A TECHNICAL UPDATE ON CNX-NIFTY—18.9.2023

 

CNX-NIFTY

 Open-20156.45---High—20222.45-Low-20129.70--Close-20192.35 on 15.9.2023.

Support: 20184/ 20168/19991.85/19901/19887.40/19867.55/19795.60/ 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:20201/20222.45/20245/20285/20390/20467/20500/20568/20760.

 (Bold and underlined figures are most important)

It opened on a positive note and moved up further and hit a new all-time high of 20222.45 and finally ended the day with a gain of 89.25 points. It is exhibiting good strength for the continuation of the up move. It is important to mention here that if it closes below 19986.73(figure may change) then it will slip into short correction mode for its recent rise, which please note. The technical setup is strong now, furthermore except for one all the important technical indicators are positive on the daily, weekly & monthly chart and price action is also positive, therefore the on-going up move is likely to continue further with intermittent correction, but please note that one weak indicator could be concerning and can dampen the up move and can get it into deep correction if price action weakens. It is therefore suggested to keep an eye on the price action and if it gives weak sign then be alert but as of now it is pretty strong, which please note. The long term trend is up.

Moving up from here it may face resistance at 20201---20222.45---20245---20285---20315---20390---20467---20500---20567---20760(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust for a while. The range of 20245---20285---20315 is very critical, so be alert and vigilant.

Kindly note that moving down from here its strong support points would be 19991.80 &19986.73, break and sustained close below 19991.80 will be an alert sign, break below 19967 will push it into short correction mode for its recent rise but as long as it holds the level of  19838(figure may change) on the closing basis the up move is likely to continue, break below 19640 could be concerning and may dampen the possibility of continuation of the up move for the time being and break below 19421 will push it into medium term corrective mode and it may slide down further and then the next strong support range would be between 19300—19253---19223.60.

TRADING TIPS:--

1. Safe traders can try long trade if it moves above 20223 and maintain for some time with a stop loss of 20160 or on decline near 19994 with a stop loss of 19950.  But aggressive traders can also try long trade on sharp decline near 19870 with a stop loss of 19780. It is important to mention here that long trade below 19993 could be a risky bet for the day.

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 20285----20310 with a stop loss of 20350 or sell if it does not move above 20222.45 even intraday in first hour of trade near it with a short stop loss of 20265.It could be a risky trade.

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—15.9.2023

 

CNX-NIFTY

 Open-20127.95---High—20167.65-Low-20043.45--Close-20103.10 on 14.9.2023.

Support: 19991.85/19901/19887.40/19867.55/19795.60/ 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: 20168/20184/20201/20245/20285/20390/20467/20500/20568/20760.

 (Bold and underlined figures are most important)

It opened with an up gap and went further up but could not sustain at the upper level and gradually moved down but finally ended the day with a gain of 33.10 points. It is exhibiting good strength for the continuation of the up move. It is important to mention here that if it closes below 19944.87(figure may change) then it will slip 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 continue 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 20168---20184---20245---20285---20390---20467---20500---20567---20760(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust for a while. So be alert and vigilant.

Kindly note that moving down from here its strong support points would be 19991.80 &19944.87, break and sustained close below 19991.80 will be an alert sign, break below 19944.87 will push it into short correction for its recent rise but as long as it holds the level of  19838(figure may change) on the closing basis the up move is likely to continue, break below 19600 could be concerning and may dampen the possibility of continuation of the up move for the time being and it may start to 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 on decline near 19994 with a stop loss of 19930 or if it maintains above 20103.10 for some time with a stop loss of 20040(it could be a risky trade). It is important to mention here that long trade below 19994 could be a risky bet for the day.

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 20200----20225 with a stop loss of 20280 or sell if it moves below 19944 with a stop loss of 20010.It could be a risky trade.

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—15.9.2023

 

CNX-BANK NIFTY

Open---46013.30---High—46153.90---Low---45801.50---Close—46000.85 on 14.9.2023.

Support:45893.80/45782.75/45655.50/ 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: 46153.90/46310.10/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139. 

 (Bold and underlined figures are most important)

It opened with an up gap and moved up further but could not sustain at the upper level and drifted down but finally ended the day with a gain of 91.40 points. It is exhibiting good strength for the continuation of the up move. It is out of all corrective mode for its earlier gains today, but  if it closes below 45694.49 & 45551.26(figure may change) then it will slip into very short & deep corrective mode again  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 and  pointing that the up move can continue further from here but with intermittent correction, but on the weekly chart few indicators are giving  weak signal and indicate that the up move may extend 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 46168---46310.10---46369.50---46761---47063---47123---47284---47427---47755(figure may change) Please note that it may correct at any of these points and may resume the up move again or rally may exhaust for a while. It is important to mention here that if it sustains above its critical point of 45816 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  key support points could be 45816----45782.75---45694.49----45511.35---45551.26(figure may change) break below 45816 & 45782.75  could be an alert point and break below 45694.49 & 45551.26 will push it into short and deep corrective mode for its recent rise but as long as it holds 45070(figure will change every day) on the closing basis up move is likely to continue, break below 44750(figure will change every day)  could be concerning and finally break below 44151.80 on the closing basis may dampen the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 43869----43600----43446---43345.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near or within the range of 45694---45551 and not below it with a stop loss of 45400.or if it maintains above today’s close for some time with a stop loss of 45795. It is important to mention here that long trade below 45511.35 could be a risky bet for the day.

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 46400----46500 with a stop loss of 46650or sell if it moves below 45511 with a stop loss of 45700. It could be a risky trade.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—14.9.2023

 

CNX-BANK NIFTY

Open---45449.35---High—45990.50---Low---45299.05---Close—45909.45 on 13.9.2023.

Support:45893.80/45782.75/45655.50/ 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: 46310.10/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.     

 (Bold and underlined figures are most important)

It opened on a negative note and went down further but recovered from the key points and steadily moved up and finally ended the day with a good gain of 398.10 points. It is exhibiting extraordinary strength for the continuation of the up move. It is still into corrective mode for its earlier gains and if it closes below 45569.65 & 45426.42(figure may change) then it will slip into very short & deep corrective mode and 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 but 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 46310.10---46369.50---46761---47063---47123---47284---47427---47755(figure may change) Please note that it may correct at any of these points and may resume the up move again. Since it closed above its critical point of 45816 today and if it sustains above it 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  key support points could be 45816----45782.75---45569.65----45511.35---45426.42(figure may change) break below 45816 & 45782.75  could be an alert point and break below 45569.65 & 45426.42 will push it into short and deep corrective mode for its recent rise but as long as it holds 44950(figure will change every day) on the closing basis up move is likely to continue, break below 44600(figure will change every day)  could be concerning and finally break below 44151.80 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 43840----43600----43446---43345.

TRADING TIPS:--

1. Long trade can be tried if it moves above 45991 and maintain for some time with a stop loss of 45750 or on decline at appropriate points or near or within the range of 45569---45511 and not below it with a stop loss of 45330. But aggressive traders can also try long trade on sharp decline near 44950 with a stop loss of 44750. It could be a risky trade but worth trying. It is important to mention here that long trade below 45511.35 could be risky bet for the day.

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 46400----46500 with a stop loss of 46650. 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—14.9.2023

 

CNX-NIFTY

 Open-19989.50---High—20096.90-Low-19944.10--Close-20070 on 13.9.2023.

Support: 19991.85/19901/19887.40/19867.55/19795.60/ 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: 20110.35/20184/20201/20245/20285/20390/20467/20500/20568/20760.

 (Bold and underlined figures are most important)

It opened on a flat to negative note and moved in a range for some time and then steadily moved up and finally ended the day with a gain of 76.80 points. After yesterdays very short breather it resumed the up move today and it is exhibiting extraordinary strength and looks good for the continuation of the up move. It is important to mention here that 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 20110---20184---20245---20285---20390---20467---20500---20567---20760(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust for a while. So be alert and vigilant.

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 19900---19838(range will change every day) on the closing basis the up move is likely to continue, break below 19550 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 20111 and maintain for some time with a short stop loss of 20060 or on decline near 19994 with a stop loss of 19950. But aggressive traders can also try long trade near or within the range of 19901---19850 and not below it with a stop loss of 19810. Please note that long trade below 19994 could be a risky bet for the day.

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 20195----20220 with a stop loss of 20270 or if does not move above 20110.35 even in intraday in first hour of trade then near it with stop loss of 20160. 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—13.9.2023

 

CNX-BANK NIFTY

Open---45893.80---High—45893.80---Low---45322.50---Close—45511.35 on 12.9.2023.

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: 45655.50/45782.75/45893.80/46310.10/46369.50//46761/47123/47427/48081.          

 (Bold and underlined figures are most important)

It opened with a huge up gap but could not move up a single point from there and slipped down and finally ended the day with a loss of 59.35 points , please note that it could correct further from here. It is still into corrective mode for earlier gains and if it closes below 45495.77 & 45352.55(figure may change) then it will slip into very short & deep corrective mode and 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 but 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 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  key support points could be 45495.77----45352.55 break below these points will push it into short and deep corrective mode for its recent rise but as long as it holds the range of 45150---44800(range will change every day) on the closing basis up move is likely to continue, break below 44500 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 43813----43600----43446---43345.

TRADING TIPS:--

1. Long trade can be tried if it moves above 45575 and maintain for some time with a short stop loss of 45480 or on decline near 45380---45352 with a stop loss of 45140. But aggressive traders can try long trade on sharp decline near 44800 with a stop loss of 44600. It could be a risky trade but worth trying.

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----46050 with a stop loss of 46180. 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.