is a sell on the rise market or sell on the price breakdown in general but be cautious in short trade as major pullback rally is on 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 long term bias is still bearish but the short term technical setup indicates that it may rally for some time provided it holds the key points as mentioned above.

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 —10.4.2023

 

CNX-BANK NIFTY

Open-40940.70-High-41274.70-Low-40820.55-Close-41041 on 6.4.2023.

Support: - 40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 41095.10/41157.90/41318.60/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                

 (Bold and underlined figures are most important)      

It has been continuously moving up for the last 7 days exhibiting strength and ended the day with a meagre gain of 41.85 points. Please note that the strait rise also makes it vulnerable for short correction also, so be watchful.

The short term technical setup is looking good as of now. It is still into deep corrective mode, but the pullback up move is on, it seems that the up move is near exhaustion but if it moves above 41060 and sustain on the closing basis then this rally can extend up to 41550---41700 but it will face very tough resistance in the range of 41315---41383, if it moves above this range and sustain on the closing basis then it may strengthen the up momentum, else this rally may lose momentum. So be alert and cautious.

Moving up its critical resistance points could be at 41060---41275---41330---41352---41383---41568---41671---41979.10---42036---42556. The on-going pullback rally may exhaust at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 40950---40802.25---40646---40608.65---40201---40142---39970---39921---39781---39600---39419.80---39335---39273.75---38983---38739---38613---37386.Please note that sustained break below 40802 & 40646(figure may change) will push it into short & medium corrective mode for the recent rise ,sustained break below 40608.65 on the closing basis will be an alert sign for the up move exhaustion, sustained break below 39921 on the closing basis will weaken the pullback rally, break below 39720(figure will change every day) will potentially weaken it and break below 39335 & 39273 on the closing basis may  end the hope of the continuation of the  pullback up move and sustained break below 38739 & 38613 will deepen the down move and can drag it down to 37386,which may be kept in mind. 

In view of the above observation the deep down correction is on but pullback rally is also on. Since it is in deep correction mode therefore it is a sell on the rise market or sell on the price breakdown in general but be cautious in short trade as major pullback rally is on 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 long term bias is still bearish but the short term technical setup indicates that it may rally for some time provided it holds the key points as mentioned above.

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—6.4.2023

 

CNX-NIFTY

 Open-17422.30--High—17570.55--Low-17402.70---Close-17557.05 on 5.4.2023.

Support: 17529.90/ 17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17175/17166/17161/17058/17044/17035/16950/16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance: 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 continued the up move today and finally ended the day near the high with a gain of 159 points.

It is still into deep corrective mode, but the short term technical setup has improved, it is making higher top and higher bottom on the line and bar chart, it is above its short and some medium term moving averages on the daily chart, it is well above its  major pullback trigger point of 17315, it has moved within its long term moving averages which is placed between 17823---17405(figures will change every day) for the day and last but not the least all the four important technical indicators are positive now, therefore all together it is showing strength and indicate that the up move is likely to extend further with in between short corrections provided it holds 17360 and then 17315 levels on the closing basis, else it may start to move down again. It is important to mention here that it will gain good strength only if it moves above its long term moving average range and sustain on the closing, chances of which looks slightly difficult at this point of time. So watch out.

Moving up its critical resistance points could be at 17571---17615---17639---17672---17755—17797----17817. The on-going up move is a pullback rally and it may exhaust at any of these points or earlier also, which please note. But if it moves above 17615 and sustain on the closing basis then it could possibly move up to 17755—17823 else this rally may end here. Similarly moving down its critical support points could be at 17429---17472---17405---17395---17360---17315---17255---17225---17175---17058---16950---16913---16850---16828---16747.70. Please note that break below 17405(figure will change every day) will be an alert sign, sustained break below 17395(figure may change) & 17359.75will push it into short corrective mode for the recent rise, break below 17315 on the closing basis will indicate that the pullback rally has weaken, break below 17175 on the closing basis may deepen the down move and can drag it down to 16747.70 and break below 17058 may end the hope of the continuation of the  pullback up move ,which may be kept in mind.  

In view of the above observation the deep down correction is on but pullback rally is also on. Since it is in deep correction mode therefore it is a sell on the rise market or sell on the price breakdown in general but be cautious in short trade as major pullback rally is on 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 long term bias is still bearish but the short term technical setup indicates that it may rally for some time provided it holds the key points as mentioned above.

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

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —6.4.2023

 

CNX-BANK NIFTY

Open-40972.30-High-41071.15-Low-40802.65-Close-40999.15 on 5.4.2023.

Support:- 40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 41095.10/41157.90/41318.60/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                

 (Bold and underlined figures are most important)      

It has been moving up for the last six days exhibiting strength and ended the day near the high of the day with a gain of 186.10 points. But continuous rise also makes it vulnerable for short correction also, so be watchful.

It is still into deep corrective mode, but the short term technical setup has improved, it is making higher top and higher bottom on the line and bar chart, it is above its short and some medium term moving averages on the daily chart, it is well above its  major pullback trigger point of 39921, it is within its long term moving averages range which is placed between 41302----39634(figures will change every day) for the day and it is near the upper band of the range and last but not the least all the four important technical indicators are positive now, therefore all together it is showing strength and indicate that the up move is likely to extend further with in between short corrections provided it holds 40608.65 and then 39921 levels on the closing basis, else it may start to move down again. It is important to mention here that it will gain good strength only if it moves above its long term moving average range and sustain on the closing, it seems that it may cross this range in coming days if it manages to hold key points. So watch out.

Moving up its critical resistance points could be at 41060---41352---41383---41568---41671---41979.10---42036---42556. The on-going up move is a pullback rally and it may exhaust at any of these points or earlier also, which please note. But if it moves above 41060 and sustain on the closing basis then it could possibly move up to 41580---41670, it may pick good up momentum if it moves above 41302 & 41383 and sustain on the closing basis, else this rally may end here.  Similarly moving down its critical support points could be at 40950---40695.80---40608.65---40201---40142---39970---39921---39781---39600---39419.80---39335---39273.75---38983---38739---38613---37386.Please note that sustained break below 40608.65 on the closing basis will be an alert sign for the up move, sustained break below 40491(figure may change) will push it into short corrective mode for the recent rise  sustained break below 39921 on the closing basis will weaken the pullback rally, break below 39634(figure will change every day) will potentially weaken it and break below 39335 & 39273 on the closing basis may  end the hope of the continuation of the  pullback up move and sustained break below 38739 & 38613 will deepen the down move and can drag it down to 37386,which may be kept in mind. 

In view of the above observation the deep down correction is on but pullback rally is also on. Since it is in deep correction mode therefore it is a sell on the rise market or sell on the price breakdown in general but be cautious in short trade as major pullback rally is on 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 long term bias is still bearish but the short term technical setup indicates that it may rally for some time provided it holds the key points as mentioned above.

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—5.4.2023

 

CNX-NIFTY

 Open-17427.95--High—17428.05--Low-17312.75---Close-17398.05 on 3.4.2023.

Support: 17353.40/17342.10/17326.10/17306/17255.20/17175/17166/17161/17058/17044/17035/16950/16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance: 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 opened on a positive note and moved in a short range and finally ended the day near the high with a gain of 38.30 points.

It is still into deep corrective mode, but the short term technical setup has improved as it has moved above its short and some medium term moving averages on the daily chart, it is above its  major pullback trigger point of 17315 and last but not the least out of four important technical indicators three are positive now, therefore as expected it rallied towards the end of the last week and it continued today also and this rally can extend further with in between short corrections provided it holds 17360 and then 17315 levels on the closing basis, else it may start to move down again. It is important to mention here that it is still below its long term moving averages range, which is placed between 17823---17406(figures will change every day) for the day and it will gain good strength only if it moves above this range and sustain on the closing, chances of which looks slightly difficult at this point of time. So watch out.

Moving up its critical resistance points could be at 17429---17472---17571---17615---17639---17672---17755---17817. The on-going up move is a pullback rally and it may exhaust at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 17360---17315---17255---17225---17175---17058---16950---16913---16850---16828---16747.70. Please note that sustained break below 17315 on the closing basis will indicate that the pullback rally has weaken, break below 17175 on the closing basis may deepen the down move and can drag it down to 16747.70 and break below 17058 may end the hope of the continuation of the  pullback up move ,which may be kept in mind.  

In view of the above observation the deep down correction is on but pullback rally is also on. Since it is in deep correction mode 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 long term bias is still bearish but the short term technical setup indicates that it may rally for some time provided it holds the key points as mentioned above.

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 —5.4.2023

 

CNX-BANK NIFTY

Open-40695.80-High-40857.60-Low-40535.90-Close-40813.05 on 3.4.2023.

Support:-40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 40819.15/40839/41095.10/41157.90/41318.60/41569.45/41643.90/41671.20/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                 

 (Bold and underlined figures are most important)      

It opened on a positive note and moved in a short range and finally ended the day near the high with a gain of 204.40 points.

It is still into deep corrective mode, but the short term technical setup has improved  as it has moved above its short and some medium and long  term moving averages on the daily chart, it is well above its  major pullback trigger point of 39921 and last but not the least all the four important technical indicators are positive now, therefore as expected it rallied towards the end of the last week and it continued today also and this rally can extend further with in between short corrections provided it holds 40608.65 and then 39921 levels on the closing basis, sustained break below 39921 may trigger down move again. It is important to mention here that it is within its long term moving averages range, which is placed between 41283---39596(figures will change every day) for the day and it will gain good strength only if it moves above this range and sustain on the closing. It seems that it may cross this range in coming days if it manages to hold key points. So watch out.

Moving up its critical resistance points could be at 40950---41060---41352---41383---41568---41671---41979.10---42036---42556. The on-going up move is a pullback rally and it may exhaust at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 40695.80---40608.65---40201---40142---39970---39921---39781---39600---39419.80---39335---39273.75---38983---38739---38613---37386.Please note that sustained break below 40608.65 on the closing basis will indicate weakness in the up move, sustained break below 39921 on the closing basis will weaken the pullback rally, break below 39335 & 39273 on the closing basis may  end the hope of the continuation of the  pullback up move and sustained break below 38739 & 38613 will deepen the down move and can drag it down to 37386,which may be kept in mind.  

In view of the above observation the deep down correction is on but pullback rally is also on. Since it is in deep correction mode 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 long term bias is still bearish but the short term technical setup indicates that it may rally for some time provided it holds the key points as mentioned above.

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.