A TECHNICAL UPDATE ON CNX-BANK NIFTY —10.5.2023

 

CNX-BANK NIFTY

Open---43438.55----High----43533.25----Low---43125.85---Close---43198.15 on 9.5.2023.

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: 43339.15/43483.45/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80/44461/44592.                     

 (Bold and underlined figures are most important)

It opened on a positive note and went up further but could not sustain at the upper level and drifted down and at the end of the day closed with a loss of 85.85 points. The chart setup still looks good as it is above its short, medium and long term moving averages on the daily, weekly and monthly chart this is a positive sign, but two out of four important technical indicators has turned negative and indicates that it could break 42118 level in coming days, furthermore the price action was also timid, therefore there is a strong chance that it may start to head down any day, so it is suggested to be cautious in the long trade at this point of time. In fact it would be better to avoid long trade for a day or two and can attempt short trade at appropriate points with strict stop loss for intraday gains.

Kindly note that for the continuation of the up move it has to sustain above its critical range of 43044---42986.45 on the closing basis, else the on-going up move may be jeopardy and it may trigger fresh fall. Please note that if it really has the strength it should not break the range of 43044---42986.45 now and if it does so then the on-going up move  may be over this time.

Moving up it will face stiff resistance at 43302.05---43395.05--43515.65---43578.40---43583---43614.45---43739.80----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.

Moving down from here its critical support points would be at 43079---43044---43038.25----42986.45----42845----42582--- 42555.15---42530----42317---42233---41962.35---41671.20. These are the important and critical support points and it can bounce back from any of these points. It is already into very short, short and medium correction phase for its recent rise as it is below its threshold point of 43583---43320, 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 for its recent gains and this could be very concerning and may trigger a fresh fall. I once again reiterate that to keep the up momentum going it has to sustain above 43044 on the closing basis.

In view of the above observation, for safe traders long trade can be tried if it moves above 43310 and maintain for some time with a short stop loss of 43120 avoid buy on decline for the day. However, aggressive traders can try long trade on decline near or within the range of 43044---42986 but not below it with a stop loss of 42640 this could be a highly risky trade for the day, which please note. Since it is into correction phase for its recent rise short trade can also be attempted on the reasonable rise at stiff resistance points or on price breakdown for intraday gains. One can try short trade if it moves below 43110 with a stop loss of 43310. The short, medium and long term technical setup is still looking good. The long term bias is  bullish as of now. 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—9.5.2023

 

CNX-NIFTY

 Open-18120.60--High—18286.95--Low-18100.30---Close-18264.40 on 8.5.2023.

Support: 18210.15/18183.75/18141/18132/18124.80/18114.65/18105.30/ 18069/18016/18013/17992/17972.20/17959.20/17916.80/17812/17800/17795.55/17774.25/17761.40/17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95.

Resistance: 18265.25/18350.95/18362.60/18442.15/18473.35/18476---18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As anticipated it sharply bounced back today and decisively closed above its important & critical range of 18131.70—18124.80---18114.65--18105.30 which is a positive sign. It closed with a gain of 195.40 points recovering the previous day’s entire losses is a good indication. The price action was strong today, it is well above its short, medium and long term moving averages on the daily, weekly and monthly chart therefore it is likely to continue the up move in coming days but one out of four important technical indicators has give slightly weak signal today, therefore price action has to watched for next 2 trading sessions for the firmness of the up move, so it is suggested to be cautious in the long trade at this point of time. Kindly note that for the continuation of the up move it has to sustain above its aforesaid critical range on the closing basis, but in worst case scenario the last critical support range would be 17905---17864(figure may change), if it hold this range then it can still stage a bounce back, else the on-going up move may be over and fall may accelerate.  Please note that if it really has the strength it should not break the range of 18131.70--18105.30 now and if it does so then the on-going up move  may be over this time.

Moving up from here it will face stiff resistance at 18267.45---18362.60---18402---18476. It can correct at any of these points or earlier also and then may resume the up move again or may exhaust for a while, so be vigilant at the critical points. Please note that if it moves above 18362.60 and sustain on the closing basis it will get out of all corrective mode and up rally may strengthen and finally if it moves above 18476 and sustain on the closing basis the in all probability it may retest its all-time high of 18887.60 or may go beyond it also.

Moving down further from here its critical support points would be at 18229---18210.15---18131.70—18124.80---18114.65---18105.30---18065----18042---18032---18013----17963---17943---17905---17881---17861---17864. These are the important and critical support points and it can bounce back from any of these points. Please note that break below 18229 & 18114 will push it into very short & short correction for its recent gains, break below 18042 could be very concerning, break below 17963 & 17943 will push it into medium & deep correction for its recent rise and finally sustained break below the range of 17905---17864 on the closing basis will put the on-going up move in jeopardy or may be over and it may head downward. I once again reiterate that to keep the up momentum going it has to sustain above 18131.70 on the closing basis.

In view of the above observation, long trade can be tried if it moves above 18287 and maintain for some time with a short stop loss of 18220 or can be tried on decline near or within the range of 18131.70---18105 but not below it with a stop loss of 18030. Since it is already into deep corrective mode for its past gains therefore short trade can also be tried on the rise at appropriate stiff resistance points or on price breakdown for the intraday gains.  The short, medium and long term technical setup is still looking good. The long term bias is up as of now. It is still a buy on decline market as of now. 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 —9.5.2023

 

CNX-BANK NIFTY

Open---42796.85----High----43418.55----Low---42780.30---Close---43284 on 8.5.2023.

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: 43339.15/43483.45/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80/44461/44592.                     

 (Bold and underlined figures are most important)

As anticipated it bounced back today and decisively closed above its important & critical range of 43044---43038.25---42986.45 which is a positive sign. It closed with a gain of 622.80 points recovering the previous day’s losses by up to 60%. The up move intensity was less in it in comparison with CNX-Nifty where recovery was more than 100%, this indicate some fatigue in it. However the price action was good today, it is well above its short, medium and long term moving averages on the daily, weekly and monthly chart therefore it is likely to continue the up move in coming days but two out of four important technical indicators has turned negative, therefore price action has to watched for next 2 trading sessions for firmness of the up move, so it is suggested to be cautious in the long trade at this point of time. Kindly note that for the continuation of the up move it has to sustain above its aforesaid critical range on the closing basis, else the on-going up move may be jeopardy and it may trigger fresh fall. Please note that if it really has the strength it should not break the range of 43044---42986.45 now and if it does so then the on-going up move  may be over this time.

Moving up it will face stiff resistance at 43302.05---43395.05--43515.65---43578.40---43583---43614.45---43739.80----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.

Moving down from here its critical support points would be at 43079---43044---43038.25----42986.45----42845----42582--- 42555.15---42530----42317---42233---41962.35---41671.20. These are the important and critical support points and it can bounce back from any of these points. It is already into very short, short and medium correction phase for its recent rise as it is below its threshold point of 43583---43320, 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 for its recent gains and this could be very concerning and may trigger a fresh fall. I once again reiterate that to keep the up momentum going it has to sustain above 43044 on the closing basis.

In view of the above observation, for safe traders long trade can be tried if it moves above 43420 and maintain for some time with a short stop loss of 43200 avoid buy on decline for the day. However, aggressive traders can try long trade on decline near or within the range of 43044---42986 but not below it with a short stop loss of 42600 this could be a risky trade for the day. Since it is into correction phase for its recent rise short trade can also be attempted on the reasonable rise at stiff resistance points or on price breakdown for intraday gains. The short, medium and long term technical setup is still looking good. The long term bias is still bullish. It is still buy on decline market but with caution now in the wake of two indicators turning negative. 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—8.5.2023

 

CNX-NIFTY

 Open-18117.30--High—18216.95--Low-18055.45---Close-18069 on 5.5.2023.

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.

Resistance: 18105.30/ 18114.65/18124.80/18132/18141/18183.75/18210.15//18265.25/18350.95/18362.60/18442.15/18473.35/18476---18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

It reacted to the world market cues and corrected today and closed with a loss of 186.80 points. It exhibited volatility and the price action was weak and most importantly it closed below its critical range of 18131.70—18124.80---18114.65--18105.30 which is highly concerning for the continuation of the up move. Please note that it is down but not out of the up move race as yet because it’s all important technical indicators are positive on the daily, weekly and some on the monthly chart, furthermore it is also above its short, medium and long term moving averages on the daily, weekly and monthly chart, therefore despite today fall it still stand a good chance that it may bounce back above the aforesaid critical range in next 1-2 trading session else the on-going up move may be in trouble, but the last ray of hope for continuation of the up move is the range of 17905---17859( figures may change) and if it holds this range on the closing basis then it could still stage a comeback and eventually move above its critical range, else the on-going up move may be over and fall may accelerate.

Moving down further from here its critical support points would be at 18065----18042---18032---18013----17948---17928---17905---17881---17861---17859. These are the important and critical support points and it can bounce back from any of these points. It has gotten into very short & short correction today for its recent gains as it is below its threshold points of 18214 & 18099 now, break below 18042 could be very concerning, break below 17948 & 17928 will push it into medium & deep correction for its recent rise and finally sustained break below the range of 17900---17859 on the closing basis will put the on-going up move in jeopardy or may be over and it may head downward.

Moving up from here it will face stiff resistance at 18105.30---18114.65---18124.80---18131.70—18210.15---18267.45---18362.60---18402---18476. It can correct at any of these points or earlier also and then may resume the up move again or may exhaust for a while, so be vigilant at the critical points. Please note that it will pick up momentum only if it moves above 18131.70 and sustains on the closing basis.

In view of the above observation, for safe trader it is suggested to avoid long trade till it closes above 18131.70, however aggressive traders can try long trade if it holds 18042 for some time with a stop loss of 17990 or can buy on decline near or within the range of 17905---17859 with a stop loss of 17800 this could be a risky trade but worth trying. Since it was already into deep corrective mode and it gotten into short correction for its recent rise therefore short trade can also be tried on the rise at appropriate stiff resistance points or on price breakdown for the intraday gains. One can try short trade if it moves below 18042 with a stop loss of 18135.  The short, medium and long term technical setup is still looking good but shaken with today’s price action and volatility. Furthermore it has broken its critical support range as mentioned above which is concerning, so watch out for a day or two for clear direction. The long term bias is still up. 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 —8.5.2023

 

CNX-BANK NIFTY

Open---43110.65----High----43588----Low---42582.20---Close---42661.20 on 5.5.2023.

Support: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:42716.80/42740/42880/42948/42986.45/43038.25/43044.07/43081/43339.15/43483.45/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80/44461/44592.                       

 (Bold and underlined figures are most important)

It reacted to the world market cues and corrected today and closed with a huge loss of 1024.25 points. It exhibited volatility and the price action was terribly weak and most importantly it closed decisively below its critical range of 43044---43038.25---42986.45 which is highly concerning for the continuation of the up move. Please note that it is down but not out of the up move race as yet because except for one all important technical indicators are positive on the daily, weekly and monthly chart, furthermore except for few short term averages it is above all short, medium and long term moving average on the daily, weekly and monthly chart, therefore despite today’s big fall it stand a good chance that it may bounce back above the aforesaid critical range in next 1-2 trading session else the on-going up move may be in trouble.

Moving down from here its critical support points would be at 42582--- 42555.15---42530----42317---42233---41962.35---41671.20. These are the important and critical support points and it can bounce back from any of these points. It has gotten into very short, short and medium correction phase for its recent rise as it is below its threshold point of 43583---43320 & 42686, break below 42555.15 & 42530 will push it into deep corrective mode again for the past major gains and for its recent gains and this could be very concerning and may trigger a fresh fall.

Moving up it will face stiff resistance at 42845----42986.45----43038.25----43044---43079---43515.65---43578.40---43583---43614.45---43739.80----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. Please note that to put it back on the up track it has to close above 43044 and sustain on the closing basis.

In view of the above observation, for safe traders long trade should be avoided till it closes above 43044, however, aggressive traders can try long trade if it holds the range of 42582---42530 for some time but not below it with a short stop loss of 42400 this could be a risky trade for the day, but worth trying for pullback gains. Since it gotten into correction phase today for its recent rise short trade can also be attempted on the reasonable rise or on price breakdown for intraday gains. So, one can go short below 42530 with a stop loss of 42700 for intraday gains. The short, medium and long term technical setup is still looking good but today’s price action has given a jolt. So watch out for a day or two for clear direction. The long term bias is still bullish. 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 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. 

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—5.5.2023

 

CNX-NIFTY

 Open-18081--High—18267.45--Low-18066.70---Close-18255.80 on 4.5.2023.

Support: 18210.15/18183.75/18141/18132/18124.80/18114.65/18105.30/18016/18013/17992/17972.20/17959.20/17916.80/17812/17800/17795.55/17774.25/17761.40/17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95.

Resistance:  18265.25/18350.95/18362.60/18442.15/18473.35/18476---18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As anticipated it bounced back today itself and closed with a decent gain of 165.95 points. It decisively closed above its important and critical range of 18131.70—18124.80---18114.65--18105.30 which is an extremely positive sign and will provide great strength for the continuation of the up move but with intermittent correction.

Moving up from here it will face stiff resistance at 18265.25---18362.60---18402---18476. It can correct at any of these points or earlier also and then may resume the up move again or may exhaust for a while, so be vigilant at the critical points. Please note that 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 18214---18201.65---18131.70---18124.80---18105.30—18065----18042---18032---18013----17948---17928---17900---17881---17861---17854. These are the important and critical support points and it can bounce back from any of these points. But break below 18214 will push it into  common correction for its most recent gain and it may last a day or two, break below the range of 18131.70---18105.30 will indicate fatigue and exhaustion for the up move, break below 18099 will push it into short correction for its recent gain, break below 18042 could be  very concerning, break below 17948 & 17928 will push it into medium & deep correction for its recent rise and finally sustained break below the range of 17900---17854 on the closing basis will put the on-going up move in jeopardy and it may head downward. It is important to mention here that looking at today’s move it is most likely to hold its critical range of 18131.70---18105.30 and continue with the up move, but if it breaks this range now then it could be highly concerning.

In view of the above observation, it  is a buy on decline market, therefore  long trade can  be tried if it moves above 18270 and maintain for some time with a short stop loss of 18220 or can buy on decline at appropriate points or near or within the range of 18131.70---18090 with a stop loss of 18020. 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 short, medium and long term technical setup is looking good now and it is 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.