A TECHNICAL UPDATE ON CNX-NIFTY—13.4.2023

 

CNX-NIFTY

 Open-17759.55--High—17825.75--Low-17717.25---Close-17812.40 on 12.4.2023.

Support: 17812/17795.55/17774.25/17761.40/17719.75/ 17680/17641/17594/ 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:  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 vertically moving up for the last 8 days and up by more than 900 points from the bottom of 16913.75 it does show strength but at the same time vertical rise makes it highly vulnerable for correction also and it may have vertical fall too, so be alert and watchful at this point of time.

The short term technical setup is looking good and yesterday it has  given upside breakout from it’s down trend line which is an extremely positive sign and if it sustains the breakout then it may witness good upside from here, the down trend line is placed at 17650( it will change every day) for the day. It is still into deep corrective mode, but the major pullback up move is also on and if the rally continues it may get out of the corrective mode also. The complete correction completion points are 18013 & 18362.60. Please note that it has hit the target range of 17755—17800 today as envisaged in my post of 12.4.2023 in fact went beyond it and if it moves 17831(figure will change every day) and sustain on the closing basis then the up rally may strengthen further. It is important to mention here that if it moves above 18132 and sustain on the closing basis then it will be on the strong up momentum track.

Moving up its critical resistance points could be at 17831---17858---17950---18101---18132. The on-going pullback rally may exhaust or correct at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 17800---17797—17755—17690---17672---17639---17571---17615---17429---17472---17405---17395---17360---17315---17255---17225---17175---17058---16950---16913---16850---16828---16747.70. Please note that sustained break below 17610 & 17590(figure may change) will push it into short & medium corrective mode for its recent rise, break below 17427(figure will change every day) will potentially threaten the uptrend, which may be kept in mind.  

In view of the above observation for safe traders, it is suggested that long trade can be tried on decline near 17655 but not below it or if it moves above 17831 and maintain for some time; however aggressive traders can also try buy on decline near 17610 but not below it as of now. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate points or on price breakdown for intraday gains. The long term bias is still bearish but chart structure is improving, short term technical setup indicates that it may rally for some time with intermittent correction provided it holds the key points as mentioned above. Do not trade without proper stop loss.

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

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

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

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —13.4.2023

 

CNX-BANK NIFTY

Open-41426-High-41610.15-Low-41332-Close-41557.95 on 12.4.2023.

Support:- 41311/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 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 continued the up move today and ended the day with a moderate gain of 191.45 points.

The short term technical setup is looking good and it has also given upside breakout from it’s down trend line yesterday which is an extremely positive sign and if it sustains the breakout then it may witness good upside from here. It is still into deep corrective mode, but the major pullback up move is also on and if the rally continues it may get out of the corrective mode also. The complete correction completion points are 41352 & 42555.15, it crossed the first point of 41352 and also tough resistance range of 41335---41383 which is a positive sign and if it manages to hold the range of 41383---41352---41335(this figure will change every day) on the closing basis then the rally can extend to 41671---41841---42031---42555. It is important to mention here that if it moves above 43044 and sustain on the closing basis then it will be on the strong up momentum track and it can retest its all-time high of 44151.80 or may go beyond it also.

Moving up its critical resistance points could be at 41671---41979.10---42036---42555.15. The on-going pullback rally may exhaust or correct at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 41568---41383---41352---41335---41275---41059---40950---40903---40802.25---40646---40608.65---40201---40142---39970---39921---39781---39760---39600---39419.80---39335---39273.75---38983---38739---38613---37386.Please note that sustained break below 41335 (figure will change every day) will be a sign of exhaustion for the on-going up move, sustained break below 41059 & 40903(figure may change) will push it into short & medium corrective mode for its recent rise ,sustained break below 40608.65 on the closing basis will weaken it further, sustained break below 39921 on the closing basis will weaken the pullback rally, break below 39790(figure will change every day) will potentially threaten the long term uptrend.  

In view of the above observation for safe traders, it is suggested that long trade can be tried on decline near 41335 but not below it or if it moves above 41672 and maintain for some time; however aggressive traders can also try buy on decline near or within the range of 41059--40903 but not below this as of now. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate points or on price breakdown for intraday gains. The long term bias is still bearish but chart structure is improving, short term technical setup indicates that it may rally for some time with intermittent correction provided it holds the key points as mentioned above. Do not trade without proper stop loss.

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

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

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

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—12.4.2023

 

CNX-NIFTY

 Open-17704.80--High—17748.75--Low-17655.15---Close-17722.30 on 11.4.2023.

Support: 17719.75/ 17680/17641/17594/ 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:  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 7 days and ended the day with a gain of 98.25 points. Please note that the strait rise also makes it vulnerable for short correction also, so be alert and watchful.

The short term technical setup is looking good and it has also given upside breakout from it’s down trend line today which is an extremely positive sign and if it sustains the breakout then it may witness good upside from here. It is still into deep corrective mode, but the major pullback up move is also on and if the rally continues it may get out of the corrective mode also. The complete correction completion points are 18013 & 18362.60,  since it is above its critical point of 17615 and also crossed its tough resistance range of 17639---17690, therefore this rally can extend further up to 17755—17800 or more, it did hit 17748.75 intraday today. Please note that if it moves above the upper band of its long term moving average range, which is placed at 17825(it changes every day) for the day then the up rally may strengthen further. It is important to mention here that if it moves above 18132 and sustain on the closing basis then it will be on the strong up momentum track.

Moving up its critical resistance points could be at 17755—17797—17800---17825---18132. The on-going pullback rally may exhaust or correct at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 17690---17672---17639---17571---17615---17429---17472---17405---17395---17360---17315---17255---17225---17175---17058---16950---16913---16850---16828---16747.70. Please note that break below 17615 may weaken the on-going up move, sustained break  below 17551 & 17531(figure may change)will push it into short & medium corrective mode for the recent rise, break below 17424(figure will change every day) will potentially threaten the uptrend, which may be kept in mind.  

In view of the above observation for safe traders, it is suggested that long trade can be tried on decline near 17655 but not below it or if it moves above 17755 and maintain for some time; however aggressive traders can also try buy on decline near 17551 but not below this as of now. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate points or on price breakdown for intraday gains. The long term bias is still bearish but chart structure is improving, short term technical setup indicates that it may rally for some time with intermittent correction provided it holds the key points as mentioned above. Do not trade without proper stop loss.

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 —12.4.2023

 

CNX-BANK NIFTY

Open-41232-High-41403.25-Low-40990.20-Close-41366.50 on 11.4.2023.

Support:- 41311/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 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)      

After a day correction yesterday as envisaged it rallied today and ended the day with a decent gain of 531.85 points.

The short term technical setup is looking good and it has also given upside breakout from it’s down trend line today which is an extremely positive sign and if it sustains the breakout then it may witness good upside from here. It is still into deep corrective mode, but the major pullback up move is also on and if the rally continues it may get out of the corrective mode also. The complete correction completion points are 41352 & 42555.15, since it closed above its critical point of 41060 and it almost crossed its tough resistance range of 41315---41383, it did hit an intraday high of 41403.25 today. Please note that if it moves above 41383 and sustain then the up rally may strengthen further and it can extend to 41671---42031---42555. It is important to mention here that if it moves above 43044 and sustain on the closing basis then it will be on the strong up momentum track.

Moving up its critical resistance points could be at 41383---41568---41671---41979.10---42036---42555.15. The on-going pullback rally may exhaust or correct at any of these points or earlier also, which please note. Similarly moving down its critical support points could be at 41352---41330---41275---41060---40950---40802.25---40646---40608.65---40201---40142---39970---39921---39781---39760---39600---39419.80---39335---39273.75---38983---38739---38613---37386.Please note that sustained break below 41311(figure will change every day) will be a sign of exhaustion for the on-going up move, sustained break below 40901 & 40745(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 weaken it further, sustained break below 39921 on the closing basis will weaken the pullback rally, break below 39760(figure will change every day) will potentially threaten the long term uptrend.  

In view of the above observation for safe traders, it is suggested that long trade can be tried if it hold the range of 41311---41275 for some time or if it moves above 41420 and maintain for some time; however aggressive traders can also try buy on decline near or within the range of 40990--40834 but not below this as of now. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate points or on price breakdown for intraday gains. The long term bias is still bearish but chart structure is improving, short term technical setup indicates that it may rally for some time with intermittent correction provided it holds the key points as mentioned above. Do not trade without proper stop loss.

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

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

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

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—11.4.2023

 

CNX-NIFTY

 Open-17634.90--High—17694.10--Low-17597.95---Close-17624.05 on 10.4.2023.

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 6 days and ended the day with a meagre gain of 24.90 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 on-going up move is near exhaustion but today it closed above its critical point of 17615 and if it sustain above it 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 and it did retreated back from this range today, therefore holding on to 17615 levels looks slightly tough at this point of time. 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 17825----17422 for the day sustain on the closing.

Moving up its critical resistance points could be at 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 17571---17615---17429---17472---17405---17395---17360---17315---17255---17225---17175---17058---16950---16913---16850---16828---16747.70. Please note that break below 17615 may weaken the on-going up move, sustained break  below 17510 & 17490(figure may change)will push it into short & medium corrective mode for the recent rise, break below 17422(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 also be alert in the long trade now as this up rally may be near exhaustion, therefore 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 —11.4.2023

 

CNX-BANK NIFTY

Open-41116.15-High-41139.85-Low-40727.25-Close-40834.65 on 10.4.2023.

Support:-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: 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)      

After 7 days of strait rise as expected it corrected today and ended the day with a loss 206.35 point.

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, it did move above 41060 levels intraday today but could not close above it and in fact corrected. Please note that moving up it will face very tough resistance in the range of 41315---41383 and 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 as it corrected today and if it does not bounce back above 41315---41383 range in next 3-4 trading session and sustain on the closing basis then this would be an end for the on-going up move and down move may begin. So be alert and cautious.

Moving up its critical resistance points could be at 40950---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 40802.25---40646---40608.65---40201---40142---39970---39921---39781---39717---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 39717(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 also be alert in the long trade now as this up rally may be near exhaustion, therefore 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.