A TECHNICAL UPDATE ON CNX-BANK NIFTY —18.4.2023

 

CNX-BANK NIFTY

Open-42603.55-High-42603.55-Low-41799-Close-42262.55 on 17.4.2023.

Support:42202.55/ - 42078.90/42015.65/41979.10/41877/41840.15/41829.60/41791.95/41729/41677.65/41671.20/41643.90/41569.45/41335/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 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 exhibiting good strength and has been rallying up for the last 4 trading sessions and ended the day today with a moderate gain of 130 points.

The short term technical setup is looking good, it is well above its rising channel and major downtrend line also and if it remains above it 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 point is 42555.15. Please note that if it moves above 42555.15 and sustain on the closing basis then this rally can extend to 42845---42815--42987---43044. The on-going rally can correct at any of these points or earlier and then may resume the up move again or may exhaust also for a while. 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 down its critical support points would be at 42161---41840----41829----41818---41662---41507---41352----41175---40835 , break below 42161( figure may change) will push it into very short correction mode for its recent rise, sustained break below 41840 & 41829 will be an alert sign for exhaustion of the up move, break below 41818 & 41662(figures may change) will push it into medium & deep correction for its recent rise, break below 41425(figure will change every day) which is rising channel support for the day will be a very weak sign for the up move to continue, sustained break below 41375---41350(many important support points are clustered in this range) on the closing basis will weaken it further and threaten the uptrend also and may drag it down further. Please note that to continue the up move it has sustain above 41829 & 41840 levels on the closing basis, else it may lose upside steam and a close below 40834 may end the up move or slow down the pace of the up move as of now. The overall technical setup indicates further upside is likely in coming days.

In view of the above observation, it is suggested that long trade can be tried if it holds 42197 levels for some time or on decline at appropriate points or near 41840 & 41829 but not below it. 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 showing marked improvement and chart structure is looking fairly good as of now; short term technical setup is strong and indicates that it may rally for some time with intermittent correction provided it holds the key points on decline 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 DOW JONES INDUSTRIAL AVERAGE –15.4.2023

 

DOW JONES INDUSTRIAL AVERAGE

Open—33981.71--High—34082.94—Low—33730.85—Close—33886.47 on 14.4.2023.

Support:34014.41/33785.54/33741.76/33613.03/33572/33418.39/33276/33225.61/33147.28/32812/32573.42/32500/32284.35/32074.60/31805.18/31728.85/31429.82/31231.27/30635.76/30145.31/29654.59/28723.55/28662.86

Resistance:34155/34281/34331/34334/34342.28/34587.46/34711.63/34850/35092/35371/35492/35632/35825/36190/36317/36514/36562/36679/36952.65.

 (Bold and underlined figures are most important)

The overall chart setup is looking good as of now, price action also seems o.k., but certain important technical indicators are still  showing weak sign on the weekly and monthly chart, which is slightly concerning, however if price action remains good the indicators may turn positive in coming weeks/months.

It gave normal correction on 14.4.2023 and closed with a loss of 143.22 points and if the correction continues further then going down its critical support points would be at 33787---33646---33458---33285---33225---33147, sustained break below 33458 & 33285(figures may change) will push it into short & medium term correction mode and sustained break below 33225 & 33147 on the closing basis will threaten the on-going up move and fall may accelerate. Please note that to keep the up move intact it has to maintain above 33285---33225---33147 on the closing basis, else it may start down move.

Similarly moving up its critical resistance points would be at 33937----34056---34155--34281---34342---34587---34712---34997---35296, please note that it can correct at any of these points or earlier also and then can resume the up move again or the rally may exhaust for a while. But if it moves above 34056 and sustain on the closing basis then the up move can extend to 34712 and if it moves above 35296 and sustain on the closing basis then it can retest its all-time high of 36952.65 or may go beyond it also.

In view of the above observation it seems that it is evenly poised  now because 34342---34712 is tough resistance range and 33285---33147 is a strong support range therefore few trading session has to watched out for a clear directional move.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—17.4.2023

 

CNX-NIFTY

 Open-17807.30--High—17842.15--Low-17729.35---Close-17828 on 13.4.2023.

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 9 days, it does show strength but at the same time vertical rise makes it highly vulnerable for correction also and sometimes vertical rise may have vertical fall too, so be alert and watchful at this point of time because it may correct any moment now.

The short term technical setup is looking good, it is above its major downtrend line also and if it remains above it 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 & 18363. Please note that if it moves above 17835(figure will change every day) and sustain on the closing basis then the up rally may strengthen further and can extend to 17835--17858---17920---17950---18013----18105---18132---18363---18402---18476. The on-going rally can correct at any of these points or earlier also and then may resume the up move again or may exhaust also for a while. 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. The overall technical setup indicates further upside is likely in coming days with in between down correction.

Moving down its critical support points could be at 17612----17592----17430---17315 apart from other support points as mentioned above. Please note that sustained break below 17612 & 17592(figure may change) will push it into short & medium corrective mode for its recent rise, break below 17430(figure will change every day) will potentially threaten the uptrend and finally break below 17315 will end the major pullback up move hope, in fact  to continue the up move it should not fall below its down trend line which is placed at 17625(this figure will scale down every day) for the day , which may be kept in mind.  

In view of the above observation, it is suggested that long trade can be tried on decline at appropriate points or near 17625 but not below it or if it moves above 17843 and maintain for some time. 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 showing improvement but still with a bearish tinge as of now, short term technical setup indicates that it may rally further for some time with intermittent correction provided it holds the key points on decline 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 —17.4.2023

 

CNX-BANK NIFTY

Open-41680.10-High-42196.20-Low-41502.65-Close-42132.55 on 13.4.2023.

Support: - 42078.90/42015.65/41979.10/41877/41840.15/41829.60/41791.95/41729/41677.65/41671.20/41643.90/41569.45/41335/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 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 exhibiting good strength and it continued the up move and ended the day on a firm note and near the high of the day with a decent gain of 574.60 points.

The short term technical setup is looking good, it is above its rising channel and major downtrend line also and if it remains above it 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 point is 42555.15. Please note that if it moves above 42555.15 and sustain on the closing basis then this rally can extend to 42845---42987---43044. The on-going rally can correct at any of these points or earlier and then may resume the up move again or may exhaust also for a while. 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 down its critical support points could be at 41840----41829----41550---41507---41352----41175---40835.Please note that sustained break below 41840 & 41829 will be an alert sign, break below 41550(figure will change every day) which is rising channel support for the day will be a weak sign for the up move to continue, sustained break below 41507 will push it into short corrective mode for its recent rise, sustained break below 41353---41350(many important points are clustered in this range) on the closing basis will weaken it and may drag it down further. Please note that to continue the up move it has sustain above its rising channel mark and finally above 41350 levels on the closing basis, else it may lose upside steam and a close below 40834 may end the up move or slow down the pace of the up move. The overall technical setup indicates further upside is likely in coming days.

In view of the above observation, it is suggested that long trade can be tried on decline at appropriate points or near 41550 but not below it or if it moves above 42203 and maintain for some time. 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 showing marked improvement and chart structure is looking fairly good as of now; short term technical setup is strong and indicates that it may rally for some time with intermittent correction provided it holds the key points on decline 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—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.