A TECHNICAL UPDATE ON CNX-NIFTY—4.8.2023

 

CNX-NIFTY

 Open-19463.75--High—19537.65-Low-19296.45--Close-19381.65on 3.8.2023.

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/ 19584/ 19608/19639/19674/19748/19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It continued with the sharp down move for the 2^nd day in a row and ended the day with a loss of 144.90 points. It was already into correction mode and it is intensifying, it is decisively below all its short term and below few medium term moving averages on the daily chart, it is  making lower top & bottom on the line & bar chart, it has broken its rising trend line today  and most importantly all the five important technical indicators are  negative, therefore all together it is highly concerning and pointing that it can further go down from here in coming days. The short term chart setup and technical indicators are extremely weak now but it is still in the long term uptrend and it is buying on decline market in general but in light of on-going deep correction it is now sell on the rise market. Furthermore in view of volatility, negative technical indicators and deepening correction it is suggested to avoid long trade till visible correction completion sign emerges because sometimes correction gets ugly also as it is happening for the last two days and this may continue in coming days also with in between short relief rallies and  may seek much lower levels. So watch out for a positive signal to initiate long trade.   

Moving down from here its support points could be at 19372---19356---19327---19323----19303.60—19300----19296---19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It was already into correction mode and it is deepening and break below each support point will weaken it further, break below 19303.60---19296 may trigger fresh fall and break below 19245 & 19234.40 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

Moving up from here it may face resistance at 19417----19461----19562----19570---19644----19653----19674----19727---19775---19830---19853---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. Please note that 19461(figure may change) is its pullback threshold point and if it closes above it and sustain then it could give a up rally, else down move may continue. It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up good up momentum again.   

IMPORTANT NOTE:-Long trade below 19252 & 19234 could be a risky bet for the day. Please note that as of now technical Indicators are pointing towards moderate to sharp fall in coming days and it can possibly hit the range of 19000---18650 on the downside. It is suggested to avoid long trade for now.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or if it closes above 19670. However, aggressive traders can try long trade on decline near 19303 but not below it with a stop loss of 19220. Please note that long trade could be a risky bet for the day as correction is deepening.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode now, 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 19490----19520 with a stop loss of 19570 or if it moves below 19296 with a stop loss of 19400 .

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—3.8.2023

 

CNX-BANK NIFTY

Open---45234.65---High—45404.90---Low---44720.90---Close—44995.70 on 3.8.2023.

Support:-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:45179/45210/45416/45525/ - 45655.50/45658/45845/45905.85/45940/46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.           

 (Bold and underlined figures are most important)

It opened with a down gap and recovered for a while and then steadily went down and finally ended the day with a huge loss of 596.80 points. It was already into correction mode and it has intensified today, it decisively fell below all its short term and below some medium term moving averages on the daily chart, it is still making lower top & bottom on the line & bar chart, it has decisively broken triangle channel & rising trend line and most importantly all the five important technical indicators  has turned negative today, therefore all together it is highly concerning and pointing that it can further go down from here in coming days. The short term chart setup and technical indicators are very weak now but it is still in the long term uptrend and it is buying on decline market in general but in light of deep correction it is now sell on the rise market for the time being. Furthermore in view of volatility, negative technical indicators and deepening correction it is suggested to be extremely alert and cautious in the, long trade on decline but it would be better to avoid long trade till visible sign of correction completion emerges because sometimes correction gets ugly also as it happened today. So watch out for a positive signal to initiate long trade.

Moving  down further from here its good support points could be at 44912---44720---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. It is into  correction mode and it deepened today  and break below each support point will weaken it further,  break below 44539 will get it into deep and long corrective mode and fall may accelerate and finally it may lose upside steam  if it fall below 44151.80 and sustain on the closing basis.

Similarly moving up from here it may face resistance at 45038---45110---45238.80---45327---45351---45550---45655.50---45697----45750---45940---45980---46040---46103---46143---46187---46220---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. Please note that 45110(figure may change) is its pullback threshold point and if it closes above it and sustain then it could give a up rally, else down move may continue with in between relief rallies. It will get out of corrective mode if it closes above 45940 and sustains and then it is expected to pick up good up momentum again.    

IMPORTANT NOTE:-Long trade below 44912 could be a risky bet for the day. Please note that as of now technical Indicators are pointing towards moderate to sharp fall in coming days and it can possibly hit the range of 44000---43650 on the downside. It is suggested to avoid long trade for now.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or if it closes above 45655. However, aggressive traders can try long trade on decline near 44550 but not below it with a stop loss of 44400 or if it moves above 45239 and maintain for some time with a stop loss of 45100. Please note that long trade could be a risky bet for the day as correction has deepened.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode now, 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 45400---45500 with a stop loss of 45650 or sell if it does not move above 45239 in first hour of trade with a stop loss of 45440 or if it moves below 44820 with a stop loss of 44950 .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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—3.8.2023

 

CNX-NIFTY

 Open-19655.40--High—19678.25-Low-19423.55--Close-19526.55 on 2.8.2023.

Support: 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: 19535/ 19584/ 19608/19639/19674/19748/19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened with a down gap and never recovered and steadily went down and finally ended the day with a huge loss of 207 points. It was already into correction mode and it has intensified today, it decisively fell below its short term moving averages on the daily chart, it is still making lower top & bottom on the line & bar chart and most importantly four out of five important technical indicators is negative, therefore all together it is highly concerning and pointing that it can further go down from here in coming days. The short term chart setup and technical indicators are very weak now but it is still in the long term uptrend and it is buying on decline market in general but in light of deep correction it is now sell on the rise market for the time being. Furthermore in view of volatility, negative technical indicators and deepening correction it is suggested to be extremely alert and cautious in the, long trade on decline but it would be better to avoid long trade till visible sign of correction completion emerges because sometimes correction gets ugly also as it  happened today. So watch out for a positive signal to initiate long trade.

Moving down from here its support points could be at 19441---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 was already into correction mode and it  deepened today and break below each support point will weaken it further, there is a good chance that it could bounce back from 19441 but break below it could be a bad sign, break below the range of 19385---19372---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.. 

Moving up from here it may face resistance at 19558----19641----19708---19775---19830---19858---19879---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. Please note that 19558(figure may change) is its pullback threshold point and if it closes above it and sustain then it could give a up rally, else down move may continue with in between relief rallies. It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up good up momentum again.   

IMPORTANT NOTE:-Long trade below 19423 could be a risky bet for the day. Please note that as of now technical Indicators are pointing towards moderate to sharp fall in coming days and it can possibly hit the range of 19000---18700 on the downside.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or it closes above 19755. However, aggressive traders can try long trade on decline near or within the range of 19420----19303 but not below it with a stop loss of 19220 or if it moves above 19565 and maintain for some time with a stop loss of 19500. Please note that long trade could be a risky bet for the day as correction has deepened.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode now, 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 19670----19730 with a stop loss of 19780 or sell if it does not move above 19563.10 with a stop loss of 19620 or if it moves below 19423 with a stop loss of 19480 .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—2.8.2023

 

CNX-BANK NIFTY

Open---45740---High—45782.75---Low---45471.05---Close—45592.50 on 1.8.2023.

Support:-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:- 45655.50/45658/45845/45905.85/45940/46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.           

 (Bold and underlined figures are most important)

It opened on a positive note and then drifted down and finally ended the day with a loss of 58.60 points. It is into correction mode, it is below some of its short term moving averages, it still has lower top & bottom on the line & bar chart and two out of five important technical indicators are negative which is concerning and pointing that it can go down from here in coming days. But the good point is that it is above its pullback threshold point of 45506(figure may change) today and if it holds this mark on the closing basis then the chance of up move will be alive. Therefore despite weak technical indicators it still has a ray of hope to move up provided it holds 45506 and in worst case 45468 & 45430 on the closing basis; else it may start to drift down again. The short term chart setup and technical indicators are slightly weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, negative technical indicators and correction mode, it is suggested to be alert and cautious in the, long trade on decline or defer it till visible sign of correction completion emerges. So watch out.

 Moving up from here it may face resistance at 45655.50---45671---45697----45760---45804----45940---46103---46143---46187---46220---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. It will get out of corrective mode if it closes above 45940 and sustains and then it is expected to pick up good up momentum again and finally if it moves above 46143 and sustain on the closing basis then it could retest its all-time high of 46369.50 or may go beyond it also.  

Similarly moving  down further from here its good support points could be at 45506---45407---45327---45331---45238---45120---44958---44912---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. It is into correction mode now and break below each support point will weaken it further, but if holds 45506 then the chance of up move will be on, sustained break below 45468 & 45430 may trigger fresh fall, break below 45238  may accelerate the fall, there is a good chance that it could bounce back from 44912 but break below it could be a bad sign, 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.

IMPORTANT NOTE:-Long trade below 45430 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried on decline near or within the range of 45506--45470 but not below it with a stop loss of 45370 or if it move above 45740 and maintain for some time with a stop loss of 45570. However, aggressive traders can also try long trade on decline near  45238 but not below it with a stop loss of 45080. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode, 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 45880---45920 with a stop loss of 46050 or sell if it moves below 45430 with a stop loss of 45600.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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—2.8.2023

 

CNX-NIFTY

 Open-19784--High—19795.60-Low-19704.60--Close-19733.55on 1.8.2023.

Support: 19674/19664.30/19639/19608/19584/19535/19523.60/ 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: 19748/19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened on a positive note and moved in a range but finally ended the day with a meager loss of 20.25 points. It is into correction mode, it still has lower top & bottom on the line & bar chart and most importantly four out of five important technical indicators is negative now which is concerning and pointing that it can go down from here in coming days. But the good point is that it is above its pullback threshold point of 19664.30(figure may change)  and if it holds this mark on the closing basis then the chance of up move will be alive. Therefore it is likely to move up from here provided it holds 19664.30 and in worst case 19562.95 on the closing basis; else it may start to drift down. The short term chart setup and technical indicators are weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, negative technical indicators and correction mode it is suggested to be alert and cautious in the, long trade on decline or better to avoid till visible sign of correction completion emerges. So watch out.

Moving up from here it may face resistance at 19777---19830---19891---19906---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again or rally can fizzle out also. It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up good up momentum again and finally if it moves above 19906 and sustain on the closing basis then it could retest its all-time high of 19991.75 or may go beyond it also.   

Similarly down from here its support points could be at 19727---19664.30---19631—19619---19615----19603----19570---19562.95----19547---19536---19513---19441---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 is already in the correction mode and break below each support point will weaken it further, but 19664.30 is the pullback threshold point  and if it holds this point then the chance of up move will be alive, break below 19619 will be an alert point, break below 19562.95  may accelerate the fall, there is a good chance that it could bounce back from 19441 but break below it could be a bad sign, break below the range of 19385---19372---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 19646 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried on decline near 19665 but not below it with a stop loss of 19610 or if it move above 19780 and maintain for some time with a stop loss of 19700. However, aggressive traders can also try long trade on decline near 19563 but not below it with a stop loss of 19500. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode, 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 19880----19910 with a stop loss of 19950 or sell if it moves below 19646 with a stop loss of 19715 .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.