A TECHNICAL UPDATE ON CNX-BANK NIFTY —24.4.2023

 

CNX-BANK NIFTY

Open-42252.55-High-42382.15-Low-41962.35-Close-42118 on 21.4.2023.

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 corrected again today and closed with a loss of 151.50 points, after a long time it has broken its recent bottom of 42154 on the line chart, which is a slightly weak sign, but despite it the overall technical setup is still looking good and showing strength and indicates that it may continue the up move provided it holds the key points as mentioned below. Please note that its broad range for the week starting from 24.4.2023 is between 42604---42555---41840---41829---41799 and breakout on the either side will decide further direction for it.

It is still into deep corrective mode and also in short correction for its recent rise, 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 & 42604 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 also and then may resume the up move again or may exhaust also for a while also. 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 41840----41829----41818---41799---41662---41605---41451---41352 , sustained break below 41840—41829 &41799 will be an alert sign for the exhaustion of the up move, break below 41790(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, break below 41662(figure may change) will push it into deep correction for its recent rise, and finally sustained break below 41451 on the closing basis will threaten the uptrend and break below 41352(many important support points are clustered at this point)  may drag it down further and faster. Please note that to continue the up move it has to sustain above this range 41829—41840 & 41799 on the closing basis, else it may lose upside steam and may head downward.

In view of the above observation, for safe traders it is suggested that long trade can only be tried if it moves above 42280 and maintain for some time with a stop loss of 42070, avoid buy on decline for the day. However, aggressive traders can also try buy on decline near or within the range of 41840---829---799 but not below it with a stop loss of 41600, it could be a risky trade but worth trying. Since it is still into deep corrective mode and also in short correction for its recent rise, 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 also 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—21.4.2023

 

CNX-NIFTY

 Open-17638.60--High—17684.45--Low-17584.35---Close-17624.45 on 20.4.2023.

Support:  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:  17641/17574.05/17594/17597.95/17641/17680/17719.75/ 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)

After 3 days of fall it closed positive today but with a meagre gain of 5.70 points. Although it is still holding above the downtrend line which is placed at 17574(it scales down every day) and its critical point is also at 17574 but it should have bounced back sharply and moved up way above this point to give firm signal for the continuation of the up move but it failed, so the concern of rally exhaustion is still there and break below 17574 may accelerate the fall, chances of which looks fairly high at this point of time.  

Moving down further its critical support points would be at 17619----17600----17585---17574---17433---17315, it was already into deep corrective mode ,it has also gotten into short  correction mode for its recent rise as it is below its threshold point of 17639, break below 17619 will push it into medium correction mode for its recent rise. Please note that sustained break below 17574 will trigger fresh fall, break below 17436(figure will change every day) will potentially threaten the long term uptrend and may accelerate the fall and finally break below 17315 will end the possibility of the major pullback up move hope for good and fall may continue with in between short relief rallies.

The short term technical setup is still looking good, but to get back in to the up move grove, firstly it has to hold 17574 levels and then it has to move above 17639---17766---17800----17835---17863 and sustain on the closing basis ,else the up rally may possibly end and down journey may begin. But since it has been testing 17574 levels for the last 3 days and settling down near it only at the end of the day indicates that with each passing day the possibility of moving up is receding, which may please be noted.

In view of the above observation, it is suggested that long trade can only be tried for the day if it maintains above 17625 for some time with a stop loss of 17565 avoid buy on decline as could be a risky affair for the day. Since it is still into deep corrective mode and also in correction for its recent rise 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 17641 for the intraday gains.  The long term bias is showing some improvement but still having a bearish tone at this point of time, short term technical setup is evenly poised now and it is at make or break juncture, so watch out for a clear direction with the help of above observation. 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 —21.4.2023

 

CNX-BANK NIFTY

Open-42218.50-High-42378.15-Low-42108.85-Close-42269.50 on 20.4.2023.

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 moved up today after yesterday’s correction and closed with a moderate gain of 115.50 points, which is good sign. But it has broken its very short and steep rising trend line today, which is slightly concerning. Furthermore it has been moving sideways for the last 3 days or one can say making a flag in the range of  42604---41799 ,so now breakout on the either side from the range will decide the further direction of the market. It is therefore suggested to play the range both side till breakout happens.

The short term technical setup is looking good. 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 & 42604 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 also and then may resume the up move again as it did today after yesterdays correction 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---42154---41840----41829----41818---41799---41662---41605---41352----41175---40835 , break below 42161 will push it into very short correction for its recent rise, sustained break below 41840 & 41829 will be an alert sign for the 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 41730(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 41433 on the closing basis will threaten the uptrend and break below 41352(many important support points are clustered at this point)  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. Please be alert and exit long trades if it happens to closes below 42154

In view of the above observation, it is suggested that long trade can be tried if it maintains above 42270 for some time with a stop loss of 42070 or can buy on decline near 42154 but not below it with a stop loss of 42015. 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—20.4.2023

 

CNX-NIFTY

 Open-17653.35--High—17666.15--Low-17579.85---Close-17618.75 on 19.4.2023.

Support:  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:  17641/17574.05/17594/17597.95/17641/17680/17719.75/ 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)

It continued to correct for the 3^rd day and ended the day with a loss of 41.40 points. Please note that in a momentum market correction should not last for more than 2-3 days at max and today was the 3^rd day and that is concerning, therefore if it does not bounce back sharply in next 1-2 trading session then it may head downward. Furthermore it is hovering around the downtrend line and doing whip-saw also but sustained the downtrend line breakout as of now but it closed just above it and this is highly concerning. The downtrend line is placed at 17585(this figure will scale down every day) for the day and the other critical point is 17574 and break below both the points may accelerate the fall, which may please be noted.

Moving down further its critical support points would be at 17600----17585---17574---17433---17315, it was already into deep corrective mode ,but it has gotten into short and medium correction mode today for its recent rise as it is below its threshold point of 17639 & 17619. Please note that sustained break below 17585 & 17574 will trigger fresh fall, break below 17435(figure will change every day) will potentially threaten the long term uptrend and may accelerate the fall and finally break below 17315 will end the possibility of the major pullback up move hope for good and fall may continue with in between short relief rallies..

The short term technical setup is still looking good, but to get back in to the up move grove, firstly it has to hold 17585 & 17574 levels and then it has to move above 17639---17766---17800----17835---17863 and sustain on the closing basis ,else the up rally may possibly end and down journey may begin.

In view of the above observation, it is suggested that long trade can be tried if it holds 17585---17574 range for some time but not below it with a stop loss of 17550 or if it moves above 17670 and maintain for some time with a stop loss of 17615. Since it is still into deep corrective mode and also in correction for its recent rise 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 17650 or sell on the rise near 17766 with a stop loss of 17840 for the intraday gains.  The long term bias is showing some improvement but still having a bearish tone at this point of time, short term technical setup is evenly poised now and it is at make or break juncture, so watch out for a clear direction with the help of above observation. 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 —20.4.2023

 

CNX-BANK NIFTY

Open-42280.10-High-42339.90-Low-42022.15-Close-42154 on 19.4.2023.

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)

After 5 days of strait rise it corrected today and ended the day with a loss of 111.20 points. It was a normal correction and it is holding on to the key point which is a good sign for the continuation of the up move. But please note that its very short rising trend line is placed at 42340 for 20.4.2023, therefore if it does not close above this for the day then it will be below the trend line and that can possibly extend the correction. 

The short term technical setup is looking good. 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 also as it corrected today 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 41840----41829----41818---41662---41605---41352----41175---40835 , it closed just below its threshold point of 42161( figure may change) for the very short correction for its recent rise, but it is not that alarming, 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 41605(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 41414---41352(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 moves above 42340 and maintain for some time with a stop loss of 42120 or can buy on decline at appropriate points or near 41840 & 41829 but not below it with a stop loss of 41600. 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—19.4.2023

 

CNX-NIFTY

 Open-17766.60--High—17766.60--Low-17610.20---Close-17660.15 on 18.4.2023.

Support:  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:  17680/17719.75/ 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)

The correction continued for the 2^nd day and it ended the day with a loss of 46.70 points. Please note that in a momentum market correction should not last for more than 2-3 days at max and if it last more than that then it may be a warning signal. It is still respecting the downtrend line breakout and as long as it holds this chance of up move will always be there, but if it falls below 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 17595(this figure will scale down every day) for the day

The short term technical setup is still looking good, 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 17863---17920---17950---18013----18105---18132---18363---18402---18476. The on-going rally can correct at any of these points as correction is on now 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 provided it sustains the downtrend line breakout.

Moving down its critical support points would be at 17639---17619---17600----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 17433(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 the continuation of the up move it should not fall below it’s down trend line on the closing basis, which is placed at 17595(this figure will scale down every day) for the day. It is important to mention here that now the crucial broad range for it is between 17863---17595---17574 and breakout on the either side will decide further direction of the market. Since it is near the lower band of the range this is slightly concerning. Last but most importantly it should bounce back sharply in next 2-3 days trading session; else this up move may be in real trouble.

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---17595 but not below it with a stop loss of 17560 or if it moves above 17863 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 17650 or near 17835 with a stop loss of 17870 for intraday gains.  The long term bias is showing some improvement but still with a bearish tinge at this point of time, 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.