A TECHNICAL UPDATE ON CNX-BANK NIFTY—6.9.2023

 

CNX-BANK NIFTY

Open---44628.05---High—44668.70---Low---44401.70---Close—44532.15 on 5.9.2023.

Support:44498.60/44459.25/44279.40/44254/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44539/44547.80/ 44795/44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.         

 (Bold and underlined figures are most important)

 After two days rise it took a breather today and it opened on a positive note but could not go up much further and moved in a range and finally ended the day with a small loss of 46.15 points. It slipped into  deep & long term corrective mode again technically as it closed shade below its threshold point of 44539 . The short term technical setup has improved a bit, furthermore 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  weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators weak signal on the weekly chart please give prime importance to price action because if price action weakens then only the indicators weakness will come into play which please note and the price action is o.k. as of now. Kindly note that as long as it holds 44254 & 44151.80 on the closing basis chances of up move will always be alive but if it breaks it and sustain then the next strong support range would be between 43600---43345. Please note that for the steady up movement it has to moves above 44795---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 44539---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 44795---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---43695---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 continuation of the up move, break below 43709(figure may change every day) will threaten the long term uptrend, break below the range of 43600---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 44580 and maintain for some time with a stop loss of 44390 or can buy on sharp decline near or within the range of  44300---44250 with a stop loss of 44100. 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 still into correction mode but pullback move is also on , therefore short trade can be attempted but with extreme 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 44950---45050 with a stop loss of 45160 or sell if it moves below 44151 with a stop loss of 44325.  

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—5.9.2023

 

CNX-NIFTY

 Open-19525.05---High—19545.15-Low-19432.85--Close-19528.80 on 4.9.2023.

Support: 19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance:19563.10/19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

As expected it continued the up move today, it opened with an up gap and ended the day near the high of the day with a gain of 93.50 points. It is still into short & medium term corrective mode for earlier gain. The technical setup has improved a bit , furthermore the good point is that all the important technical indicators have turned positive on the daily chart today therefore the on-going up move is likely to extend further, but on the weekly chart few indicators are giving weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators weak signal on the weekly chart 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 about price action. Kindly note that as long as it holds 19405(figure may change) on the closing basis chances of up move will always be alive but if it breaks it and sustain then the next strong support range would be between 19300—19253---19245---19223.60. Please note that for the steady up movement it has to moves above 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 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 also at any of these points. But it may get into steady up movement if it moves above 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 19517---19483---18458.55---19453---19405---19365---19338---19303---19296---19253.60---19245----19229.70---19223.65---18887.60--18719(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, but if it holds 19405 chances of up move will be alive, break below the range of 19253.60---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 18719(figure will change every day) will threaten the long term uptrend which may please be noted. 

TRADING TIPS:--

1. For safe trader’s long trade can be tried if it moves above 19550 and maintain for some time with a stop loss of 19500 or on decline near 19435 with a stop loss of 19390. 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 19625----19650 with a stop loss of 19680.

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—5.9.2023

 

CNX-BANK NIFTY

Open---44647.65---High—44656.05---Low---44310.95---Close—44578.30 on 4.9.2023.

Support:44547.80/44498.60/44459.25/44279.40/44254/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44795/44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.

 (Bold and underlined figures are most important)

It opened with an up gap but could not go up further and moved in a range and ended the day near the high of the day with a gain of 142.20 points. It has come out of deep & long term corrective mode as it closed above its threshold point of 44539  but still into short & medium term correction mode. The short term technical setup has improved a bit, furthermore 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  weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators weak signal on the weekly chart 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 about price action. Kindly note that as long as it holds 44254 & 44151.80 on the closing basis chances of up move will always be alive but if it breaks it and sustain then the next strong support range would be between 43695---43345. Please note that for the steady up movement it has to moves above 44795---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 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 44795---44950 & 45118.05 and sustain on the closing basis.

Moving  down  from here its good support points could be at 44547.80----44422---44279.40---44254---44151.80---43989---43706.15---43695---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 43695 &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.

TRADING TIPS:--

1. Long trade can be tried if it moves above 44660 and maintain for some time with a stop loss of 44430 or can buy on sharp decline near or within the range of  44300---44250 with a stop loss of 44000. 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 still into short and medium term 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 44950---45050 with a stop loss of 45160 or sell if it moves below 44151 with a stop loss of 44325.  

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 VIEW ON KOTAK MAHINDRA BANK-3.9.2023

 

KOTAK MAHINDRA BANK

Open-1763.90--High-1779.60--Low-1754.35—Close-1771.10 on 1.9.2023. 

Support:1757.70/1751.40/1746.50/1721/1696.05/1643.50/1631/1626/1576/1541/1501.50/1398.45/1267/1230.60/1110/1001. 

Resistance:1799/1802.85/1805.85/1815.30/1828/1845/1856.45/1902.50/1951.75/1975/1980/1987.75/1997.55/1999.35/2027/2049/2064/2127/2253. 

(Bold and underlined figures are most important). 

It has been moving in a range of 2049---1626 for quite a long time and now almost evenly placed. The overall technical setup is weak now therefore it may slide further from here, but please note that moving down it has very strong support in the range of 1752---1740 and it may bounce back from this range but break below this range can push it down to its next critical support range of 1660---1626 this seems to be the worst price range for now. It is important to mention here that sustained break below this range can drag it down much lower, chances of which looks slim at this point of time. 

Kindly note that moving up from here it will encounter very stiff resistance in the range of 1828---1870, if it moves above 1828 and sustain then it will gain some strength, if it moves above 1870 and sustain then it may get into steady up movement. It is important to mention here that if it moves above 1778 and sustain on the closing basis then it will enhance the possibility of a reasonable or good up move. 

In view of the above observation, for investors it is suggested to accumulate the stock now and on decline in a staggered manner but not below 1626 with a stop loss of 1600. High risk traders can try long trade if it closes above 1778 with a stop loss of 1750 and risk-averse traders can try long trade if it moves above 1828 and sustain on the closing basis with a stop loss of 1810. 

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore  investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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. 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

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.