A TECHNICAL UPDATE ON CNX-NIFTY—7.6.2023

 

CNX-NIFTY

 Open-18600.80--High—18618.05--Low-18531.60---Close-18599 on 6.6.2023.

Support: 18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance:18604.45/ 18662.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

The view and observation posted for 5.6.2023 will also be relevant for 7.6.2023 with the following addition or modification in figures and partly in views.

1. The up move is on but it may pick up further momentum if it moves above 18662.45 and sustain on the closing basis.

2. The price action is slightly shaky but not weak as of now but break below 18554 may indicate that price action can weaken and finally break below 18464.55 may make it vulnerable for down slide. Please note that technical indicators weakness will come into play only once the price action weakens, so watch out.

It is in the uptrend but in light of some weak technical indicators correction could creep in any time, so be cautious in the long trade at this point of time.

TRADING TIPS:--

1. For safe traders long trade can be tried if it moves above 18641 and maintain for some time with a stop loss of 18570, else avoid.

2. Aggressive traders can also try long trade on decline near 18476 but not below it with a stop loss of 18445. It could be a risky trade.

3. Short trade can also be attempted if it moves below 18530 and maintain for some time with a stop loss of 18625, it could be a risky trade.

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 —7.6.2023

 

CNX-BANK NIFTY

Open---44156.70----High----44236.20----Low---44009.70---Close---44164.55 on 6.6.2023.

Support:44151.80/44095.25/43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44151.80/44498.60/44592/45525/45658.                      

 (Bold and underlined figures are most important)

The view and observation posted for 5.6.2023 will also be relevant for 7.6.2023 with the following addition or modification in figures and partly in views.

1. It has closed above its first critical point of 44151.80 which is a good sign, but it is still into short corrective mode for its recent rise and to get out of corrective mode it has close above 44237  and to pick up strong up momentum it has to move above 44498.60 and sustain on the closing basis.

2. It is above all its short, medium and long term moving averages now, which is a good and strong sign.

3.  The price action is slightly shaky and wild but not weak as of now but break below 44046 may indicate that price action can weaken and finally break below 43706 may make it vulnerable for the down slide. Please note that technical indicators weakness will come into play only once the price action weakens, so watch out.

It is in the uptrend but in light of terrible weak technical indicators on the daily chart correction could creep in any time, so be cautious in the long trade at this point of time.

TRADING TIPS:--

1. Long trade can be tried if it holds 44151.80 levels for some time with a stop loss of 44000.

2. Long trade can be tried if it moves above 44267 and maintain for some time with a stop loss of 44095, else avoid.

3. Short trade can also be attempted if it moves below 44151 and maintain for some time with a stop loss of 44270. It could be risky trade but worth trying.

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—6.6.2023

 

CNX-NIFTY

 Open-18612--High—18640.15--Low-18582.80---Close-18593.85 on 5.6.2023.

Support: 18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance:18604.45/ 18662.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

The view and observation posted for 5.6.2023 will also be relevant for 6.6.2023 with the following addition or modification in figures and partly in views.

1. The up move is on but it may pick up further momentum if it closes above 18662.45 and sustain on the closing basis.

2. The price action is slightly shaky but not weak as of now but break below 18554 may indicate that price action can weaken and finally break below 18464.55 may make it vulnerable so watch out. Please note that technical indicators weakness will come into play only once the price action weakens

It is in the uptrend but in light of some weak technical indicators correction could creep in any time, so be cautious in the long trade at this point of time.

TRADING TIPS:--

1. Long trade can be tried if it moves above 18623 and maintain for some time with a stop loss of 18570, else avoid.

2. Short trade can also be attempted if it moves below 18570 and maintain for some time with a stop loss of 18625, it could be a risky trade but worth trying.

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 —6.6.2023

 

CNX-BANK NIFTY

Open---44103.25----High----44266.15----Low---44074.20---Close---44101.65 on 5.6.2023.

Support:44095.25/43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44151.80/44498.60/44592/45525/45658.                      

 (Bold and underlined figures are most important)

The view and observation posted for 5.6.2023 will also be relevant for 6.6.2023 with the following addition or modification in figures and partly in views.

1. It is already into short corrective mode for its recent rise and to pick up strong up momentum it has to move above 44151.8 & 44237 and sustain on the closing basis, else it may correct from here.

2. It is above all its short, medium and long term moving averages now, which is a good and strong sign.

3.  The price action is shaky but not weak as of now but break below 44046 may indicate that price action can weaken and finally break below 43706 may make it vulnerable, so watch out. Please note that technical indicators weakness will come into play only once the price action weakens.

It is in the uptrend but in light of terrible weak technical indicators correction could creep in any time, so be cautious in the long trade at this point of time.

TRADING TIPS:--

1. Long trade can be tried if it moves above 44152 and maintain for some time with a stop loss of 44070, else avoid. It could be a risky trade mind you.

2. Short trade can also be attempted if it moves below 44070 and maintain for some time with a stop loss of 44185.

IMPORTANT NOTE: -- It is suggested to avoid long trade till it closes above 44152 at least.

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—5.6.2023

 

CNX-NIFTY

 Open-18550.85--High—18573.70--Low-18478.40---Close-18534.10 on 2.6.2023.

Support:18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance:18604.45/ 18662.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

I am back after three weeks vacation.

The technical setup looks good for the continuation of the up move. Furthermore it is above its short, medium and long term moving averages on the daily, weekly and monthly chart which indicates strength. But certain important advance technical indicators are giving weak signals on the daily chart, which is slightly concerning and indicate that it may correct in coming days, but the price action is still o.k. therefore as long as it is good it may continue the up move despite weak signals from the indicators, but in light of weak technical indicators one should be cautious in the long trade at this point of time. It is important to mention here that as long as it holds 18476 levels on the closing basis then the chances are that it may retest its all-time high of 18887.60 or may go beyond it also, but sustained break below 18476 on the closing basis may trigger down correction, which please note. The bias is bullish as of now.

Moving up from here it will face resistance at 18554—18662.45---16696.10----18887.60, it may correct at any of these points for a while and then may resume the up move again. Similarly moving down its strong and critical support points could be at 18520.37---18476---18464.55---18401---18362.58---18249.70----18229.60---18131.70---18105.30---18060.40---18013---17970, break below 18476 & 18464.55 will trigger correction and it will deepen if it breaks further support points. Please note that to keep the uptrend on or alive it has to sustain above the range of 18131.70---17970 in fact above 18131.70 on the closing basis else break below 17970 may accelerate the fall.

In view of the above observation, long trade can be tried if it moves above 18554 and maintain for some time with a stop loss of 18460, it is suggested to avoid buy on decline for the day. Short trade can also be attempted if it moves below 18460 with a stop loss of 18560 for the intraday gains. Please note that it could be a risky trade but worth trying at this juncture. The short, medium and long term technical setup is still looking good. The long term bias is up 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 —5.6.2023

 

CNX-BANK NIFTY

Open---43997.30----High----44088.90----Low---43812.55---Close---43937.85 on 2.6.2023.

Support:43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44095.25/44151.80/44498.60/44592/45525/45658.                  

 (Bold and underlined figures are most important)

I am back after three weeks vacation.

The overall technical setup looks o.k.as of now. Furthermore except for few short term moving averages it is almost above all its short, medium and long term moving averages on the daily, weekly and monthly chart, which indicates strength. It is still a buy on decline market, but certain important advance technical indicators are giving terribly weak signals on the daily chart, which is slightly concerning and indicate that it may correct sharply in coming days, however the good point is that the price action is not that weak and as long as it remains o.k. chances of continuation of the up move is there, but in light of weak technical indicators one should be extremely cautious in the long trade at this point of time. It is important to mention here that to pick up the strong up momentum again it has to move above 44151.80 and sustain on the closing basis. Please note that it is already into very short correction mode for its recent rise as it is below its threshold point of 44237 &44046 and break below 43706 may accelerate the fall.

Moving up from here it will face resistance at 44046---44151.80---44237---44359---44443---44498.60---44623---45383, it may correct at any of these points for a while and then may resume the up move again. Similarly moving down its strong and critical support points could be at 43900---43706.15---43390.30---43109.63---43044---43038.25---42986.45, it is already into short correction and break below 43706 will deepen it. Please note that to keep the uptrend on or alive it has to sustain above the range of 43044---42986.45 in fact above 43044 on the closing basis else break below 42986.45 may accelerate the fall.

In view of the above observation, for safe trader’s long trade can only be tried if it closes above 44151.80 else avoid. However aggressive traders can try long trade if it moves above 44151.80 and maintain for some time with a stop loss of 43890 or can try buy on decline if it holds 43800 for some time with a short stop loss of 43700. Please note that long trade on decline for the day could be a risky affair. Since it is in short correction mode, therefore short trade can also be attempted on the rise but not above 44151.80 with a stop loss of 44250 or sell below 43700 with a stop loss of 43830. Please note that it could be a risky trade but worth trying at this juncture. The short, medium and long term technical setup is still looking good. The long term bias is up 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.