A TECHNICAL UPDATE ON CNX-BANK NIFTY—6.7.2023

 

CNX-BANK NIFTY

Open---45169.70---High—45418.90---Low---45073.40---Close---45151.80 on 5.7.2023.

Support:44939/ 4481244592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:- 45179/45210/45416/45525/45658/46268/46364/47575.                      

 (Bold and underlined figures are most important)

After 6 days of strait rise it took a breather and corrected today and closed with a loss of 149.65 points, it showed some fatigue yesterday and corrected today. Please note that it gained almost 1680 points on the closing basis in the last six days, so today’s correction was not meaningful had it given 1/3 correction of the recent rise on the closing basis that would have been extremely good for the up move, so the chance of further correction from here is still there. But it is in the strong uptrend so it may not correct further and may resume the up move from here itself. So watch out.

Moving up from here it may face resistance at 45179---45210---45416----45525---45658---46268---46364 it may correct at any of these points and then may resume the up move again. Similarly going down its support points could be at 45151----45110----44930----44784----44747----44492----44151.80(figures may change), it may bounce back from any of these points and resume the up move, but break below 45151 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below 44747 will be an alert point and break below 44498.60 & will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 44151.80 and sustain on the closing basis. 

It is in the strong long term uptrend and its buy on decline market in general, light of vertical rise it is suggested to avoid long trade below 45151 for the day.

TRADING TIPS:--

1. Long trade can be tried if it holds 45151 for some time with a stop loss of 44920 or if it moves above 45325 and maintain for some time with a stop loss of 45140 (it could be a risky trade for the day). However, aggressive traders can also try long trade on sharp decline near or within the range of 44957—44750 with a stop loss of 44600.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 45550---45600 with a stop loss of 44680 or sell if it moves below 45065 with a stop loss of 45170. It could be a risky trade but worth trying for intraday gains.

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—5.7.2023

 

CNX-NIFTY

 Open-19406.60--High—19434.15--Low-19300--Close-19389 on 4.7.2023.

Support: 19303/19275/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 19450/19498/19535/19639/19663/19674/19748/20160/20210/20390.

 (Bold and underlined figures are most important)

It is moving up unabated for the last six days and hitting new highs for the last four days; it is exhibiting extraordinary strength for the continuation of the up move. But it is important to mention here that it still has unfilled gaps, so the threat of filling the gap is still there and most importantly the continuous vertical rise is very concerning and makes it highly vulnerable for correction and it can set in any moment, but the momentum is so strong now, therefore this rally may continue for few more days  before correction sets in, but please note that vertical rise may have vertical fall too at times so be alert and careful at this point of time.

Moving up from here it may face resistance at 19450---19498---19515---19535---19639, it may correct at any of these points and then may resume the up move again. Similarly going down its support points could be at 19248—19227---19205---19143---19110------18990---18887.60---18850(figures may change), it may bounce back from any of these points and resume the up move again, but break below 19248 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below 19143 will be an alert point and break below 18887.60 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18850 and sustain on the closing basis. 

It is in the strong long term uptrend and it is buying on decline market in general, but in light of unfilled gaps and vertical rise it is suggested to avoid long trade below 19248 for the day. 

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near 19248 and not below it with a stop loss of 19180 or if it moves above 19435 and maintain for some time with a stop loss of 19345(it could be a risky trade for the day). However aggressive traders can also try long trade on sharp decline near or within the range of 19100—18900 with a stop loss of  18820.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19525----19535 with a short stop loss of 19570, 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—5.7.2023

 

CNX-BANK NIFTY

Open---45310.55---High—45655.50---Low---45000.25---Close---45301.45 on 4.7.2023.

Support:45210/45179/44939/ 4481244592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:-45416/45525/45658/46268/46364/47575.                     

 (Bold and underlined figures are most important)

It is moving up unabated for the last six days and hitting new highs for the last four days; it is exhibiting extraordinary strength for the continuation of the up move. But today it hit a high of 45655.50 and slipped down to close 350 points below at 45301.45 which show some fatigue but price action is still strong. It is important to mention here that the vertical rise  is very concerning and makes it highly vulnerable for correction and it can set in any moment, but the momentum is so strong now, therefore this rally may continue for few more days before correction sets in, but please note that vertical rise may have vertical fall too at times so be alert and careful at this point of time.

Moving up from here it may face resistance at 45525---45658---46268---46364 it may correct at any of these points and then may resume the up move again. Similarly going down its support points could be at 45151----45110----44930----44784----44747----44492----44151.80(figures may change), it may bounce back from any of these points and resume the up move, but break below 45151 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below 44747 will be an alert point and break below 44498.60 & will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 44151.80  and sustain on the closing basis. 

It is in the strong long term uptrend and its buy on decline market in general, but in light of vertical rise it is suggested to avoid long trade below 45151 for the day. However, aggressive traders can also try long trade on sharp decline near or within the range of 44957—44750 with a stop loss of 44600.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near or within the range of 45150---45100 and not below it with a stop loss of 44900 or if it moves above 45470 and maintain for some time with a stop loss of 45250 (it could be a risky trade for the day).

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 45800---45900 with a stop loss of 46000 or sell near 45655.50 if it does not move above it even intraday in first hour of trade with a stop loss of 45750. It could be a risky trade but worth trying for intraday gains.

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—4.7.2023

 

CNX-NIFTY

 Open-19246.50--High—19345.10--Low-19234.40--Close-19322.55 on 3.7.2023.

Support: 19303/19275/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 19450/19498/19535/19639/19663/19674/19748/20160/20210/20390.

 (Bold and underlined figures are most important)

It is vertically moving up for the last four days and hitting new highs for the last three days and despite the 3^rd up gap today if refuses to correct, generally after the 3^rd gap it corrects and then resumes the up move again if the uptrend is strong, but it is showing no sign of correction as of now therefore exhibiting extraordinary strength for the continuation of the up move. It is important to mention here that it still has unfilled gaps, so the threat of filling the gap is there and most importantly it is vertically rising and this is very concerning, however this rise may continue for few days more but please note that vertical rise may have vertical fall too at times so be alert and careful at this point of time.

Moving up from here it may face resistance at 19450---19498---19515---19535---19639, it may correct at any of these points and then may resume the up move again. Similarly going down its support points could be at 19180—19159---19137---19075---19041---18922---18887.60---18818(figures may change), it may bounce back from any of these points and resume the up move, but break below 19180 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below 19041 will be an alert point and break below 18887.60 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18800 and sustain on the closing basis. 

It is in the strong long term uptrend and it is buying on decline market in general, but in light of unfilled gaps and vertical rise it is suggested to avoid long trade below 19180 for the day.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near 19180 and not below it with a stop loss of 19125 or if it moves above 19345 and maintain for some time with a short stop loss of 19260(it could be a risky trade for the day).

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19515----19525 with a short stop loss of 19560, 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—4.7.2023

 

CNX-BANK NIFTY

Open---44957.95---High—45353.20---Low---44882.10---Close---45158.10 on 3.7.2023.

Support: 45210/45179/44939/: 4481244592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:-45416/45525/45658/46268/46364/47575.                     

 (Bold and underlined figures are most important)

It is vertically moving up for the last four days and hitting new highs for the last three days and it is showing no sign of correction as of now therefore exhibiting extraordinary strength for the continuation of the up move. It is important to mention here that it is vertically rising and this is very concerning, however this rise may continue for few days more but please note that vertical rise may have vertical fall too at times so be alert and careful at this point of time.

Moving up from here it may face resistance at 45179---45210---45525---45658--- it may correct at any of these points and then may resume the up move again. Similarly going down its support points could be at 44957.95---44920---44879---44747---44699---44553--44498.60---44261---44151.80---44098(figures may change), it may bounce back from any of these points and resume the up move, but break below 44920 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below 44747 will be an alert point and break below 44498.60 & 44151.80 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 44098 and sustain on the closing basis. 

It is in the strong long term uptrend and its buy on decline market in general, but in light of vertical rise it is suggested to avoid long trade below 44920 for the day.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near or within the range of 44920---44890 and not below it with a stop loss of 44700 or if it moves above 45416 and maintain for some time with a stop loss of 45250 (it could be a risky trade for the day).

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 45575---45650 with a stop loss of 45750, it could be a risky trade but worth trying for intraday gains.

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 HEG LTD—1.7.2023

 

HEG LTD

 Open-1598.95--High—1654--Low-1596.10--Close-1630.35 on 30.6.2023.

Support: 1586.10/1551.40/1513/1482/1300/1275.

Resistance: 1660/1747/1760/1806/1882.35/1925/1945.75/1991/2060/2076/2125/2316/2418/2530/2580/2629/2884.40/2981.10/3144.30/3515/3700/4475/4550/4955.

 (Bold and underlined figures are most important)

After making an all-time high of 4955 on 16.10.2018 it sharply corrected and made bottom at 409.60 on 25.3.2020 then it had a relief rally which took it to 2629 on 5.10.2021 and then it corrected again and made a bottom at 890.80 on 20.6.2022 and since then it has been steadily moving up with in between short correction. The overall chart setup now indicates that it has bottomed out and may be heading for a big rise in coming days/weeks & months, provided it holds its key points 1551.40 & 1482.30 on the closing basis.

Moving up from here it may face resistance at 1747---1781---1868---1945.75---2063---2146—2219---2281---2316---2418---2530---2580---2629---2682—3219---3853---4046, it may correct at any of these points and then may resume the up move again. Please note that if it moves above 1945.75 and sustains on the closing basis then it may gain further strength and pick up strong up momentum and sustained close above 2629 may see an accelerated up move and finally if it moves above 4046 and sustain on the closing basis then it could retest its all-time high of 4955 or may go beyond it also.

Similarly going down its critical support points could be at 1551.40 & 1482.30. Please note that if it breaks these points then it could slip down further, looking at the technical setup now chances of breaking these points looks slim at this point of time.

In view of the above observation it is suggested to accumulate the stock now as it is just above 10% from its last critical points or on decline near or within the range of 1551---1482 but not below this with a stop loss of 1450 for a gain of 30—40% in 6--8 months time. But it has the potential to get double or more from here in 15—18 months time frame.

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore  investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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. 

For strategic guidance to enter and exit trade.

Thanks 

Contact:-

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email:-suranank57@gmail.com

 

 

 

 

 

A TECHNICAL VIEW ON TATA MOTORS LTD-1.7.2023

 

TATA MOTORS LTD

Open-588.35--High-599--Low-588—Close-595.55 on 30.6.2023. 

Support:585.90/576.55/562.50/557.70. 

Resistance:598.40/601/607.70/612.40/642/660/762/822/952/1088/1100/1160. 

(Bold and underlined figures are most important) 

The overall technical setup is good for the continuation of the up move, but it is near its all-time high of 612.40, so if it fails to cross this mark in the on-going up move then it could correct from here before resuming the up move again. It is important to mention here that it has made an Inverse Head & Shoulder Pattern on the monthly chart and the neckline is at 612.40, it is a highly bullish pattern and if it moves above 612.40 and sustains on the closing basis ,then its maximum upside target could be 1160. Please note that it may not achieve the maximum target but 30—40% upside from 612.40 could be there. 

In view of the above it is suggested that long trade can be tried if it moves above 612.40 and sustains on the closing basis with a stop loss of 595 or can try on decline at appropriate points or near 558 with a stop loss of 550. 

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore  investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view. 

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.