A TECHNICAL UPDATE ON CNX-BANK NIFTY—24.7.2023

 

CNX-BANK NIFTY

Open---46063.95---High—46369.50---Low---45925.90---Close—46075.20 on 21.7.2023.

Support:-45940/45925/45658/45655.50/45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.         

 (Bold and underlined figures are most important)

It opened with sharp down move and went down further and later staged a sharp recovery and hit a new all-time high of 46369.50, but could not sustain at the upper level and slipped down again and ended the day with a loss of 111.70 points. It had a down day today but it is not in correction mode, so it may resume the up move next day also. The overall technical setup is very strong for the continuation of the up move but volatility is a slight concern. It is in the strong long term uptrend and it is buying on decline market in general as of now but sustained break below 45925 could be concerning and can drag it down, which may please be noted. The bias is hugely bullish as of now.

Moving up from here it may face resistance at 46268---46340---46364---46369.50---47448 it may correct at any of these points and then may resume the up move again. Please note that if it moves above 46369.50 and sustains on the closing basis then it may carry-on the strong up momentum.

Similarly moving  down further from here its good support points could be at 45940---45697-45656----45570----45475---45410.85---45327---45281.30---45038---44958---44825---44787---44747—44695---44539----44151.80(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. Please note that sustained break below 45940 & 45925 will push it into short correction mode and thereafter break below each support point will weaken it further, break below 45570 will be an alert point, sustain break below 45410.85 may trigger fresh fall, sustained break below 44942 may accelerate the fall, break below 44667 could be highly concerning, break below 44539 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.  

TRADING TIPS:--

1. Safe traders can try long trader if it holds 45940 & 45925 on decline for some time with a stop loss of 45820 or if it moves above 46190 and maintain for some time with a stop loss of 46050. However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 45500----45410 and not below it with a stop loss of 45240. It could be a risky trade but worth trying.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. But 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 46360---46460 with a stop loss of 46550 or sell below 45925 with a strict stop loss of 46100 It could be a highly 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—24.7.2023

 

CNX-NIFTY

 Open-19800.45--High—19887.40-Low-19700--Close-19745 on 21.7.2023.

Support: 19674/19663/19639/19608/19584/19535/19523.60/ 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: 19748/ 19830/19925/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened with a sharp down move and gave a bounce back during the day but eventually went down and ended the day near the low with a loss of 234.15 points. As envisaged, volatility and vertical rise took its toll and it slipped into short correction mode today for its recent rise as it closed below its threshold point of 19829.42, furthermore one out of five important technical indicators is showing slight weakness and price action was also weak as it closed below its previous day’s low today, which is slightly concerning. Please note that the correction may last for 3-4 days at max and it may resume the up move again, but if it last beyond that then it could be disturbing and break below 19619 & 19384 will indicate significant weakness, so be watchful. It is in the strong long term uptrend and it is buying on decline market in general as of now but as it slipped into correction today, therefore one should be slightly alert and cautious in the long trades at this point of time because how correction will culminate has to be seen. The bias is still hugely bullish as of now.

Moving down from here its support points could be at 19674---19653—19631—19619---19570---19536---19417---19385---19372---19356---19327---19323----19303.60—19300----19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It has slipped into correction mode today and break below each support point will weaken it further, break below 19619 will be an alert point, break below the range of 19385---19372---019356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

Similarly moving up from here it may face resistance at 19830---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again. Please note that the 19830 &.19925(figure may change) will be the critical resistance point for the day. It will get out of corrective mode if it closes above 19830 and sustains and may resume the strong up momentum if it closes above 19925.

TRADING TIPS:--

1. Long trade can be tried on decline near or within the range of 19619-----19600 with a stop loss of 19540 or if it moves above 19830 and maintain for some time with a stop loss of 19770. However, aggressive traders can also try long trade on sharp decline at appropriate points or near 19385 but not below it with a stop loss of 19320. It could be a risky trade mind you but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it gotten 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 19860----19890 with a stop loss of 19940 or can sell below 19700 with a strict stop loss of 19760.  Both the trade could be a risky trade mind you 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—21.7.2023

 

CNX-BANK NIFTY

Open---45689.05---High—46256.20---Low---45640.95---Close—46186.90 on 20.7.2023.

Support:-46079/45958/45810/45765/45658/45655.50/45585.35/ 45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 46268/46340/46364/47448/47575/47808/48229/48685/49040/49240/49525.  

 (Bold and underlined figures are most important)

It opened on a flat to positive note and then steadily moved up and hit a new all time high of 46256.20 and finally closed not far below the day’s high with a handsome gain of 517.60 points. The technical setup is good and it is exhibiting extraordinary strength for the continuation of the up move. Furthermore all the important technical indicators are positive now and it has given upside breakout from the rising channel, which is a good sign. It is in the strong long term uptrend and it is buying on decline market in general as of now. Although it is technically strong on all the parameters as of now but volatility in last few days  is slightly concerning because it is not good for a steady up move and makes it vulnerable for correction. Therefore in view of this it is suggested to be slightly alert and cautious in the long trades at this point of time. The bias is hugely bullish as of now.

Moving up from here it may face resistance at 46268---46340---46364---47448 it may correct at any of these points and then may resume the up move again. Please note that if it moves above 46364 and sustains on the closing basis then it may carry-on the strong up momentum.

Similarly moving  down further from here its good support points could be at 45853---45610---45570----45410.85---45389---45242---45121---44958---44951—44825---44787---44747—44601---44452----44151.80(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. Please note that break below 45853 will push it into short correction mode and thereafter break below each support point will weaken it further, break below 45570 will be an alert point, sustain break below 45410.85 may trigger fresh fall, sustained break below 44825 & 44601 may accelerate the fall, break below 44452 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.   

TRADING TIPS:--

1. Safe traders can try long trade on decline near 45850 with a stop loss of 45750 or if it moves above 46260 and maintain for some time with a stop loss of 46000. However, aggressive traders can try long trade on sharp decline at appropriate points or near 45410 and not below it with a stop loss of 45250.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. But 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 46675---46750 with a stop loss of 46850. 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—21.7.2023

 

CNX-NIFTY

 Open-19831.70--High—19991.85-Low-19758.40--Close-19979.15 on 20.7.2023.

Support: 19961/19911/19880/19820/19748/19674/19663/19639/19608/19584/19535/19523.60/ 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: 20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It continued the up move for the 6^th day in a row and hit a new all-time high of 19991.85 and finally ended the day near the high with a gain of 146 points. It is exhibiting extraordinary strength for the continuation of the up move. The technical chart setup is excellent as of now and most importantly all the important technical indicators are positive now which is a good sign. It is in the strong long term uptrend and it is buying on decline market in general as of now. Although it is technically strong on all the parameters as of now but volatility in last few days and strait rise for the 6^th day is slightly concerning and with every passing day of rise vulnerability for correction is increasing and it can set in any moment soon. Therefore    in view of this one should be slightly alert and cautious in the long trades at this point of time. The bias is hugely bullish as of now.

Moving up from here it may face resistance at 20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again. Please note that the range of 20236---20390 is the critical resistance range and if it moves above it and sustain then the rise could continue, else it may correct from this range.

Similarly down from here its support points could be at 19888---19865----19829.42---19674---19653—19631—19570---19526---19441---19417---19385---19356---19327---19323----19303.60—19300----19245(figures may change), it may bounce back from any of these points and resume the up move again. But break below break below 19829.42 will push it into short correction for its recent rise and thereafter break below each support point will weaken it further, break below 19526 will be an alert point, break below the range of 19385---19356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall..  

IMPORTANT NOTE: - Long trade below 19750 could be a risky bet for the day.

TRADING TIPS:--

1. Long trade can be tried on decline near or within the range of 19829-----19760 with a stop loss of 19710 or if it moves above 19992 and maintain for some time with a stop loss of 19900. However, aggressive traders can also try long trade on sharp decline at appropriate points or near 19595 with a stop loss of 19520.

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 20160----20200 with a stop loss of 20250. It could be a risky trade mind you 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—20.7.2023

 

CNX-BANK NIFTY

Open---45622.50---High—45669.05---Low---45433---Close—45669.30 on 19.7.2023.

Support:-45658/45655.50/45585.35/ 45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 45765/45810/45957/46079/46268/46364/47448/47575/47808/48228.             

 (Bold and underlined figures are most important)

It opened on a positive note and moved in a range and finally ended the day with a gain of 258.45 points. It got out of the corrective mode today, which is a good sign. The technical setup is good for the continuation of the up move, But one out of five important indicators is still showing slight weakness despite steady price movement, however if price action remains strong which is then indicator can turn positive also in coming days. It is in the strong long term uptrend and it is buying on decline market in general as of now, but in view of one weak indicator one should be slightly alert and cautious in the long trades because it can correct. The long term bias is bullish as of now.

Moving up from here it may face resistance at 45434---45570---45585.35----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 if it moves above 45585.35 and sustains on the closing basis then it will get out of corrective mode and may regain the strong up momentum also.

Similarly moving  down further from here its good support points could be at 45585.35---45570----45410.85---45342---45301---45121---44975---44958--44809.22---44787---44747—44709----44683.70---44639.45---44613---44340---44184.77---44151.80(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. Please note that break below 45585.35 & 45570 will push it into short correction mode again and thereafter break below each support point will weaken it further, sustain break below 45410.85 may trigger fall, sustained break below 44709 &44639.45 may trigger fresh fall and finally it may lose upside steam for a while and will get into deep & long correction mode if it moves below 44184.77&44151.80 and sustain on the closing basis. 

IMPORTANT NOTE: - Long trade below 45410.85 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders can try long trade on decline near 45410 with a stop loss of 44250 or if it holds 45585.35 & 45570 for some time with a stop loss of 45500. However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 44958---44750 with a stop loss of 44550.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. But 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 45950---46000 with a stop loss of 46120. 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 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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—20.7.2023

 

CNX-NIFTY

 Open-19802.95--High—19851.70-Low-19727.47--Close-19833.15 on 19.7.2023.

Support: 19748/19674/19663/19639/19608/19584/19535/19523.60/ 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: 19835/19880/19911/20160/20210/20236/20390.

 (Bold and underlined figures are most important)

It continued the up move for the 5^th day in a row and hit a new all-time high of 19851.70 and finally ended the day near the high with a gain of 83.90 points. It is exhibiting extraordinary strength for the continuation of the up move. The technical chart setup is excellent as of now but one out of five important technical indicator is still pointing towards slight weakness despite continuous rise , however if price action remains strong, which is as of now then the indicator can turn positive in coming days. It is in the strong long term uptrend and it is buying on decline market in general as of now, but in view of one weak indicator and five days strait rise one should be slightly alert and cautious in the long trades because it can correct anytime. The bias is hugely bullish as of now.

Moving up from here it may face resistance at 19844---19865---19885---19911---20160---20210---20236---20390 it may correct at any of these points and then may resume the up move again. Please note that the range of 19865---19885 is the critical resistance range for the day and if it moves above it and sustain then the rise could continue.

Similarly down from here its support points could be at 19722.35---19608---19567—19545—19524---19480---19462---19444---19428---19385---19356---19327---19303.60—19300----19284---19267---19246.50---19234.40---19216---19201.70---19189---19138(figures may change), it may bounce back from any of these points and resume the up move again. But break below 19722.35 will push it into short correction for its recent rise, thereafter break below each support point will weaken it further, break below 19444 will be an alert point, break below the range of 19385---19356---19327---19303.60---19300 may trigger fresh fall, it may lose upside steam for a while if it moves below 19267 and sustain on the closing basis and finally if it moves below 19138 and sustain on the closing basis then it will get into deep and long corrective mode. 

IMPORTANT NOTE: - Long trade below 19590 could be a risky bet for the day.

TRADING TIPS:--

1. Long trade can be tried on decline near 19722---19700 with a stop loss of 19650 or if it maintain above 19865 for some time with a stop loss of 19790. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19444—19385 with a stop loss of 19290. LONG TRADE BELOW 19595 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 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 19940----19960 with a short stop loss of 20010. It could be a risky trade mind you 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.