A TECHNICAL UPDATE ON CNX-BANK NIFTY—24.8.2023

 

CNX-BANK NIFTY

Open---44064.50---High—44521.65---Low---43952.05---Close—44479.05 on 23.8.2023.

Support: 44459.25/44279.40/44151.80/43950/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 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 on a positive note and then steadily moved up and finally ended the day with a robust gain of 485.80 points. Please note that despite the robust up move today it is still into the long term and deep corrective mode. The short term technical chart setup and technical indicators are very weak on the daily chart and the weakness has trickled down on the weekly chart also in some respect which is highly concerning, therefore it is likely to go down again in coming days. But the good point is that today it decisively closed above its crucial and most important  point of 44151.80 to keep the hope alive for the continuation of the up move, furthermore it also closed well above its pullback threshold point of 44254(figure may change) and other key point of 44304(figure may change) and if it hold these points on the closing basis then the up move can extend, else it may start to move down again and moving down it will have very strong support at 44151.80 and then in the range of  43574---43345 and it may bounce back from the crucial point or  from the mentioned range but break below 44151.80 will be an alert point and break below the range of 43574---43345 will trigger fresh fall.  Please note that for the steady up movement it has to moves above 44760 & 45118.05 (figure may change) and sustain on the closing basis. The short term bias is down but the long term uptrend is still intact as of now.

Moving up from here it may face resistance at 44538---44547.80---44658---44760---44815---44985---45118.05----45311---45716---45816(figure may change) Please note that it is in the pullback mode but pullback rallies are treacherous in nature and can end abruptly also, therefore it can correct at any of these points and may resume the up move again or rally can fizzle out also for good, so it is suggested to be alert and cautious in the long trade at this point of time.

Moving  down further from here its good support points could be at 44279.40---44151.80----43959---43706.15---43600.35----43574---43519.55---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 44151.80 will be an alert point to exit long trade, break below 43560(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.

TRADING TIPS:--

1. Long trade can be tried if it moves above 44550 and maintain for some time with a stop loss of 44200 or can buy on decline near or within the range of 44254—44155 but not below it with a stop loss of  43940. Please note that long trade could be a risky bet in correction mode but pullback move is also on therefore long trade can be tried for pullback gains but with extreme alert and caution.

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 and at the same time it is above its pullback threshold point also, so short trade can be attempted but with caution   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---45050 with a stop loss of 45150 or sell near 44548 if it does not move above it in the first one hour of trade even intraday with a stop loss of 45650 or sell if it moves below 44151 with a stop loss of 44310.

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—24.8.2023

 

CNX-NIFTY

 Open-19439.50--High—19472.05-Low-19366.60--Close-19444 on 23.8.2023.

Support: 19361.75/ 19303.60/19300/19296.45/19253.60/19245/19234.40/18887.60.

Resistance: 19465/19467.50/19482.75/19523.60/19563.10/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened on a positive note and had both side movement during the day and finally ended the day with a gain of 47.55 points. The short term technical setup and technical indicators are still weak on the daily chart and it is already into correction mode, therefore it is likely to go down again in coming days. But the good thing is that today it closed above its pullback threshold point of 19428(figure may change) and if it hold this mark on the closing basis then the up move can extend, else it may start to move down again and moving down it will have very strong support in the range of 19303----19245 and it may bounce back from this range as it did couple of times recently, but break below this range will trigger fresh fall.  Please note that for the steady up movement it has to moves above 19483---19560 & 19646(figure may change) and sustain on the closing basis. The short term bias is down but the long term uptrend is still intact as of now.

Moving up from here it may face resistance at 19450---19497---19536—19553----19567---19623---19645.50---19710---19818---19844(figure may change), Please note that it is in the pullback mode but pullback rallies are treacherous in nature and can end abruptly also, therefore it can correct at any of these points and may resume the up move again or rally can fizzle out also for good, so it is suggested to be alert and cautious in the long trade at this point of time.

Similarly moving down from here its support points could be at 19428---19420--19346---19310---19303.60—19300----19296.45---19253.60---19245----19234.40---18887.60--18575(figures may change), it may bounce back from any of these points and resume the up move again or may slide down also. It is already into correction mode and break below each support point will weaken it further, break below 19428 & 19420 will lessen the possibilities of the pullback up move, break below the range of 19303.60---19245 will push it into deep and long term corrective mode and will trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18638(figure will change every day) will threaten the long term uptrend which may please be noted. 

TRADING TIPS:--

1. Long trade can be tried if it holds 19428 for some time with a stop loss of 19360 or if it moves above 19483 and maintain for some time with a stop loss of 19405. But aggressive traders can also try long trade on sharp decline near or within the range of 19303---19253 but not below it with a stop loss of 19220. Please note that long trade could be a risky bet in correction mode but pullback move is also on therefore long trade can be tried for pullback gains but with extreme alert and caution.

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 and at the same time it is above its pullback threshold point, so short trade can be attempted but with caution 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----19590 with a stop loss of 19660 or sell if it moves below 19360 with a stop loss of 19450.

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-NIFTY—23.8.2023

 

CNX-NIFTY

 Open-19417.10--High—19443.50-Low-19381.45--Close-19396.45 on 22.8.2023.

Support: 19361.75/ 19303.60/19300/19296.45/19253.60/19245/19234.40/18887.60.

Resistance: 19465/19467.50/19482.75/19523.60/19563.10/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened on a positive note and moved in a short range and finally ended the day with a meagre gain of 2.85 points. The short term technical setup and technical indicators are still weak on the daily chart and it is already into correction mode, the up move for the last two days was just a relief rally and may not last long therefore it is likely to go down again in coming days, but moving down it has strong support in the range of 19303—253---245---234 it may bounce back from this range again as it did  couple of times recently or it may hold  this range for a while but likely to break this range eventually and will slide further this is what important technical indicators are pointing as of now. Furthermore it is still below its pullback threshold point of 19428(figure may change) and if it does not bounce back above it and sustain on the closing basis then the down move may continue. Please note that for the steady up movement it has to moves above 19483---19560 & 19646(figure may change) 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 19346---19310---19303.60—19300----19296.45---19253.60---19245----19234.40---18887.60--18575(figures may change), 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 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 term corrective mode and will trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18628(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 19346---19428---19450---19497---19536—19567----19623---19645.50---19710---19818---19844(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 19428(figure may change) is its pullback threshold point and if it move above it and sustain on the closing basis then there may be some hope of a relief rally, but it may resume the steady up move again if it closes above 19483---19560 & 19646(figure may change) and sustain.   

IMPORTANT NOTE: - Long trade below 19380 could be a risky bet for the day. Please note that as of now the 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 19483 or at least above 19428 and sustain. 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 moves above 19428 and maintain for some time with a short stop loss of 19370. 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 19490----19520 with a stop loss of 19560 or sell if it moves below 19370 with a stop loss of 19450.

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—23.8.2023

 

CNX-BANK NIFTY

Open---44125---High—44151.30---Low---43938.70---Close—43993.25 on 22.8.2023.

Support: 43950/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 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 on a positive note and then moved in a range and finally ended the day with a meager loss of 8.75 points. It is below its very crucial and critical point of 44151.80(it did touch it intraday today). 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 trickled down on the weekly chart also in some respect which is highly concerning, therefore it is likely to go down further again 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 in between short relief rallies. Moving down it will find very strong support in the range of 43560----43345 it may bounce back from this range or may hold this range for a while but as of now it seems that it will break this range eventually this is what important technical indicators are pointing as of now and break below the range will trigger fresh fall. Please note that it may possibly resume the steady up move again if it moves above 44800 & 45118.05 (figure will change every day) and sustain on the closing basis, but even if it closes above 44254(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 43959---43706.15---43600.35----43537---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 43560(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 44090---44151.80---44254----44547.80---44658---44760---44815---44985---45118.05---45311(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 44254(figure may change) is its pullback threshold point and if it closes above it and sustain then there may be some 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 44800 & 45118.05(figure will change every day) and sustain.   

IMPORTANT NOTE:-Long trade below 43840 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 as envisaged earlier it already hit 43600 level during the last week and now break below 43345 can drag it down to 42700 level or may be much lower. 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 44254(pullback threshold point) and sustain. However, aggressive traders can try long trade on decline near or within the range of 43560---43345 but not below it with a stop loss of 43250 or if it moves above 44065 and maintain for some time with a stop loss of 43930. 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 44220---44250 with a stop loss of 44340 or sell below 43840 with a stop loss of 44070.

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—22.8.2023

 

CNX-NIFTY

 Open-19320.65--High—19425.95-Low-19296.30--Close-19393.60 on 21.8.2023.

Support: 19361.75/ 19303.60/19300/19296.45/19253.60/19245/19234.40/18887.60.

Resistance: 19465/19467.50/19482.75/19523.60/19563.10/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened on a positive note and moved up further and finally ended the day with a gain of 83.45 points. The short term technical setup and technical indicators are still weak on the daily chart and it is already into correction mode, today’s up move was just a relief rally and may not last therefore it is likely to go down again in coming days, but moving down it has strong support in the range of 19303—253---245---234 it may bounce back from this range again as it did  couple of times recently including today and is  holding the range it may hold  this range for a while but likely to break this range eventually and will slide further this is what important technical indicators are pointing as of now. Furthermore it is still below its pullback threshold point of 19428(figure may change) and if it does not bounce back above it and sustain on the closing basis then the down move may continue. Please note that for the steady up movement it has to moves above 19483---19560 & 19646(figure may change) 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 19346---19310---19303.60—19300----19296.45---19253.60---19245----19234.40---18887.60--18575(figures may change), 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 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 term corrective mode and will trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18617(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 19346---19428---19450---19497---19536—19567----19623---19645.50---19710---19818---19844(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 19428(figure may change) is its pullback threshold point and if it move above it and sustain on the closing basis then there may be some hope of a relief rally, but it may resume the steady up move again if it closes above 19483---19560 & 19646(figure may change) and sustain.   

IMPORTANT NOTE:- Long trade below 19310 could be a risky bet for the day. Please note that as of now the 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 19483 or at least above 19428 and sustain. 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 moves above 19428 and maintain for some time with a short stop loss of 19350. 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 19490----19520 with a stop loss of 19560 or sell if it moves below 19310 with a stop loss of 19365.

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.