A TECHNICAL UPDATE ON CNX-NIFTY—16.8.2023

 

CNX-NIFTY

 Open-19383.95--High—19465.85-Low-19257.90--Close-19434.55 on 14.8.2023.

Support:19412.75/19361.75/ 19303.60/19300/19296.45/19245/19257.90/19234.40/18887.60.

Resistance: 19467.50/19523.60/19563.10/19615.95/19645.50/19660/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened with a down gap and went down further but as envisaged it recovered sharply from the expected range of 19303—19234(see my post for 14.8.2023) and ended the day with a meager gain of 6.25 points. The short term technical setup and technical indicators are weak on the daily chart and it is already into correction mode, therefore likely to go down further in coming days, moving down it may hold the range of 19303—19234 for a while again but eventually likely to break this range and may slide further this is what important technical indicators are pointing as of now. The good point today was that it closed a shade above its pullback threshold point of 19431(figure may change) and if it sustains above this level on the closing basis then there is some hope that it can move up further from here, else down move will continue. Please note that for the steady up movement it has to moves above 19650(figure will change every day) and sustain on the closing basis. The short term bias is down but the long term uptrend is still intact as of now.

Moving down from here its support points could be at 19431---19412.75---19303.60—19300----19296.45---19245----19234.40---18887.60--18575(figures may change), it may bounce back from any of these points and resume the up move again. It is already into correction mode and break below each support point will weaken it further, break below 19412 will trigger fall again, break below the range of 19303.60---19234.40 will push it into deep and long corrective mode and may trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18575(figure will change every day) will threaten the long term uptrend which may please be noted. 

Moving up from here it may face resistance at 19468---19497---19568---19599---19645.50---19650---19712---19819---19845(figure may change), 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 it may resume the steady up move again if it closes above 19650(figure may change) and sustain.   

IMPORTANT NOTE:-Long trade below 19412 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/weeks and it can possibly hit the range of 19000---18700 on the downside. Since it is in correction mode, therefore it is sell on the rise market for now, so it is suggested to avoid long trade for the time being, but can be tried at critical support points for pullback gains with strict stop losses.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or if it closes above 19650. However, aggressive traders can try long trade on decline near or within the range of 19303---19250 but not below it with a stop loss of 19220 or if it holds 19431 for some time with a short stop loss of 19380. Please note that long trade could be a risky bet in correction mode but worth trying at critical support range for pullback gains..

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into correction mode now, therefore short trade should 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 19560----19585 with a stop loss of 19650 or if it moves below 19412 with a stop loss of 19470.

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—16.8.2023

 

CNX-BANK NIFTY

Open---44066.60---High—44212.75---Low---43776.90---Close—44090.95 on 14.8.2023.

Support:43950/ 43706.15/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20

Resistance: 44120.90/44151.80/44279.40/44459.25/44498.60/44547.80/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.           

 (Bold and underlined figures are most important)

It opened with a down gap and went down further but recovered from the low point of the day, however finally closed with a loss of 108.15 points. It closed below its very crucial and critical point of 44151.80. The short term technical setup and technical indicators  are very weak on the daily chart and it is already into deep and long term corrective mode and most importantly the weakness has sneaked into the weekly chart also in some respect which is highly concerning, therefore it is likely to go down further in coming days for sure, however to give some hope of moving up it has to close above 44151.80 and sustain, else it may keep on moving down with short relief rallies in between. Moving down it will find very strong support in the range of 43507----43345 it may bounce back from this range but break below the range will trigger fresh fall. Please note that it may possibly resume the up move again if it moves above 45118.05 & 45280(figure will change every day) and sustain on the closing basis, but even if it closes above 44389(figure may change) and sustain then there could be some hope of a pullback up move which may be kept in mind. The short term bias is down but the long term uptrend is still intact as of now. Please note that as of now the overall indication is that it is likely head down and may seek much lower levels in coming days.

Moving  down further from here its good support points could be at 43950---43706.15---43507---43390---43345----43038.25---42986.45(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 or  may keep sliding down also. It is already into long and deep corrective mode, break below  each support point will weaken it further, break below 43507(figure may change every day) will threaten the long term uptrend, break below 43345 may trigger fresh fall and finally sustained break below 43038.25 & 42986.45 may accelerate the fall.

Similarly moving up from here it may face resistance at 44120.90---44151.80---44547.80---44652---44737---44883---44980---45118.05---45350(figure may change) 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 to keep the up move alive at this point of time it has to move above 44151.80 and sustain on the closing, furthermore 44389(figure may change) is its pullback threshold point and if it closes above it and sustain then there is a hope that it could give a relief up rally, else down move may continue. It may resume the steady up move again only if it closes above 45118.05 & 45280(figure will change every day) and sustain.   

IMPORTANT NOTE:-Long trade below 44151.80 & 43950 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/weeks and it can possibly hit the range of 44000---43600 or below on the downside. Since it is in correction mode, hence it is sell on the rise market for now, therefore it is suggested to avoid long trade for the time being, but can be tried at critical support points for pullback gains with strict stop losses.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or if it closes above 45118.05 or at least above 44389(pullback threshold point). However, aggressive traders can try long trade on decline near or within the range of 43507---43345 but not below it with a stop loss of 43250. Please note that long trade could be a risky bet in correction mode but worth trying at critical support range for pullback gains.

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into deep and long corrective mode  therefore it is sell on the rise market now, so short trade should 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 44390---44500 with a stop loss of 44600 or sell if it moves below 43950 with a stop loss of 44230.

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-BANK NIFTY—14.8.2023

 

CNX-BANK NIFTY

Open---44568.15---High—44571.25---Low---44120.90---Close—44199.10 on 11.8.2023.

Support:44151.80/44120.90/43706.15/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20

Resistance:44279.40/44459.25/44498.60/44547.80/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.

 (Bold and underlined figures are most important)

It ended the current week on a dismal note closing near the low of the week with day’s loss of 342.70 points. The short term technical setup is weak on the daily chart and it is already into deep and long term corrective mode and now most importantly the weakness has trickled down to the weekly chart also in some respect which is highly concerning, therefore it is likely to go down further in coming days. It’s crucial and key support is at 44151.80 which it did break intraday today but managed to closes above it and if it still holds it on the closing basis then it could stage a recovery, else it may slide further. Please note that it may possibly resume the up move again if it moves above 45118.05 & 45350(figure will change every day) and sustain on the closing basis, but even if it closes above 44652(figure may change) and sustain then there could be a hope of a pullback up move which may be kept in mind. The short term bias is down but the long term uptrend is still intact as of now.

Moving  down further from here its good support points could be at 44151.80---44120.90---43706.15---43495---43345----43038.25---42986.45(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 or  may keep sliding down also. It is already into long and deep corrective mode, break below 44151.80 &44120.90 will trigger fresh fall and it may lose upside steam, break below 43495(figure may change every day) will threaten the long term uptrend and finally sustained break below 43038.25 & 42986.45 may accelerate the fall.

Similarly moving up from here it may face resistance at 44547.80---44652---44737---44883---44980---45118.05---45350(figure may change) 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 44652(figure may change) is its pullback threshold point and if it closes above it and sustain then there is a hope that it could give a relief up rally, else down move may continue. It may resume the steady up move again if it closes above 45118.05 & 45350(figure will change every day) and sustain.   

IMPORTANT NOTE:-Long trade below 44120 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/weeks and it can possibly hit the range of 44000---43600 or below on the downside. Since it is in correction mode, therefore it is sell on the rise market for now, so it is suggested to avoid long trade for the time being, but can be tried at critical support points for pullback gains with strict stop losses.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or if it closes above 45118.05. However, aggressive traders can try long trade if it holds 44151.80 with a stop loss of 44000 or on decline near 43500 but not below it with a stop loss of 43350. Please note that long trade could be a risky bet in correction mode.

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into deep and long corrective mode now, therefore short trade should 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 44500---44575 with a stop loss of 44680 or sell if it moves below 44120 with a stop loss of 44340 ,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 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—14.8.2023

 

CNX-NIFTY

 Open-19554.25--High—19557.75-Low-19412.75--Close-19428.30 on 11.8.2023.

Support:19412.75/19361.75/ 19303.60/ 19300/19296.45/19245/19234.40/18887.60.

Resistance: 19467.50/19523.60/19563.10/19615.95/19645.50/19660/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It ended the current week on a dismal note closing near the low of the week with day’s loss of 114.80 points. The short term technical setup is weak and it is already into correction mode, therefore likely to go down further in coming days, but it has strong support in the range of 19303—19234 it may bounce back from this range for a while but eventually likely to break this range and may slide further this is what important technical indicators are pointing as of now. Please note that it may possibly resume the up move again if it moves above 19660(figure will change every day) and sustain on the closing basis, but even if it closes above 19468(figure may change) and sustain then there could be a hope of a pullback up move which may be kept in mind. The short term bias is down but the long term uptrend is still intact.

Moving down from here its support points could be at 19412.75---19303.60—19300----19296.45---19245----19234.40---18887.60--18564(figures may change), it may bounce back from any of these points and resume the up move again. It is already into correction mode and break below each support point will weaken it further, break below the range of 19303.60---19234.40 will push it into deep and long corrective mode and may trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18564(figure will change every day) may threaten the long term uptrend which may please be noted. 

Moving up from here it may face resistance at 19468---19502---19562---19599---19645.50---19660---19727---19828---19853(figure may change), 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 19468(figure may change) is its pullback threshold point and if it closes above it and sustain then there is a hope that it could give a relief up rally, else down move may continue. It may resume the steady up move again if it closes above 19660(figure will change every day) and sustain.   

IMPORTANT NOTE:-Long trade below 19412 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/weeks and it can possibly hit the range of 19000---18700 on the downside. Since it is in correction mode, therefore it is sell on the rise market for now, so it is suggested to avoid long trade for the time being.

TRADING TIPS:--

1. For safe traders it is suggested to avoid long trade till correction completion sign emerges or if it closes above 19660. However, aggressive traders can try long trade on decline near or within the range of 19303---19250 but not below it with a stop loss of 19220 or if it holds 19412.75 for some time with a short stop loss of 19380. Please note that long trade could be a risky bet in correction mode.

2. It is still in the long term 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 19550----19575 with a stop loss of 19620 or if it moves below 19412 with a stop loss of 19470.

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—4.8.2023

 

CNX-BANK NIFTY

Open---44862.85---High—45038.45---Low---44279.40---Close—44513.45 on 3.8.2023.

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

 (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 482.25 points.. It was already into correction mode and it intensifying and gotten into deep long term correction mode as it closed below its threshold point of 44539, it is decisively  below all its short term and below some medium term moving averages on the daily chart and some below on the weekly chart also, it is  making lower top & bottom on the line & bar chart, it is decisively below triangle channel line & rising trend line 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 else avoid.  

Moving  down further from here its good support points could be at 44445.50---44151.80---43371(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  was into short & medium  correction mode but it has got into long term corrective mode today, break below 44445.50 will be a bad sign,  it may lose upside steam  if it fall below 44151.80 and sustain on the closing basis and finally if it breaks 43371 and sustained the long term trend will be threatened, which please note.

Similarly moving up from here it may face resistance at ---44539---44695---44773---45078---45110---45238.80---45327---45351---45476---45571---45655.50---45697----45750---45876---45940---45952---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 44773(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 long term corrective mode if it closes above 44539 and sustains but to get out of complete correction mode it has to close above 45940 and sustains.   

IMPORTANT NOTE:-Long trade below 44445 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---43500 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 44023 but not below it with a stop loss of 43900. 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 44900---45000 with a stop loss of 45100 or sell if it does not move above 44548 in first hour of trade with a stop loss of 44680 or if it moves below 44445 with a stop loss of 44580 .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.