A TECHNICAL UPDATE ON CNX-BANK NIFTY —19.4.2023

 

CNX-BANK NIFTY

Open-42406.95-High-42500.70-Low-42114.35-Close-42265.20 on 18.4.2023.

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 has been moving up for the last 5 days and it opened on a positive note today and finally ended the day on a flat note but with a meager gain of 2.65 points. Please note that it is showing strength but in view of strait rise it may correct any time soon, but short correction may strengthen it further for the continuation of the up move, provided it holds key 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---42090---41840----41829----41818---41662---41530---41352----41175---40835 , break below 42161( figure may change) will push it into very short correction mode for its recent rise, break below 42090 will  push it below its short rising trend line, 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 41530(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 and finally sustained break below 41396---41350(many important support points are clustered in this range) on the closing basis will threaten the uptrend and may drag it down further and faster. 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 may head downward. The overall technical setup indicates further upside is likely in coming days as of now.

In view of the above observation, it is suggested that long trade can be tried if it holds 42197 levels for some time with a stop loss of 42000 or on decline at appropriate points or near 41840 & 41829 but not below it with a stop loss of 41650. 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—18.4.2023

 

CNX-NIFTY

 Open-17863--High—17863--Low-17574.05---Close-17706.85 on 17.4.2023.

Support:  17680/17641/17597.95/17594/ 17574.05/17565/17529.90/ 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: 17719.75/ 17761.40/ 17774.25/17795.55/17800/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As anticipated it corrected and did have a vertical fall today, it also went below its downtrend line intraday but  recovered smartly from the lower levels of the day and finally closed with a moderate loss of 121.15 points, the correction was needed for the smooth continuation of the on-going up move. The correction may last for one or two days more but if it sustains the downtrend line breakout then it may resume the up move again, but if it falls within it and sustain on the closing basis then the up momentum will lose steam and it may head downward. The downtrend line is placed at 17607(this figure will scale down every day) for the day

The short term technical setup is looking good and it seems that it is likely to move up further as of now, but it is into deep corrective mode, but the major pullback up move is also on and if the rally continues it may get out of the deep 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 17858---17920---17950---18013----18105---18132---18363---18402---18476. The on-going rally can correct at any of these points as it corrected today 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 would be at 17639---17619---17607----17592---17574---17430---17315 apart from other support points as mentioned above. Please note that sustained break below 17639 & 17619(figure may change) will push it into short & medium corrective mode for its recent rise, break below 17574 will drag it down further, break below 17431(figure will change every day) will potentially threaten the long term uptrend and finally break below 17315 will end the major pullback up move hope for good. I once again reiterate here that for continuation of the up move it should not fall below its down trend line on the closing basis, which is placed at 17607(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 or within the range of 17639---17608 but not below it with a stop loss of 17565 or if it moves above 17835 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, short trade can be tried if it moves below 17574 with a stop loss of 17645 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 —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.