A TECHNICAL UPDATE ON CNX-BANK NIFTY —5.5.2023

 

CNX-BANK NIFTY

Open---43236.10----High----43739.80----Low---43213.95---Close---43685.45 on 4.5.2023.

Support: 43614.65/43578.40/43515.05/43498.05/43483.45/43339.15/43081/43044.07/43038.25/42986.45/42948/42880/42740/42716.80/42622.75/42555.15/42202.55/ - 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.

Resistance: 43853.40/44151.80/44461/44592.                     

 (Bold and underlined figures are most important)

As anticipated it bounced back today itself and closed with a decent gain of 372.75 points. Technically it is exhibiting extraordinary strength and now within the vicinity of its all-time high of 44151.80 and in all likelihood it is going to retest it or may establish a new high in the coming days.

Moving up from here this rally can extend to 43730----44151.80----44461---44592---45525---45658---46268---.The on-going rally can correct at any of these points or earlier also and then may resume the up move again or it may exhaust also for a while. The bias is hugely bullish as of now.

Moving down its critical support points would be at 43614.45---43583---43578.40---43515.65---43320---43044---43038.25---42986.45---42686----42555.15---42530. These are the important and critical support points and it can bounce back from any of these points. But break below 43583 will push it into very common correction for its recent rise and it may last a day or two, break below 43320 will push into short correction for its recent rise, sustained break below the range of 43044---43038.25---42986.45 will indicate fatigue and exhaustion for the on-going up move and may put the uptrend in jeopardy, break below 42686 will push it into medium correction for its recent rise, break below 42555.15 & 42530 will push it into deep corrective mode again for the past major gains and its recent gains and this could be very concerning. Please note that for the continuation of the up move it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else the on-going up move may be in trouble.

In view of the above observation, long trade can be tried if it moves above 43740 and maintain for some time with a short stop loss of 43600 or can buy on decline at appropriate points or near or within the range of 43395--43312 but not below it with a stop loss of 43180. However, aggressive traders can also try long trade on decline near or within the range of 43044---42986 but not below it with a stop loss of 42800 this could be a risky trade but worth trying. Please note that it is in the uptrend therefore avoid short trade in general but it can be tried at critical resistance point with strict short stop loss for intraday gains, but be alert and cautious in short trade at this point of time. The short, medium and long term technical setup is highly bullish as of now. Therefore it is a buy on decline market till it holds its key points and range 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—4.5.2023

 

CNX-NIFTY

 Open-18113.80--High—18116.35--Low-18042.40---Close-18089.85 on 3.5.2023.

Support: 18016/18013/17992/17972.20/17959.20/17916.80/17812/17800/17795.55/17774.25/17761.40/17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95/17529.90/ 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:  18105.30/18114.65/18124.80/18132/18141/18183.75/18210.15/18265.25/18350.95/18362.60/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As envisaged after 6 days of straight rise it corrected today and ended the day with a loss of 57.80 points and this correction may possibly end in next 1 to 2 trading sessions. Although it closed below its most critical range of 18131.70—18124.80---18114.65--18105.30 but as long as it holds its range of 17900---17850 there is no major threat to the on-going uptrend. But please note that it will get into strong up momentum track only if it moves above 18131.70 and sustain on the closing basis and as of now it seems that it can bounce back above it in next 1-2 trading session and resume the up move again as the overall technical setup looks on firm footing as of now and indicates further rise ahead. Therefore it is a buy on decline market till is holds the range of 17900---17850. Please note that sustained break below this range could be concerning for the continuation of the up move.

Moving up from here it will face stiff resistance at the 18105.30---18114.65---18124.80---18131.70—18201.25---18265.25---18362.60---18402---18476. It can correct at any of these points or earlier and then may resume the up move again or may exhaust for a while, so be vigilant at the critical points. Please note that sustained close above 18131.70 will put it on strong up momentum track, it is still into the moderate deep corrective mode for earlier major gains and if it moves above 18362.60 and sustain on the closing basis then it will be out of all corrective modes and may get extra strength to move up faster and finally if it moves above 18476 and sustain on the closing basis then it could retest its all-time high of 18887.60 or may go beyond it also, which please note. The bias is bullish as of now.

Similarly moving down during correction its critical support points would be at 18131.70---18124.80---18105.30—18065----18032---18013----17900---17881---17861---17846. These are the important and critical support points and it can bounce back from any of these points. Break below 18032 will push it into short correction for its recent rise and finally sustained break below the range of 17900---17850 will put the on-going up move in jeopardy and it may head downward.

In view of the above observation, it corrected today but it is still a buy on decline market, therefore for safe traders long trade can only be tried if it moves above 18131.70 and sustain on the closing basis else avoid. But aggressive traders can try buy on decline at appropriate points or near or within the range of 17900---17850 with a stop loss of 17780, it could be a risky trade but worth trying. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate stiff resistance points or on price breakdown for the intraday gains but with due caution because it is in the strong up momentum now.  The long term bias is showing marked improvement and chart setup is also looking good, short & medium term technical setup is nicely poised now and likely to move up further, provided it holds the key support point 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 —4.5.2023

 

CNX-BANK NIFTY

Open---43154.85----High----43354.95----Low---43078.15---Close---43312.70 on 3.5.2023.

Support: 43081/43044.07/43038.25/42986.45/42948/42880/42740/42716.80/42622.75/42555.15/42202.55/ - 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.

Resistance: 43339.15/43483.45/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                   

 (Bold and underlined figures are most important)

As envisaged after 6 days of straight rise it corrected today and ended the day with a meagre loss of 39.40 points. It is exhibiting extraordinary strength so this corrective move may possibly end in next 1 to 2 trading sessions and it may resume the up move again. The overall technical setup is on the firm footing; therefore it is likely to continue the up move in coming days. It is important to mention here that the uptrend has no threat till it holds the range of 43044---43038.25----42986.45 on the closing basis (it did came near the upper band of this range today but bounced back) and if it does so then it is likely to retest its all-time high of 44151.80 or may go beyond it also in coming days.

Moving up from here this rally can extend to 43515.65---43578.40---43614.45---43730----44151.80----44461---44592---45525---45658---46268---.The on-going rally can correct at any of these points or earlier also and then may resume the up move again or it may exhaust also for a while. The bias is hugely bullish as of now.

Moving down its critical support points would be at 43125---43044---43038.25---42986.45---42845---42694----42555.15---42490----42334, break below 43125 will push it into very short correction for its recent rise, sustained break below the range of 43044---43038.25---42986.45 will indicate fatigue and exhaustion for the on-going up move and may put the uptrend in jeopardy, break below 42845 will push it into deep short correction mode for its recent rise, break below 42555.15 will push it into deep corrective mode again for the past major gains and this could be concerning, break below 42490 & 42334(figure may change) will push it into  medium and deep correction mode for its recent rise. I once again reiterate that for the continuation of the up move it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else the on-going up move may be in trouble.

In view of the above observation, long trade can be tried if it moves above 43395 and maintain for some time with a short stop loss of 43200 or can buy on decline at appropriate points or near or within the range of 43044--42987 but not below it with a stop loss of 42790. Please note that it is in the uptrend therefore avoid short trade in general but it can be tried at critical resistance point with strict short stop loss for intraday gains, but be alert and cautious in short trade at this point of time. The short, medium and long term technical setup is bullish as of now. Therefore it is a buy on decline market till it holds its key range 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—3.5.2023

 

CNX-NIFTY

 Open-18124.80--High—18180.25--Low-18101.75---Close-18147.65 on 2.5.2023.

Support: 18141/ 18131.70/18114.65/18105.30/18016/18013/17992/17972.20/17959.20/17916.80/17812/17800/17795.55/17774.25/17761.40/17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95/17529.90/ 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:  18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18362.60/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

The technical setup looks on firm footing, furthermore it has closed above its most critical point of 18131.70 today, which puts it on a strong up momentum track and it is likely to continue the up move in coming days if it holds it. But it moved in a short range today therefore a reasonable or big move on the either side may be in the offing in a day or two, furthermore it continued the straight rise for the 6^th day in a row today and closed with a gain of 82.65 points. It is important to mention here that the straight rise makes it vulnerable for correction also, therefore correction can creep in any day, so be alert and cautious at this point of time. However it is showing good strength and it is in the uptrend now, therefore any short correction could be a healthy sign for the up move to continue, provided it does not break the range of 18131.70—18124.80---18105.30 and even if it break then it should not sustain below it for more than 2 days at max on the closing basis, else the up move may be in trouble.

As you are already aware that it is still into the moderate deep corrective mode but strong up move is on, so chances are that it can get out of the deep corrective mode if it moves above 18362.60 and sustain on the closing basis. So moving up from here it will face stiff resistance at the 18201.25---18265.25---18362.60---18402---18476. It can correct at any of these points or earlier and may resume the up move again. Please note that if it moves above 18476 and sustain on the closing basis then it could retest its all-time high of 18887.60 or may go beyond it also, which please note. The bias is bullish as of now.

Similarly moving down during correction its critical support points would be at 18131.70---18124.80---18105.30—18065----18032---18013----17890---17881---17861---17846. These are the important and critical support points and it can bounce back from any of these points. But sustained break below the range of 18131.70---18124.80---18105.30 on the closing basis will indicate fatigue & exhaustion for the up move, that break below 18032 will push it into short correction mode for its recent rise, break below 18013 will push it into deep correction mode for previous big gains and finally sustained break below the range of 17890---17846 will put the on-going up move in jeopardy and it may start to move down.

In view of the above observation, it is a buy on decline market now, therefore for safe traders long trade can be tried near or within the range of 18131.70—18105.30 if it holds the range for some time with a stop loss of 18030 avoid buy on decline for the day. But aggressive traders can also try buy on decline at appropriate points or near or within the range of 17890---17841 with a stop loss of 17780, it could be a risky trade but worth trying. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate stiff resistance points or on price breakdown for the intraday gains but with due caution because it is in the strong up momentum now.  The long term bias is showing marked improvement and chart setup is also looking good, short & medium term technical setup is nicely poised now and likely to move up further, provided it holds the key support point 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 —3.5.2023

 

CNX-BANK NIFTY

Open-43395.05-High-43483.85-Low-43269.40--Close-43352.05 on 2.5.2023.

Support: 43339.15/43081/43044.07/43038.25/42986.45/42948/42880/42740/42716.80/42622.75/42555.15/42202.55/ - 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.

Resistance: 43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.               

 (Bold and underlined figures are most important)

The overall technical setup is on the firm footing now and it is likely to continue the up move in coming days. But it moved in a short range today therefore a reasonable or big move on the either side may be in the offing in a day or two, furthermore it continued the straight rise for the 6^th day in a row today and closed with a gain of 118.20 points. It is important to mention here that the straight rise makes it vulnerable for correction also, therefore correction can creep in any day, so be alert and cautious at this point of time. However it is exhibiting extraordinary strength and it is in the uptrend now, therefore any short correction could be a healthy sign for the up move to continue and it is likely to retest its all-time high of 44151.80 or may go beyond it also in coming days, provided it does not break the range of 43044---43038.25----42986.45 and even if it breaks this range then it should not sustain below it for more than 2 days at max on the closing basis, else the up move may be in trouble.

Moving up from here this rally can extend to 43515.65---43578.40---43614.45---43730----44151.80----44461---44592---45525---45658---46268---.The on-going rally can correct at any of these points or earlier also and then may resume the up move again. The bias is hugely bullish as of now.

Moving down its critical support points would be at 43125---43044---43038.25---42986.45---42845---42694----42555.15---42490----42334, break below 43125 will push it into very short correction for its recent rise, sustained break below the range of 43044---43038.25---42986.45 will indicate fatigue and exhaustion for the on-going up move and may put the uptrend in jeopardy, break below 42845 will push it into deep short correction mode for its recent rise, break below 42555.15 will push it into deep corrective mode again for past major gains and this could be concerning, break below 42490 & 42334(figure may change) will push it into  medium and deep correction mode for its recent rise. I once again reiterate that for the continuation of the up move it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else the on-going up move may be in trouble.

In view of the above observation, long trade can be tried if it moves above 43395 and maintain for some time with a short stop loss of 43200 or can buy on decline at appropriate points or near or within the range of 43044--42987 but not below it with a stop loss of 42790. Please note that it is in the uptrend therefore avoid short trade in general but it can be tried at critical resistance point with strict short stop loss for intraday gains, but be alert and cautious in short trade at this point of time. The short, medium and long term technical setup is bullish as of now. Therefore it is a buy on decline market till it holds its key range 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.