A TECHNICAL VIEW ON BANK OF INDIA-9.7.2023

 

BANK OF INDIA

Open-80.30--High-81.10--Low-78.40—Close-79.75 on 7.7.2023. 

Support:76.55/75.90/75/74.20/73.60/72/69.50/67.90—67.60/66.05. 

Resistance:81.95/82.30/84.10/85.75/85.90/88.95/89.30/101.30/103.50/107.80/109.30/118.70/127.55/131/157.80/167.60/183.25/197.20/216.80. 

(Bold and underlined figures are most important) 

It made its all-time high of 589 on 8.10.2010 and thereafter it corrected with in between relief rallies and made a bottom of 30.40 on 13.3.2020. The correction lasted for 9 years & 5 months, which is phenomenally long period. Please note that since it made bottom of 30.40 it has been consolidating with sideways and steady up and down movement, therefore looking at overall technical chart setup now, it seems that it has bottomed out for good and may be heading for big rise in coming months/years. It is still consolidating and will take some time to catch up the strong up momentum. 

Please note that if it has the strength then going down it should not break 74.90 and if it has bottomed out (according to me yes) then it should not break 69.50 and in worst case 66 on the closing basis and if it does break then it can slide further. So 74.90 will be an alert point and below 66 will be an exit point for the long trades. 

Similarly moving up it will face strong resistance at 88.95---96.01---103.50 (thereafter see the resistance points mentioned above) if it closes above 88.95 or 89 and sustain then it will gain good strength and it may pick up strong up momentum once it moves above 103.50 and sustain on the closing basis then the real upside fireworks may begin. 

In view of the above observation, please note that this stock is for investors and not for traders because it is in accumulating stage and not in momentum now, once it picks up momentum then traders can also take positions. Therefore it is suggested that investors can accumulate the stock now and on the decline till 69.50 and not below this in a staggered manner with a strict stop loss of 65 on the closing basis. It has good upside potential and it could triple from here or more in a time horizon of 24---30 months. 

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.

 

A TECHNICAL UPDATE ON CNX-NIFTY—10.7.2023

 

CNX-NIFTY

 Open-19422.80--High—19523.60--Low-19303.60--Close-19331.80 on 7.7.2023.

Support: 19303/19275/19246.50/19234.40/19201.70/19189/19138/ 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: 19450/19498/19523.60/19535/19639/19663/19674/19748/20160/20210/20390.

 (Bold and underlined figures are most important)

After 8 days of strait rise it had a down move today, please note that it was just a breather and not a meaningful correction because it is still above its correction threshold point of 19316.65(figure can change). It shows extraordinary strength in it for the continuation of the up move. Therefore chances are that it may bounce back from here itself and may resume the up move again, but break below 19316.65 will push it into real correction and then it may slide further which please note.

Moving down from here its support points could be at 19316.65—19295.10—19273.65---19246.50---19234.40---19212---19201.70---19189---19178----19058---18907----18887.60(figures may change), it may bounce back from any of these points and resume the up move again, but break below 19316.65 will push it into very short correction for its recent rise and thereafter break below each points may deepen the correction, break below19246.50---19234---19201.70----19189 will be an alert point, break below 19058 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18907 & 18887.60  and sustain on the closing basis. 

 Moving up from here it may face resistance at 19356---19434.15---19498---19515---19523.60---19535---19590---19639---19666, it may correct at any of these points and then may resume the up move again. Please note that if it closes above 19356(figure may change) and sustain then it can stage a pullback up move and the upside could be 19388---19414--- 19440---19427---19480 and if it closes above 19480 and sustain then it could retest it all-time high of 19523.60 or may go beyond it also.

It is in the strong long term uptrend and it is buying on decline market in general, it had a down move today but it is not in a real corrective mode, so it can stage a bounce back from here itself. 

TRADING TIPS:--

1. Safe traders can try long trade on decline if it holds the range of 19316---19234 with a stop loss of 19185. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19058----18888 with a stop loss of 18850 or if it moves above 19386 and maintain for some time with a stop loss of 19310, but please note that it could be a highly risky trade for the day. LONG TRADE BELOW 19234.40 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 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 19470----19500 with a short stop loss of 19550 or sell if it moves below 19234 with a  stop loss of 19320, 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 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—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.