A TECHNICAL UPDATE ON CNX-NIFTY—17.7.2023

 

CNX-NIFTY

 Open-19495.20--High—19567--Low-19385.80--Close-19413.75 on 14.7.2023.

Support: 19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 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: 19584/19608/19639/19660/19663/19674/19748/19880/19911/20160/20210/20236/20390.

 (Bold and underlined figures are most important)

After yesterdays see-saw movement as envisaged it sharply bounced back again today and hit a new all-time high of 19595.35 and managed to close reasonably above its previous high of 19523.60 with a gain of 150.75 points. Although it is exhibiting extraordinary strength for the continuation of the up move off course with in between correction, but one out of four important technical indicator is pointing towards slight weakness, therefore a cautious approach is needed in the long trade. Please note that it is in the strong long term uptrend and it is buying on decline market in general as of now. Last but not the least as long as it holds the range of 19385---19327 on the downside there is no major threat to the on-going up move.

Moving up from here it may face resistance at 19584—19608—19639—19660—19663—19674—19748---19880---19911---20160---20210---20236 it may correct at any of these points and then may resume the up move again. Please note that 19639---674 & then 20160---20236 could be the tough range.

Similarly down from here its support points could be at 19526---19480---19371---19361---19356---19327---19303.60—19300----19246.50---19234.40---19201.70---19189---19122----18962---18942---18887.60(figures may change), it may bounce back from any of these points and resume the up move again. But break below 19526 will push it into short correction for its recent rise, break below 19480 may weaken it further, however as long as it hold 19356(figure may change) on the closing basis chances of up move will be alive, break below the range of 19327---19303.60---19300 will be an alert point, break below the range of 19246.50---19234---19211--19201.70---19189 may trigger fresh fall, break below 19122 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18942 & 18887.60  and sustain on the closing basis. 

TRADING TIPS:--

1. Long trade can be tried on decline near or within the range of 19385---19356 but not below it with a stop loss of 19290 or if it moves above 19596 and maintain for some time with a stop loss of 19520. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19246—19200 and then 19122----18950 with a stop loss of 19165 & 18860 respectively. LONG TRADE BELOW 19327 COULD BE A RISKY TRADE FOR THE WEEK STARTING FROM 17.7.2023.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but short trade 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 19685----19725 with a short stop loss of 19775 or sell if it moves below 19327 with a  stop loss of 19390, both the trade could be a risky bet 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 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 VIEW ON ION EXCHANGE ( INDIA) LTD-15.7.2023

 

ION EXCHANGE ( INDIA) LTD

 

Open- 518.80--High—526.60 ---Low—516.60 —Close—524.50 on 14.7.2023. 

Support: 439.60/418.70/411/387/374. 

Resistance: 541.80/555.15/565.45/650.15/730/920/937/989/997.60/1049.20/1075/1186/1221/1247/1328/1375/1470.60. 

(Bold and underlined figures are most important) 

It hit a life time high of 1470.60 on 17.9.1996 and thereafter went into correction and made an all-time low bottom at 83.85 on 3.8.2001 and thereafter it steadily moved up and it seems that it has bottomed out a long ago and now bracing for a big up move.

The overall technical setup is good and indicates further rise ahead in coming days/weeks/months with intermittent correction. Its immediate critical support points are 439.60--- 411& 387 , break below 439.60 could be an alert sign but as long as it holds 411 the up move will be alive and the possible broader upside target could be 614—777—941—1143—1193.   Kindly, note that if it moves above 1193 and sustain on the closing basis then it could retest its all-time high of 1470.60 or may go beyond it also. Please note that even if it breaks 411 but holds 387 it can still bounce back and move above 411, but sustained break below 387 can drag it down further. 

In view of the above observation it is already up by more than 25 % from its critical price of 411 but it still has strong upside potential from here also, therefore investors can enter the stock now with a small quantity and add position on decline but not below 411 with a strict stop loss of below 387 on the closing basis. Please note that the expected return could be 45—60% or may be more in 10-12 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. 

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-BANK NIFTY—14.7.2023

 

CNX-BANK NIFTY

Open---45009.30---High—45085.15---Low---44612.20---Close—44665.05 on 13.7.2023.

Support: 44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:44747.35/44787.10/ -44812/44939/44958/45179/45210/45416/45525/45655.50/45658/46268/46364/47575.                  

 (Bold and underlined figures are most important)

It had a wild swing today and after 4 days of down move it had a weak up day and it closed with a small gain of 25.60. It is already in the corrective mode. It is still way below its key point of 44844 for the on-going week and below its monthly key points of 44958---44787.10 & 44747.35, furthermore it is also below some of its short term moving averages on the daily chart after a long time and most importantly  three out of four important technical indicators have turned negative today, therefore all together it is a very weak sign and  can drag it down further from here if it  does not stage a sharp recovery in next 1-2 trading sessions and  move above  44958 at least and sustain on the closing basis then it may be able to move ahead further. Short term bias is down as of now.

Moving  down further from here its good support points could be at 44654---44639.45---44492---44380----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 already into the correction mode now, break below 44639.45 will be an alert sign and may trigger fresh fall, break below 44380 will weaken it further and finally it may lose upside steam for a while if it moves below 44151.80 & 43994 and sustain on the closing basis. 

Similarly moving up from here it may face resistance at 44747---44787---44844---44898---44930---44943---44965---45110----45151----45345---45416---45525---45590----45655.50---45658----45938---46268---46364 it may correct at any of these points and then may resume the up move again. Please note that 44821(figure may change) is its pullback threshold point and if it closes above it and sustain then chances are that it can get into pullback up move and the upside could be 44980---45109--- 45238---45398---45437 and if it closes above 45437 and sustain then it could retest it all-time high of 45655.50 or may go beyond it also, else down move may continue with in between relief rallies.

Kindly note that it is still in the long term uptrend and its buy on decline market in general, but it is in correction mode now, therefore buying can be considered on decline at appropriate strong support levels, although it is in an uptrend but how the correction will culminate is not know because correction may take an ugly turn also sometimes and chances of which is pretty bright in light of negative technical indicators, 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 if it closes above 44960 else avoid. However, aggressive traders can also try long trade on sharp decline near or within the range of 44650---44380 and then near 44151.80 with a stop loss of 44250 & 43950 respectively or if it moves above 44821 and maintain for some time with a stop loss of 44720, but please note that it could be a  risky trade for the day. LONG TRADE BELOW 44639 COULD BE A RISKY AFFAIR FOR DAY.

2. It is in the long term uptrend therefore short trade in general could be a risky affair but it is into corrective mode now, 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 45080---45120 with a stop loss of 45200 or sell if it moves below 44639 with a stop loss of 44821. 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—14.7.2023

 

CNX-NIFTY

 Open-19495.20--High—19567--Low-19385.80--Close-19413.75 on 13.7.2023.

Support: 19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 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 yesterdays fall, as anticipated it staged a sharp bounce back today and within the stipulated time period and hit a new all-time high of 19567 and then moved in a range for quite some time but in the late afternoon it plunged down sharply however it ended the day with a small gain of  29.45 points. Although it hit new high but it still faced rejection at the top which is not a good sign. Please note that it slipped into very short correction today as it closed below its threshold point of 19504.80, but the overall technical setup is still good for the continuation of the up move till it holds the range of 19356---19300 on the closing basis. Kindly also note that today’s price movement was slightly concerning, furthermore some of the important technical indicators are also pointing towards weakness in coming days. Therefore if it fails to bounce back sharply in the next 2-3 trading session and move above its critical points and sustain on the closing basis then the chances are that correction may deepen further.  

Moving down from here its support points could be at 19356---19350---19328---19307—19300----19246.50---19234.40---19211---19201.70---19189---19178----19092---19079---18920----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It has slipped into very short correction today for its recent rise, however as long as it hold 19356(figure may change) on the closing basis chances of up move will be alive, break below 19300 will be an alert point, break below the range of 19246.50---19234---19211--19201.70---19189 may trigger fall, break below 19070 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18920 & 18887.60  and sustain on the closing basis. 

 Moving up from here it may face resistance at 19504.80---19523.60---19567---19584---19608---19639---19660----19674---19748----19880---20160---20210--20236, 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 and sustain above 19504.80 and may pick up strong up momentum once it close above 19523.60 and sustain.  

It is in the strong long term uptrend and it is buying on decline market in general, till it holds its critical support points as mentioned above. In view of today’s price movement on should be extremely alert and cautious in the long trade at this point of time because correction may deepen. 

TRADING TIPS:--

1. Safe traders can try long trade on decline if it holds 19356 for some time but not below it with a stop loss of 19290, else avoid. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19246—19200 and then 19070----18900 with a stop loss of 19165 & 18840 respectively. LONG TRADE BELOW 19331 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 slipped into correction today therefore short trade 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 19540----19570 with a short stop loss of 19610 or sell if it moves below 19331 with a  stop loss of 19370, 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—13.7.2023

 

CNX-BANK NIFTY

Open---44872.60---High—44937.25---Low---44562.40---Close—44639.45 on 12.7.2023.

Support: 44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:44747.35/44787.10/ -44812/44939/44958/45179/45210/45416/45525/45655.50/45658/46268/46364/47575.                  

 (Bold and underlined figures are most important)

It is still in the short corrective mode and continued the fall for the 4^th day and ended the day with a loss of 105.60 points. It is still way below its key point of 44844 for the on-going week and below its monthly key points of 44958---44787.10 & 44747.35, furthermore it is also below some of its short term moving averages on the daily chart after a long time and most importantly some of the important technical indicators are pointing towards weakness in coming days all together it is a very weak sign and it can drag it down further from here if it  does not stage a sharp recovery in next 2-3 trading sessions and  move above  44958 at least and sustain on the closing basis then it may be able to move ahead further. Short term bias is down as of now.

Moving  down further from here its good support points could be at 44623---44492---44346----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 already into short correction mode now, break below 44623 will be an alert sign, break below 44340 will be a warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 44151.80 & 43994 and sustain on the closing basis. 

Similarly moving up from here it may face resistance at 44747---44787---44844---44898---44930---44943---44965---45110----45151----45345---45416---45525---45590----45655.50---45658----45938---46268---46364 it may correct at any of these points and then may resume the up move again. Please note that 44821(figure may change) is its pullback threshold point and if it closes above it and sustain then chances are that it can stage a pullback up move and the upside could be 44980---45109--- 45238---45398---45437 and if it closes above 45437 and sustain then it could retest it all-time high of 45655.50 or may go beyond it also, else down move may continue with in between relief rallies.

 Kindly note that it is still in the 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 an uptrend but how the correction will culminate is not know because correction may take an ugly turn also sometimes it is already deepening now, 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 if it closes above 44960 else avoid. However, aggressive traders can also try long trade on sharp decline if it holds the range of 44623---44350 and then near 44151.80 with a stop loss of 44230 & 43950 respectively. or if it moves above 44821 and maintain for some time with a stop loss of 44720, 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 AND BELOW 44787.10 & 44958 FOR THE ENTIRE MONTH.

2. It is in the long term uptrend therefore short trade in general could be a risky affair but it is into correction now, 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 45050---45100 with a stop loss of 45200 or sell if it remains below 44821 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—13.7.2023

 

CNX-NIFTY

 Open-19497.45--High—19507.70--Low-19361.75--Close-19384.30 on 12.7.2023.

Support: 19303.60/19275/19246.50/19234.40/19201.70/19189/19138/ 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)

It went near its all-time high of 19523.60 again but could not cross it and slipped down sharply in last half hour of trade and ended the day with a loss of 55.10 points. Please note that it made multiple attempts in last few days to cross its all-time high of 19523.60, but failed therefore had sharp down move today, but despite decline it is still not in real correction as it is well above its threshold point of 19316.65 and also above its pullback threshold point of 19356, therefore it is still looking good for the continuation of the up move in the coming days, provided it holds these points on the closing basis. But it is important to mention here that it can resume the lost up momentum only if it moves above 19523.60 and sustain on the closing basis and that should happen in next 2-3 trading session, else there is a strong chance that it may slip into correction and could head downward because some of the important technical indicators are pointing towards weakness in coming days if it does not bounce back sharply in a shortest possible time, which please note.

Moving down from here its support points could be at 19356---19316.65—19300----19295.10—19273.65---19246.50---19234.40---19212---19201.70---19189---19178----19000---18907----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. Please note that 19356 (figure may change) is its pullback threshold point and till it holds this level on the closing basis chances of up move will be alive, 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 below the range of 19246.50---19234---19201.70----19189 will be an alert point, break below 19040 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 19498---19507.70---19512.20---19515.10---19523.60---19535---19590---19639---19666, it may correct at any of these points and then may resume the up move again. I once again reiterate that it will resume the up momentum only if it moves above 19523.60 and sustain on the closing basis.

It is in the strong long term uptrend and it is buying on decline market in general, till it holds its critical support points as mentioned above. In view of today’s movement on should be extremely alert and cautious in the long trade at this point of time. 

TRADING TIPS:--

1. Safe traders can try long trade on decline if it holds 19356 for some time but not below it with a stop loss of 19290, else avoid. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19246—19200 and then 19040----18900 with a stop loss of 19165 & 18840 respectively. LONG TRADE BELOW 19234.40 COULD BE A RISKY TRADE FOR THE ENTIRE WEEK STARTING FROM 10.7.2023 AND BELOW 19300 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 19500----19530 with a short stop loss of 19570 or sell if it moves below 19300 with a  stop loss of 19360, 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.