A TECHNICAL UPDATE ON CNX-NIFTY—13.9.2023

 

CNX-NIFTY

 Open-20110.15---High—20110.35-Low-19914.65--Close-19993.20 on 12.9.2023.

Support: 19991.85/19887.40/19867.55/19795.60/ 19645.50/ 19615.95/19584.45/19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 20110.35/20168/20201/20285/20390/20467/20568/20752/21235.

 (Bold and underlined figures are most important)

It opened with a huge up gap and made a new all-time high of 20110.35 but could not inch up further and slipped down and went into negative territory and then recovered and finally ended the day with a meager loss of 3.15 points after 7 days of uninterrupted rise. It is exhibiting extraordinary strength, although it took a breather today from the strait rise, but a reasonable correction could make it healthy for the continuation of the up move, it seems that it could correct further from here. It is out of all corrective modes now, but if it closes below 19901(figure may change) then it will slip again into short correction mode for its recent rise, which please note. The technical setup is strong now, furthermore all the important technical indicators are positive on the daily chart therefore the on-going up move is likely to extend further with intermittent correction, 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 and if price action remains strong then the weekly indicators can turn positive also in coming weeks, which please note and the price action is good as of now. The long term trend is up.

Moving up from here it may face resistance at 20042---20110---20168---20201---20260---20285---20390---20467(figure may change), Please note that it may correct at any of these points and then may resume the up move again.

Kindly note that moving down from here its strong support points would be 19991.80---19901, break and sustained close below 19991.80 will be an alert sign, break below 19901.09 will push it into short correction for its recent rise but as long as it holds the range of 19800---19650(range will change every day) on the closing basis the up move is likely to continue, break below 19510 could be concerning and may end the possibility of continuation of the up move for the time being and it may slide down and then the next strong support range would be between 19300—19253---19245---19223.60.

TRADING TIPS:--

1. Long trade can be tried if it moves above 20042 and maintain for some time with a short stop loss of 19980 or on decline near or within the range of 19901---19840 and not below it with a stop loss of 19780.

2. It is into the long term uptrend therefore short trade in general could be a risky affair, however short trade can be attempted but with extreme caution and care 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 20170----20190 with a stop loss of 20250. 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 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 VIEW ON CANARA BANK-13.9.2023

 

CANARA BANK

FINANCIAL DATA

SECTOR: -- PSU-- BANK. 

                            F.Y-2022-23          MAR-2023 Qtr          JUNE-2023 Qtr

Revenue:-           84424.78Cr           23909.80cr               25004.07cr                       

Net Profit:-        10603.76cr               3174.74cr               3534.84cr

E.P.S:-                       58.45                       17.50                      19.49   

N.P.M:-                     12.56                       13.28                       14.14

Equity: - 1814.13 cr,Face Value:-10,Book Value:-388.97, Price/Book:-.90,Dividend Yield:-3.44,Share Holding Pattern:- Promoters—62.93%  & Public---37.07%, Market Cap:-65308cr.TTM (E.P.S):-70.63(+87.60), TTM (PE):-4.94, Sector (PE):--11.18Data

 Source: - www.bseindia.com & www.moneycontol.com. 

All-Time High:--844.20 made on 9.11.2010.

All-Time Low: -- 45.10 made on 7.1.2003.

2020 crash low:-73.65 made on 24.3.2020.

Recent Bottom:-319.25 made on 31.8.2023.

Open--362-High—362.95-Low-347.20—Close-348.80 on 12.9.2023. 

Support:336.70/335.85/333.30/319.25/291.65/272.35/268.80. 

Resistance:384.90/401.70/416/452.10/463.70/478.60/498/519.10/533/545/566/667.50/671.70/759.90/793.70/844.20.

(Bold and underlined figures are most important) 

It is on a strong technical footing on the daily, weekly and monthly chart as of now, therefore likely to move up from here in coming days/weeks & months. Please note that moving up from here its upside target or stiff resistance points could be at 372---386---463.70---550---570---613---662---690, if it moves above 386 and sustain on the closing basis then it may gain good strength and sustained close above 463.70 may pick up steady up momentum and finally if it moves above 690 and sustain on the closing basis then it could retest it’s all time high of 844.20 or may go beyond it also. The long term trend is up now. 

Moving down its critical support points could be at 336.70---335.85---333.30 & 319.25 and it is very near to it now. Please note that if it has the strength it should not go below the range of 336.70---335.85---333.30 in fact it should not close below 336.70 even, but if it breaks this range then the next critical support point will be at 319.25 and break below it can drag it down to 291.25 & 268.80 or may be too much lower levels. 

In view of the above observation, for risk-averse investor it is suggested to accumulate the stock now and on decline but not below 336.70 with a stop loss of 330, but risk taking investor can accumulate the stock up to 319.25 with a stop loss of 308. It is important to mention here that possibility of continuation of the up move can only be on if it sustains above 336.70 on the closing basis, which please note. It is expected to fetch a return of 50% --60% or more in a time frame of 8—12 months. 

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 because that too keeps on changing 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—12.9.2023

 

CNX-BANK NIFTY

Open---45340.80---High—45636.20---Low---45231.30---Close—45570.70 on 11.9.2023.

Support: 45238.80/45118.05/44949.60/44795/44547.80/44539/44498.60/44459.25/44279.40/44254/44207.25/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 45655.50/45782.75/46310.10/46369.50//46761/47123/47427/48081.  

 (Bold and underlined figures are most important)

It continued the up move for the 3rd day in a row and ended the day near the high of the day with a good gain of 414.30 points. It is still into corrective mode for earlier gains and if it closes below 45298.97 & 45155.75(figure may change) then it will slip into short correction mode for its recent rise, which please note. The short term technical setup is looking good, furthermore all the important technical indicators are positive on the daily chart now and strongly pointing that the up move can extend further from here with intermittent correction, 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 and if price action remains strong then the weekly indicators can turn positive also in coming weeks, which please note and the price action is very strong as of now. The long term trend is up.

Moving up from here it may face resistance at 45655.50----45716---45793---45816---46310.10---46369.50(figure may change) Please note that it may correct at any of these points and may resume the up move again. It will face very stiff resistance at 45716 & 45816 it could correct at these points, but if it moves above 45816 and sustains on the closing basis then it could retest its all-time high of 46369.50 or may go beyond it also and scale new highs.

Kindly note that moving down from here the support points could be 45383.35----45340.80 & 45118, break below these points will be a weak sign but as long as it holds the range of 44900---44750(range will change every day) on the closing basis up move is likely to continue, break below 44400 could be concerning and finally break below 44254 &44151.80(figure may change) on the closing basis may end the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 43786----43600----43446---43345.

TRADING TIPS:--

1. Long trade can be tried if it moves above 45675 and maintain for some time with a stop loss of 45500 or on decline near 45380---45340 with a stop loss of 45200 or on sharp decline near or within the range of 44900----44750 with a stop loss of 44420. Please note that long trade could be a risky bet in correction mode but strong 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 into 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 45950----46000 with a stop loss of 46100. 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 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—12.9.2023

 

CNX-NIFTY

 Open-19890---High—20008.15-Low-19865.35--Close-19996.35 on 11.9.2023.

Support: 19991.85/19887.40/19867.55/19795.60/ 19645.50/ 19615.95/19584.45/19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 20168/20201/20285/20390/20467/20568/20752/21235.

 (Bold and underlined figures are most important)

It continued the up move for the 7^th day in a row and hit a new all-time high of 20008.15 and closed near the high of the day with a gain of 176.40 points. It is exhibiting extraordinary strength for the continuation of the up move but strait rise makes it vulnerable for correction also. It is out of all corrective modes now, but if it closes below 19823(figure may change) then it will slip again into short correction mode for its recent rise, which please note. The technical setup is strong now, furthermore all the important technical indicators are positive on the daily chart therefore the on-going up move is likely to extend further with intermittent correction, 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 and if price action remains strong then the weekly indicators can turn positive also in coming weeks, which please note and the price action is very strong as of now. The long term trend is up.

Moving up from here it may face resistance at 20050---20168---20201---20260---20285---20390---20467(figure may change), Please note that it may correct at any of these points and then may resume the up move again.

Kindly note that moving down from here its strong support points would be 19991.80---19838---19823, break below these points are alert points but as long as it holds the range of 19725---19600(range will change every day) on the closing basis up move is likely to continue, break below 19500 could be concerning and may end the possibility of continuation of the up move for the time being and it may slide down and then the next strong support range would be between 19300—19253---19245---19223.60.

TRADING TIPS:--

1. Long trade can be tried if it moves above 20010 and maintain for some time with a short stop loss of 19950 or on decline near 19850 with a short stop loss of 19800 or on sharp decline near or within the range of 19700----19600 with a stop loss of 19550.

2. It is into the long term uptrend therefore short trade in general could be a risky affair, however short trade can be attempted but with extreme caution and care 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 20120----20140 with a stop loss of 20190. 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 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—11.9.2023

 

CNX-NIFTY

 Open-19774.80---High—19867.15-Low-19727.05--Close-19819.95 on 8.9.2023.

Support: 19795.60/ 19645.50/ 19615.95/19584.45/19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19867.55/19887.40/19991.85/20168/20201/20285/20390/20467/20752/21235.

 (Bold and underlined figures are most important)

It continued the up move for the 6^th day in a row and ended the day with a gain of 92.90 points, which is a good sign, but strait rise makes it vulnerable for correction also. It is still into corrective mode for the earlier gain and can get out of all corrective modes if it moves above 19830 and sustain on the closing basis, but if it closes below 19715.28(figure may change) then it will slip into short correction mode for its very recent rise, which please note. The technical setup is good now, furthermore all the important technical indicators are positive on the daily chart therefore the on-going up move is likely to extend further with intermittent correction, 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 and if price action remains strong then the weekly indicators can turn positive also in coming weeks, which please note and the price action is very strong as of now. It seems that it has gotten into steady up momentum track now. The long term trend is up.

Moving up from here it may face resistance at 19838---18867.55---19887.40---19991.85---20050---20168---20201---20260---20285---20390---20467(figure may change), Please note that it may correct at any of these points and may resume the up move again. It will face very stiff resistance at 19838 and rally may fizzle out also at this point, but if it moves above it and sustains on the closing basis then it could retest its all-time high of 19991.85 or may go beyond it also and scale new highs.

Kindly note that moving down as long as it holds the range of 19580---19510(range will change every day) on the closing basis up move is likely to continue, break below 19441 could be concerning and finally break below 19405(figure may change) on the closing basis may end the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 19300—19253---19245---19223.60.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19868 and maintain for some time with a short stop loss of 19800 or on decline near 19725 with a short stop loss of 19680 or on sharp decline near or within the range of 19580----19510 with a stop loss of 19450. Please note that long trade could be a risky bet in correction mode but strong 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 into 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 19960----19980 with a stop loss of 20030. 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 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—11.9.2023

 

CNX-BANK NIFTY

Open---44953.65---High—45383.35---Low---44812.15---Close—45156.40 on 8.9.2023.

Support: 45118.05/44949.60/44795/44547.80/44539/44498.60/44459.25/44279.40/44254/44207.25/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:45238.80/45655.50/45782.75/46310.10/46369.50//46761/47123/47427/48081.           

 (Bold and underlined figures are most important)

It continued the up move for the 2^nd day and ended the day with a good gain of 278.05 points. It is still into short & medium tern corrective mode for earlier gains and if it closes below 44962(figure may change) then it will slip into short correction mode for its recent rise, which please note. The short term technical setup is looking good, furthermore all the important technical indicators are positive on the daily chart now and strongly pointing that the up move can extend further from here with intermittent correction, 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 and if price action remains strong then the weekly indicators can turn positive also in coming weeks, which please note and the price action is very strong as of now. It seems that it has gotten into steady up momentum track now. The long term trend is up.

Moving up from here it may face resistance at 45311---45655.50----45716---45793---45816---46310.10---46369.50(figure may change) Please note that it may correct at any of these points and may resume the up move again. It will face very stiff resistance at 45311---45716 & 45816 and rally may fizzle out also at any of these points, but if it moves above 45816 and sustains on the closing basis then it could retest its all-time high of 46369.50 or may go beyond it also and scale new highs.

Kindly note that moving down as long as it holds the range of 44700---44600(range will change every day) on the closing basis up move is likely to continue, break below 44350 could be concerning and finally break below 44254 &44151.80(figure may change) on the closing basis may end the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 43762----43600----43446---43345.

TRADING TIPS:--

1. Long trade can be tried if it moves above 45300 and maintain for some time with a short stop loss of 45100 or on decline near 44950 with a short stop loss of 44800 or on sharp decline near or within the range of 44650----44550 with a stop loss of 44380. Please note that long trade could be a risky bet in correction mode but strong 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 into 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 45650----45750 with a stop loss of 45850. 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 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.