A TECHNICAL UPDATE ON CNX-BANK NIFTY—10.7.2023

 

CNX-BANK NIFTY

Open---45118.05---High—45227.25---Low---44844.80---Close---44925 on 7.7.2023.

Support: 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: -44939/45179/45210/45416/45525/45655.50/45658/46268/46364/47575.                   

 (Bold and underlined figures are most important)

As envisaged it had a down move today and it slipped into short correction mode for its recent rise as it closed below its threshold point of 45151 and it may correct further from here but this correction should not last for more than 2-3 trading sessions and then it may bounce back and resume the up move again as it is in the strong long term uptrend as of now. But please note that if correction last for more than 2-3. Days then that could be slightly concerning.

Moving further down from here its good support points could be at 44844---44784---44747---44550---44492---44260----44151.80---43994(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It is into short correction now, break below the range of 44844---44787---44747 will be an alert sign, break below 44550 & 44492 will be a warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below the range of 44250---44151.80---43994 and sustain on the closing basis. 

Similarly moving up from here it may face resistance at 44930---45036---45110----45151----45345---45416----45943---45525---45590----45655.50---45658----46268---46364 it may correct at any of these points and then may resume the up move again. Please note that it will get out of corrective mode if it moves above 45151 and sustain on the closing basis. However if it closes above 45036(figure may change) and sustain then there is hope that it can stage a pullback up move, close above 45345 will strengthen the up move and if it closes above 45493 and sustain then it could retest it all-time high of 45655.50 or may go beyond it also.  

Kindly note that it is in the strong long term uptrend and its buy on decline market in general, but it is in correction now, therefore buying can be considered on decline at appropriate strong support levels, although it is in a very strong uptrend but how correction will culminate is not know because it is possible that correction may take an ugly turn also, therefore watch out carefully and  structure your trade  accordingly with the help of above mentioned figures and range with strict stop losses.

TRADING TIPS:--

1. Safe traders can try long trade on decline if it holds the range of 44844—44787 with a stop loss of 44550. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 44250—44151 with a stop loss of 43950 or if it moves above 45050 and maintain for some time with a stop loss of 44830, but please note that it could be a highly risky trade for the day. LONG TRADE BELOW 44844 COULD BE A RISKY TRADE FOR THE WEEK STARTING FROM 10.7.2023.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it has slipped into correction, therefore short trade can also 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 45190---45220 with a stop loss of 45330 or sell if it moves below 44844 with a stop loss of 44970. 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—7.7.2023

 

CNX-NIFTY

 Open-19385.70--High—19512.20--Low-19373--Close-19497.30 on 6.7.2023.

Support: 19450/19303/19275/19201.70/19189/19138/ 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: 19498/19535/19639/19663/19674/19748/20160/20210/20390.

 (Bold and underlined figures are most important)

It has been continuously moving up for the last 8 days in a row and 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 still there and most importantly strait rise for 8 days in a row is very concerning and makes it highly vulnerable for correction and it can set in any moment, but the momentum is so strong, therefore this rally may continue for another 1-2 days at max before correction sets in  or correction may set in right away, please note that it had vertical rise, therefore it may witness vertical fall also in coming days, so be alert and extremely cautious in the long trade at this point of time.

Moving up from here it may face resistance at 19498---19515---19535---19590---19639---19666, 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 19308—19286---19264---19203---19189---19170-----19060---18935----18887.60(figures may change), it may bounce back from any of these points and resume the up move again, but break below 19308 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below 19189 will be an alert point, break below 19060 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18935 & 18887.60  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 strait rise it is suggested to avoid long trade for the day. 

TRADING TIPS:--

1. FOR SAFE TRADERS IT IS SUGGESTED TO AVOID LONG TRADE FOR THE DAY. However, aggressive traders can try long trade on sharp decline near or within the range of 19308—19250 with a stop loss of 19170 or if it moves above 19531 and maintain for some time with a stop loss of 19440, but please note that it could be a highly 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 19600----19650 with a short stop loss of 19700 or sell if it fails to cross 19512.20 in first half an hour of trade with a short stop loss of 19550, both the trade could be a risky bet but worth trying at this juncture.

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

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—7.7.2023

 

CNX-BANK NIFTY

Open---45060.55---High—45417.50---Low---45042.60---Close---45339.90 on 6.7.2023.

Support:45210/45179/45151.80/44939/ 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)

After yesterdays short correction although it bounced back today but in last 8 days for the first time today it made lower high & lower low today which confirms the fatigue and it can correct further from here and it may resume the up move again if it moves above 45658 and sustain on the closing basis.

Moving up from here it may face resistance at 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, but in light of some weak indication price-wise, it is suggested to avoid long trade for the day.

TRADING TIPS:--

1. FOR SAFE TRADERS IT IS SUGGESTED TO AVOID LONG TRADE FOR THE DAY.  However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 44957—44787 with a stop loss of 44650 (worth trying) or if it moves above 45431 and maintain for some time with a stop loss of 45300, but please note that it could be a highly risky trade for the day. LONG TRADE BELOW 45151 COULD BE A HIGHLY 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 45600---45650 with a stop loss of 45720 or sell if it moves below 45151 with a stop loss of 45350. 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—6.7.2023

 

CNX-NIFTY

 Open-19405.95--High—19421.60--Low-19339.60--Close-19398.50 on 5.7.2023.

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 has been continuously moving up for the last 7 days but today it failed to cross its previous day’s high which shows some fatigue and it may possibly correct on 5.7.2023, but as of now it is 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 still there and most importantly strait rise for 7 days 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---19190---19110------19020---18887.60(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 19190 will be an alert point and break below 19020 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18887.60  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 19446 and maintain for some time with a stop loss of 19330(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 18850.

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 19530----19560 with a short stop loss of 19600 or sell near 19446 if it does not move above it even intraday with a short stop loss of 19470, 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—6.7.2023

 

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.