A TECHNICAL UPDATE ON CNX-BANK NIFTY—4.9.2023

 

CNX-BANK NIFTY

Open---43996.10---High—44568.55---Low---43830.75---Close—44436.10 on 1.9.2023.

Support:44459.25/44279.40/44254/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44498.60/44547.80/44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.   

 (Bold and underlined figures are most important)

It opened on a flat to positive note and then steadily moved up and ended the day with a robust gain of 446.95 points. The price action was strong today and it decisively bounced back above its most critical point of 44151.80 and above its pullback threshold point of 44254(figure may change) and if it sustain above these points up move may extend. But it is still into deep and long term corrective mode for earlier gain, it is also into short correction mode for its recent rise. The short term technical setup is weak, but four out of five important technical indicators are positive on the daily chart and strongly pointing that the up move can extend further from here, but on the weekly chart few indicators are giving terribly weak signal and indicate that today’s up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators placement now please give prime importance to price action because if price action weakens then only the indicators weakness will come into play which please note, so be cautious and watchful. I once again reiterate that as long as it holds 44254 & 44151.80 on the closing basis chances of up move will always be alive and if it breaks it and sustain then the next strong support range would be between 43680---43354. Please note that for the steady up movement it has to moves above 44497---44780---44950 &45118.05(figure may change) and sustain on the closing basis. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving up from here it may face resistance at 44547.80----44631.41---44658---44701---44739---44780---44949.90---44985---45118.05----45311---45716---45816(figure may change) Please note that it can correct at any of these points and then may resume the up move again or up move can fizzle out also. It may get into steady up movement if it moves above 44497---44780---44950 & 45118.05 and sustain on the closing basis.

Moving  down  from here its good support points could be at 44422---44279.40---44254---44151.80---43989---43706.15---43680---43600.35---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 44254 & 44151.80 will lessen the possibility of an up move, break below 43680 &43600(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.

IMPORTANT NOTE:-It closed above its pullback threshold point of 44254 today, so the pullback up move is on and it can extend further provided it holds this mark ,but since the indicators on the weekly chart is giving weak signal and overall pointing out that this rally may not last long and eventually it may head down, furthermore as you are already aware that pullback rallies are treacherous in nature and can end abruptly, so please be alert and cautious in the long trade initiated for the pullback gains.

TRADING TIPS:--

1. For safe trader’s long trade can be tried if it moves above 44497 and maintain for some time with a stop loss of 44240. But aggressive traders can also try long trade on decline near or within the range of 44254---44151.80 with a stop loss of 43980. Please note that long trade could be a risky bet in correction mode but pullback move is also on so it can be tried at critical support points for the pullback gains 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, 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 44990---45050 with a stop loss of 45160 or sell if it moves below 44151 with a stop loss of 44350.  

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—4.9.2023

 

CNX-NIFTY

 Open-19258.15---High—19458.55-Low-19255.70--Close-19435.30 on 1.9.2023.

Support: 19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19465/19467.50/19482.75/19523.60/19563.10/19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened on a flat to positive note and then steadily moved up and ended the day with a handsome gain of 181.50 points. After languishing around the critical support range of 19303---19296---19253.60---19245---19229.60---19223.65 for quite sometime finally it staged a sharp bounce back today and closed above its pullback threshold point of 19405(figure may change) and if it sustains above it on the closing basis then the up move can extend. It is already into short & medium term corrective mode for earlier gain, it is also into short correction mode for its recent rise. But the important technical indicators are giving mixed signals on the daily chart and one indicator is strongly pointing that this up move can extend further, but on the weekly chart few indicators are giving terribly weak signal and indicate that today’s up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators placement now please give prime importance to price action because if price action weakens then only the indicators weakness will come into play which please note, so be cautious and watchful. I once again reiterate that as long as it holds the above mentioned critical range chances of up move will always be alive. Please note that for the steady up movement it has to moves above 19453---19585 & 19645.50(figure may change) and sustain on the closing basis. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving up from here it may face resistance at 19453---19458.55---19483---19506.37----19517---19585—19608----19645.50---19698---19796---19811---19838(figure may change), Please note that it may correct at any of these points and may resume the up move again or it may fizzle out at any of these points. But it may get into steady up movement if it moves above 19453---19585 & 19645.50(figure may change) and sustain on the closing basis, else may start to drift down again eventually.

Moving down from here its support points could be at 19405---19365---19338---19303---19296---19253.60---19245----19229.70---19223.65---18887.60--18708(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, if it holds 19405 chances of up move will be alive, break below the range of 19245----19223.65, 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 18708(figure will change every day) will threaten the long term uptrend which may please be noted. 

IMPORTANT NOTE:-It closed above its pullback threshold point of 19405 today, so the pullback up move is on and it can extend further provided it holds this mark ,but since the indicators on the daily & weekly chart are giving mixed indications and overall pointing out that this rally may not last long and eventually it may head down, furthermore as you are already aware that pullback rallies are treacherous in nature and can end abruptly, so please be alert and cautious in the long trade initiated for the pullback gains.

TRADING TIPS:--

1. For safe trader’s long trade can be tried if it holds 19405 levels for some time with a stop loss of 19340 or if it moves above 19460 and maintain with a stop loss of 19400. But aggressive traders can also try long trade on sharp decline near or within the range of 19253.60--- 19245----19223 with a stop loss of 19180. Please note that long trade could be a risky bet in correction mode but pullback move is on so it can be tried at critical support points for the pullback gains 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 , therefore 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 19610----19640 with a stop loss of 19680 or sell if it moves below 19370 with a stop loss of 19440.

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—1.9.2023

 

CNX-BANK NIFTY

Open---44265.85---High—44399.65---Low---43895.05---Close—43989.15 on 31.8.2023.

Support: 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44151.80/ 44279.40/44459.25/44498.60/44547.80/44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.   

 (Bold and underlined figures are most important)

It opened on a positive note and moved higher but could not sustain and slipped down and finally ended the day with a loss of 243.45 points. It has decisively closed below its critical point of 44151.80 today which is very weak sign. It is already into deep and long term corrective mode for earlier gain, it is also into short correction mode for its recent rise as it is well below its threshold point of 44631.41(figure may change), it is also below its pullback threshold point of 44254(figure may change) today. The short term technical setup is weak and it gave reversal yesterday and price action is terribly weak; therefore it is likely to go down further in coming days. But the silver lining is that  four out of five important technical indicators are still positive, but if price action does not improve and it does not moves above its critical points then the down slide will continue and it may find strong support in the range of 43666----43600---43345 only, it may bounce back from this range. Please note that for the steady up movement it has to moves above 44450---44780---44950 &45118.05(figure may change) and sustain on the closing basis, else it may move in the range before either side breakout happens. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving  down further from here its good support points could be at 43959---43706.15---43653---43600.35---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 43666 &43600(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.

Moving up from here it may face resistance at 44151.80----44254---44279.40---44422---44547.80----44631.41---44658---44701---44739---44780---44949.90---44985---45118.05----45311---45716---45816(figure may change) Please note that it can correct at any of these points and  then may  resume the up move again or up move can fizzle out also. But if it moves above 44151.80 and sustain then it will gain some strength, if it moves above 44254 and sustain on the closing basis then the rally can extend further, if it moves above 44631.41 and sustain on the closing basis then it will get out of recent rise corrective mode and finally if it moves above 44450---44780---44950 & 45118.05 and sustain on the closing basis then it may have steady up movement.

IMPORTANT NOTE: It is still into deep and long term correction mode, so it is sell on the rise market now, therefore long trade should be avoided in general but can be tried by aggressive traders at critical support points for pullback gains. Please note that long trade below 44151 & 43870 could be a risky bet for the day. The technical indicators as of now are pointing that it could break 43000 levels in coming days/week if it breaks its key support points as mentioned above. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion signs are visible or it closes above 44780 or at least above 44450 and sustain. However, aggressive traders can try long trade on decline near or within the range of 43666----43345 but not below it with a stop loss of 43180. Please note that long trade could be a risky bet in correction mode but can be tried at critical support points for the pullback gains 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, 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 44450---44525 with a stop loss of 44650 or sell if it moves below 43860 with a stop loss of 44170.  

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—1.9.2023

 

CNX-NIFTY

 Open-19375.55---High—19388.20-Low-19223.65--Close-19253.80 on 31.8.2023.

Support: 19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19296.45/19300/19303.60/19361.75/ 19465/19467.50/19482.75/19523.60/19563.10/19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened on a positive note but could move up much further and started to drift down and finally ended the day near the low of the day with a loss of 93.65 points. Although, it is holding the lower band of its critical range of 19303---19296---19253.60---19245---19229.60---19223.65 but hovering around this range for quite some time is a weak sign, if it had the strength it should have bounced back sharply long back. It is already into short & medium term corrective mode for earlier gain, it is also into short correction mode for its recent rise as it is well below its threshold point of 19506.37(figure may change) and it is also below its pullback threshold point of 19405(figure may change) therefore chances of an up rally is bleak if it remains below it. The short term technical setup is weak and the technical indicators as of now are also indicating weakness on the daily chart and most importantly the price action is also weak, therefore it is likely to go down in coming days. But I once again reiterate that as long as it holds the range of 19253.60---19245---19229.60---19223.65 on the closing basis the hope of up move will be alive and sustained break below it will trigger fresh fall. Please note that for the steady up movement it has to moves above 19453---19585 & 19645.50(figure may change) and sustain on the closing basis, else it may move in the range before either side breakout happens. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving down from here its support points could be at 19253.60---19245----19229.70---19223.65---18887.60--18659(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 the range of 19245----19223.65, 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 18698(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 19278--19311----19365----19407---19453---19483---19506.37----19517---19585—19608----19645.50---19698---19796---19811---19838(figure may change), Please note that if it moves above 19405 and sustain on the closing basis then the up move may extend, it will get out of recent rise corrective mode if it moves above 19506.37 and sustain and finally it may get into steady up movement again if it moves above 19453---19585 & 19645.50(figure may change)  and sustain on the closing basis.

IMPORTANT NOTE: It is into short and medium term correction mode, so it is sell on the rise market now, therefore long trade should be avoided in general but can be tried by aggressive traders at critical support points for pullback gains. Please note that long trade below 19245 & 19223 could be a risky bet for the day. The technical indicators as of now are pointing that it could break 18700 levels in coming days/week if it breaks its key support points as mentioned above. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion signs are visible or it closes above 19452 and sustain. However, aggressive traders can try long trade if it holds the range of 19245----19223 with a stop loss of 19170. Please note that long trade could be a risky bet in correction mode but can be tried at critical support points for the pullback gains 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, therefore 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 19385----19425 with a stop loss of 19485 or sell if it moves below 19223 with a stop loss of 19270.

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—31.8.2023

 

CNX-NIFTY—31.8.2023

 Open-19433.45---High—19452.80-Low-19334.75--Close-19347.45 on 30.8.2023.

Support: 19303.60/19300/ 19296.45/19253.60/19245/19234.40/19229.70/18887.60/18646.70/18555.40/18464.55.

Resistance: 19361.75/ 19465/19467.50/19482.75/19523.60/19563.10/19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened with an up gap and then gradually moved and finally ended the day near the low of the day with a meager gain of 4.80 points. It is above its critical range of 19303---19296---19253.60---19245---19229.70. It is already into short & medium term corrective mode for earlier gain, it is also into short correction mode for its recent rise as it is well below its threshold point of 19506.37(figure may change) and it is also below its pullback threshold point of 19410(figure may change) therefore chances of an up rally is bleak if it remains below it. The short term technical setup is weak and the technical indicators as of now are also indicating weakness on the daily chart and most importantly the price action is also weak, therefore it is likely to go down in coming days . But as long as it holds the above mentioned critical support range hope of moving up will be alive, but sustained break below 19245 & 19229 on the closing basis will trigger fresh fall. Please note that for the steady up movement it has to moves above 19483---19585 & 19650(figure may change) and sustain on the closing basis, else it may move in the range before either side breakout happens. The short term bias is down as of now but the long term uptrend is still intact.

Moving down from here its support points could be at 19314---19303---19253.60---19296--- 19245----19229.70---18887.60--18659(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 the range of 19245----19229, 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 18678(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 19410---19458---19483---19506.37----19536—19553----19567---19623---19645.50---19710---19818---19844(figure may change), Please note that if it moves above 19410 and sustain on the closing basis then the up move may extend, it will get out of recent rise corrective mode if it moves above 19506.37 and sustain and finally it may get into steady up movement again if it moves above 19483---19585 & 19650(figure may change)  and sustain on the closing basis.

IMPORTANT NOTE: It is into short and medium term correction mode, so it is sell on the rise market now, therefore long trade should be avoided in general but can be tried by aggressive traders at critical support points for pullback gains. Please note that long trade below 19245 & 19229 could be a risky bet for the day. The technical indicators as of now are pointing that it could break 18700 levels in coming days/week if it breaks its key support points as mentioned above. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion signs are visible or it closes above 19585 or at least above 19444 and sustain. However, aggressive traders can try long trade on decline near or within the range of 19303----19245 with a stop loss of 19200. Please note that long trade could be a risky bet in correction mode but can be tried at critical support points for the pullback gains 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, therefore 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 19440----19470 with a stop loss of 19510 or sell if it moves below 19229 with a stop loss of 19270.

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.