A TECHNICAL UPDATE ON CNX-NIFTY—9.10.2023

 

CNX-NIFTY

 Open-19621.20---High—19675.75--Low-19589.40--Close-19653.50 on 6.10.2023.

Support: 19645.50/19638.30/19622.40/19615.95/ 19584.45/ 19544/19563.10/ 19492.10/19482.75/19467.50/19465/19458.55/ 19421/19405/19361.75/19333.60/ 19303.60/19300/19296.45/19253.60/19223.65/18887.60/18646.70/18555.40/18464.55

Resistance:  /19657.50/ 19795.60/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45.

 (Bold and underlined figures are most important)

It has been opening with an up gap for the last two days which is a good sign but the gap still exists and that is concerning because if it makes an effort to fill the gap in next 3-4 trading session which is technically possible then it can come down to 19458, which please note. It had up day today and it ended the day and week near high with a gain of 107.75 points, which is a positive sign. It is still into short term correction mode for its recent rise. It is still below some of its short and medium term moving averages on the daily chart and below some short term averages on the weekly chart despite two days rise which is a weak sign and if does not bounce back above it in 2-3 days time, then it may head down again.. But since it is well above its short & meaningful pullback threshold points of 19436 & 19544(figure may change) therefore as long as it holds these points on the closing basis the chances of pullback rally will be alive, else it may resume down move again. But to get into the strong up momentum track it has to close above 19790---19991.85 & 20045(this figure may change) and sustain on the closing basis. The short term technical setup is weak, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also negative as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 but for the last two days it is positive, which is a good sign. It is therefore suggested to keep an eye on the price action and if positive price action continues for the next 2-3 days in a row then the trend may reverse, else it may resume down move again, so watch out price action. It is into short correction mode now but the long term trend is up.

Moving up from here it may face resistance at 19673---19680---19767---19778---19883---19986.73---19991.85---20013----20045---20201---20222.45(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 also. So be watchful. Please note that if it moves above 19680 and sustain on the closing basis then the rally can extend to 19767---19778 or further.  

Kindly note that moving down from here its strong support points would be 19544---19436---19421(figure may change) break below 19544 & 19436 may end the pullback up move, break below 19421 will push it into deep medium term corrective mode and it may slide down further and then the next strong support range would be between 19300(it bounced back near this point on 4.10.2023)—19255---19234---19223.60. It is important to mention here that sustained break below 19223.60 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted.

IMPORTANT NOTE: - It is into short correction mode, therefore it is sell on the rise market now till it closes above 19991.85 and sustain. Please note that long trade could be risky affair till correction is on, but since pullback rally is also on, therefore it can be tried intraday at critical support points for pullback gains only. Long trade below 19581 & 540 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried if it maintains above 19653.50 or moves above 19680 and maintain for some time with a stop loss of 19600 and avoid long trade on decline. But aggressive traders can also try long trade on decline near 19440 with a stop loss of 19400 or on sharp decline near or within the range of 19300---19230 with a stop loss of 19180.  

2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is in correction mode and pullback mode is also on , even then 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 19760---19790 with a stop loss of 19840 or sell if it moves below 19580 with a stop loss of 19640.

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. 

 for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—6.10.2023

 

CNX-BANK NIFTY

Open---44181.35---High—44391.85---Low---44108.30---Close—44213.35 on 5.10.2023.

Support:-44207.25/44182.50/44151.80/ 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44254/44279.40/44459.25/44498.60/44539/44547.80/44795/44949.60/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.           

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a gain of 249.30 points.  It is into deep short & medium term correction mode now for recent and earlier gains. It is below some of its short & medium term moving averages on the daily and below some short term moving averages on the weekly chart also; all together it is a very weak sign and indicates that further fall may be ahead with short relief rallies. Please note that to get into meaningful pullback mode it has to close above 44437(figure may change) and sustain on the closing basis then there is a hope that the up move may extend but it can still have a short pullback up move or relief rally also if it holds 44151.80 and moves above 44254(figure may change) and sustain on the closing basis, else down move may continue. But to get into strong up momentum track it has to close above 44584---45000---45816 & 45820(figures may change) and sustain on the closing basis. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 but today price action was positive, which is a good sign. It is therefore suggested to keep an eye on the price action and if positive price action continues for the next 2-3 days in a row then the trend may reverse, else down move may resume again, so watch out price action. It is into deep short and medium term correction now but the long term trend is still up.  

Moving up from here it may face resistance at 44254---44437---44539---44577---44658---44756---44795---45084---45118---45311---45373---45671---45725---45782.75---45816---45820---45885---46310.40---46369.50(some 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 also.

Kindly note that moving down from here the key support points could be 44151.80---44091--- 43600.35---43446---43345.90---43038.25---42986.45---42868(figure may change) break below 44151.80 may dampen the possibility of continuation of the up move, break below 44091 may threaten the long term uptrend,  break below 43600.35 will be an alert point for further fall, sustained break below 43345.90 on the closing basis may will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also and finally sustained break below 43038.25---42986.45 & 42868 may end the possibility of a steady up move for good for a while, which please note.  

IMPORTANT NOTE: -- It is into short & medium term correction mode now, therefore it is sell on the rise market now till it closes above 45816 and sustain, therefore long trade could be risky thing till correction is on, but long trade can be tried intraday at critical support points for pullback gains only. Long trade below 44090 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44437 at least. But aggressive traders can try long trade if it moves above 44254 and maintain for some time with a stop loss of 44090 or can buy on sharp decline near or within the range of 43600---43345.90 with a stop loss of 43100.

 2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into deep short and medium correction mode now, therefore 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 44550---44585 with a stop loss of 44665 or sell if it moves below 44090 with a stop loss of 44260.

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—6.10.2023

 

CNX-NIFTY

 Open-19521.85---High—19576.95--Low-19487.30--Close-19545.75 on 5.10.2023.

Support:19544/ 19492.10/19482.75/19467.50/19465/19458.55/ 19421/19405/19361.75/19333.60/ 19303.60/19300/19296.45/19253.60/19223.65/18887.60/18646.70/18555.40/18464.55

Resistance: 19563.10/19584.45/19615.95/ /19645.50/19657.50/ 19795.60/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a gain of 109.65 points. It is already into short term correction mode for its recent rise. It is below some of its short and medium term moving averages on the daily chart and below some short term averages on the weekly chart also which is a weak sign and indicates that further fall may be ahead with in between short relief rallies. But the good point is that today it has closed above its short & meaningful pullback threshold points of 19436 & 19544(figure may change) and if it holds these points on the closing basis then this up move can extend, else it may resume down move again. But to get into strong up momentum track it has to close above 19639—19790---19991.85 & 20045(this figure may change) and sustain on the closing basis. The short term technical setup is weak, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also negative as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 but today price action was positive, which is a good sign. It is therefore suggested to keep an eye on the price action and if positive price action continues for the next 2-3 days in a row then the trend may reverse, else down move may resume again, so watch out price action. It is into short correction mode now but the long term trend is up.

Moving up from here it may face resistance at 19550---19601---19673---19680---19778---19883---19986.73---19991.85---20013----20045---20201---20222.45(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 also. So be watchful.

Kindly note that moving down from here its strong support points would be 19544---19436---19421(figure may change) break below 19544 & 19436 may end the pullback up move,break below 19421 will push it into deep medium term corrective mode and it may slide down further and then the next strong support range would be between 19300(it bounced near this point on 4.10.2023)—19255---19234---19223.60. It is important to mention here that sustained break below 19223.60 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted.

IMPORTANT NOTE: - It is into short correction mode, therefore it is sell on the rise market now till it closes above 19991.85 and sustain. Please note that long trade could be risky affair till correction is on but can be tried intraday at critical support points for pullback gains only. It can get out of correction once it closes above 19986.73 and sustain. Long trade below 19487 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried if it moves above 19577 and maintain for some time with a stop loss of 19515 and avoid long trade on decline. But aggressive traders can also try long trade on decline near 19440 with a stop loss of 19400 or on sharp decline near or within the range of 19300---19230 with a stop loss of 19180.  

2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is in correction mode and pullback mode is also on today, even then 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 19650---19690 with a stop loss of 19730 or sell if it moves below19487 with a stop loss of 19550.

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. 

 for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

INTRA-DAY TRADING CALLS FOR 5.10.2023

 

TRADING CALLS

 

1. DR.REDDYS LAB.

Sell below-5401, S/L-5420, Target-5389/5348/5304/5278.

2. ICICI BANK.

Sell  below- 925, S/L-936, Target—914.80/892/880.

3. HDFC BANK.

Buy above-1535, S/L-1525, Target-1541/1560/1575.

4. AXIS BANK.

Sell below-988, S/L-997, Target-978/968/962/950.

5. INFOSYS.

Buy above-1450, S/L-1440, Target-1456/1470/1480.

6. BAJAJ AUTO.

Sell below -4903, S/L-4920, Target-4890/4824/4774.

7. S.BI.

Sell below -583, S/L-588, Target-579/571/568/559. 

PLEASE NOTE THAT INTRADAY TRADES ARE HIGHLY RISKY AFFAIR, THEREFORE TRADE WITH EXTREME CAUTION. 

IMPORTANT: - Please note that these are intraday calls valid for the day only and does not reflect the overall trend of the stock. 

                    Note: Price stated here is of spot market. 

 

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.

 Contact me for strategic guidance to enter and exit the trade

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

                       

 

 

 

       

 

 

 

 

                                               

                            

                     

  

 

                    

                            

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—5.10.2023

 

CNX-BANK NIFTY

Open---44108.15---High—44161.35---Low---43857.50---Close—43964.05 on 4.10.2023.

Support:- 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44151.80/ 44182.50/44207.25/44254/44279.40/44459.25/44498.60/44539/44547.80/44795/44949.60/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.           

 (Bold and underlined figures are most important)

It is exhibiting tremendous weakness in price action, it opened with a down gap and went down further and finally ended the day with a loss of 435 points.  It is into deep short  & medium term correction mode now for recent and earlier gains as it is decisively below its threshold point of 44539, which is a weak sign and most importantly now it is posing a threat to its long term uptrend. It is below some of its short & medium term moving averages on the daily and below some short term moving averages on the weekly chart also; all together it is a very weak sign and indicates that further fall may be ahead with short relief rallies. Please note that to get into meaningful pullback mode it has to close above 44437(figure may change) and sustain on the closing basis then there is a hope that the up move may extend but it can have very short pullback up move or relief rally also if it moves above 44151.80&44254(figure may change) and sustain on the closing basis, else down move may continue. But to get into strong up momentum track it has to close above 45060---45816 & 45820(figures may change) and sustain on the closing basis. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 and it was terribly weak today. It is therefore suggested to keep an eye on the price action and look for higher highs & lows for at least 2-3 days in a row then the trend may reverse, else it can continue the down move, so watch out price action. It is into deep short and medium term correction now but the long term trend is still up.  

Kindly note that moving down from here the key support points could be 43600.35---43446---43345.90---43038.25---42986.45---42868(figure may change) break below 43600.35 will be an alert point for further fall, sustained break below 43345.90 on the closing basis may will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also and finally sustained break below 43038.25---42986.45 & 42868 may end the possibility of a steady up move, which please note.  

Moving up from here it may face resistance at 44090---44151.80---44254---44437---44539---44577---44658---44756---44795---45084---45118---45311---45373---45671---45725---45782.75---45816---45820---45885---46310.40---46369.50(some 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 also.

IMPORTANT NOTE: -- It is into short & medium term correction mode now, therefore it is sell on the rise market now till it closes above 45816 and sustain, therefore long trade could be risky thing till correction is on, but long trade can be tried intraday at critical support points for pullback gains only. Long trade below 43850 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44437 at least. But aggressive traders can try long trade on decline near or within the range of 43600---43345.90 with a stop loss of 43100.

 2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into deep short and medium correction mode now, therefore 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 44465---44525 with a stop loss of 44600 or sell if it moves below 43850 with a stop loss of 44080.

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.