A TECHNICAL UPDATE ON CNX-BANK NIFTY—11.10.2023

 

CNX-BANK NIFTY

Open---44027.55---High—44487.25---Low---44004.55---Close—44360.15 on 10.10.2023.

Support:44279.40/44254/44207.25/44182.50/44151.80/43950/  43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44459.25/44498.60/44539/44547.80/44566.30/44795/44949.60/45118.05/45238.80/45655.50 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 on a positive note and steadily moved up and finally ended the day with a good gain of 473.65 points.  It is still into deep short & medium term correction mode now for recent and earlier rise. It is still below some of its short & medium term moving averages on the daily and weekly chart despite big up move today, which is concerning, it is still making lower top and bottom on the line and bar chart, therefore all together it is still a weak technical setup 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 44390(figure may change) and sustain on the closing basis then there is a hope that the up move may extend but if it manages to hold 44254 &44151.80 on the closing basis chances of up move will still be alive, else it may resume down move again. But to get into strong up momentum track it has to close above 44584---44950---45816 & 45820(figures may change) and sustain on the closing basis. The short term technical setup is still weak, but on the daily chart one out of five important indicators is positive now therefore giving some ray of hope that up move may extend further, but 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  and the price action has been weak since 18.9.2023, but today’s price action was very strong, which is a positive sign. It is therefore suggested to keep an eye on the price action and if the positive price action continues for the next 2-3 days in a row then the trend may reverse, else it may resume the down move 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 44390---44565---44658---44757---44985---45054---45118---45311---45350---45671---45725---45782.75---45816---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 44254---44151.80---44120---43600.35---43446---43345.90---43038.25---42986.45---42881(figure may change) sustained break below 44254 & 44151.80 may dampen the possibility of an up move, break below 44120 may threaten the long term up trend, break  43600.35 will be an alert point for further fall, sustained break below 43345.90 on the closing basis  will trigger fresh fall and it could be trend threatening also and finally sustained break below 43038.25---42986.45 & 42881 may end the possibility of a steady up move 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 45000 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.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44390 at least. But aggressive traders can try long trade if it moves above 44501 and maintain for some time with a stop loss of 44340.

 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 44800---44850 with a stop loss of 44950 or sell if it moves below 44100with a stop loss of 44280.

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—11.10.2023

 

CNX-NIFTY

 Open-19565.60---High—19717.80--Low-19565.45--Close-19689.85 on 10.10.2023.

Support:  19657.50/19645.50/19638.30/19622.40/19615.95/19584.45/19563.10/19544// 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: / 19544/19563.10/19584.45/19615.95/19622.40/19638.30/19645.50/19657.50/ 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 on a positive note and steadily moved up and finally ended the day with a handsome gain of 177.50 points. 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 despite today’s rise which is still concerning. But the good point is that it has made higher bottom & top on the bar & line chart, which is a huge positive sign. Furthermore it is well above its meaningful pullback threshold points of 19544(figure may change) and as long as it hold this level on the closing basis chances of up move will be alive and up move can extend. But to get into the strong up momentum track it has to close above 19778---19991.85 & 20045(this figure may change) and sustain on the closing basis. The short term technical setup has improved a bit, furthermore on the daily chart two out of five important indicators are positive now therefore chance up move extension looks promising, but few indicators on the weekly and monthly chart are negative as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down  and the price action has been weak since 18.9.2023, but today’s price action was very strong, which is a positive sign. It is therefore suggested to keep an eye on the price action and if the positive price action continues for the next 2-3 days in a row then the trend may reverse, else it may resume the 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 19767---19778---19780---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 holds 19680 and sustain on the closing basis then the rally may extend to 19767---19778(figure may change) and if it closes above 19778 and sustain then it may gain good strength and may put it  on the steady  up momentum track again. It is important to mention here that a sustained close above 20045 will possibly ensure that it could retest its all-time high of 20222.45 or may go beyond it also.  

Kindly note that moving down from here its strong support points would be 19638.30---19622.40---19544---19512.35---19480.50---19421(figure may change) break below 19638.30 & 19622.40 will be an alert sign, break below 19544 & 19512.35  may end the possibility of pullback up move, break below 19480.50 may accelerate fall, 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—19255---19234---19223.60.

IMPORTANT NOTE: - It is showing some sign of improvement and making higher to & bottom on the line & bar chart, therefore likely to move up further from here, so buy on decline strategy can be adopted now till it breaks 19512 & 19480.  

TRADING TIPS:--

1. Long trade can be tried if it holds 19680 for some time with a stop loss of 19640 or buy if it moves above 19718 with a stop loss of 19640 or can buy on decline near or within the range of 19544--19520 with a stop loss of 19470.  

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 19830---19850 with a stop loss of 19890 or sell if it moves below 19615 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. 

 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—10.10.2023

 

CNX-BANK NIFTY

Open---44057.80---High—44113.20---Low---43796.75---Close—43886.50 on 9.10.2023.

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

Resistance:43950/44151.80/44182.50/44207.25/44279.40/44254/ 44459.25/44498.60/44539/44547.80/44566.30/44795/44949.60/45118.05/45238.80/45655.50 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 a down gap and went down further and finally ended the day with a loss of 474.10 points.  It is into deep short & medium term correction mode now for recent and earlier rise. It is below some of its short & medium term moving averages on the daily and  weekly chart also and most importantly below few long terms moving average also, all together it is a very weak setup 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 44390(figure may change) and sustain on the closing basis then there is a hope that the up move may extend but it can  have a short up move if it moves above 44151.80 &44254 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---44960---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, it had positive price action for two days but today’s price action was terribly bad as it closed below its previous day’s low, which is a weak sign. It is therefore suggested to keep an eye on the price action and if it has positive price and that continues for 2-3 days in a row then the trend may reverse, else it may continue with 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.  

Moving up from here it may face resistance at44101--- 44151.80---44254---444---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 43600.35---43446---43345.90---43038.25---42986.45---42873(figure may change) break below 43600.35 will be an alert point for further fall, sustained break below 43345.90 on the closing basis  will trigger fresh fall and it could be trend threatening also and finally sustained break below 43038.25---42986.45 & 42870 may end the possibility of a steady up move 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 45000 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 43780 could be a risky bet for the day. It may have a relief rally on 10.10.2023 if it holds 43790.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44390 at least. But aggressive traders can try long trade if it holds 43860 for some time with a stop loss of 43750 or 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 44220---44260 with a stop loss of 44350 or sell if it moves below 43780with a stop loss of 43900.

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—10.10.2023

 

CNX-NIFTY

 Open-19539.45---High—19588.95--Low-19480.50--Close-19512.35 on 9.10.2023.

Support:  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: / 19544/19563.10/ /19584.45/19615.95/19622.40/19638.30/19645.50/19657.50/ 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 a down gap and went down further, it had both side movement during the day but finally ended the day with a loss of 141.15 points. As envisaged it tried to fill the gap today but some gap is still left, so it can still come down to 19458 levels. It is already 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 which is a weak sign. Furthermore it closed below its meaningful pullback threshold points of 19544(figure may change) but still above its short relief rally threshold point of 19436(figure may change) therefore if it holds this level then there is a feeble chance of up move , else it may continue the down move. But to get into the strong up momentum track it has to close above 19785---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, it had positive price action for two days but today’s price action was terribly bad as it closed below its previous day’s low, which is a weak sign. It is therefore suggested to keep an eye on the price action and if it has positive price and that continues for 2-3 days in a row then the trend may reverse, else it may continue with the down move, 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 19544---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 may extend to 19767---19778 or further.  

Kindly note that moving down from here its strong support points would be 19436---19421(figure may change) break below 19436 may end the possibility of short 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 19480 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can be tried if visible sign of correction completion emerges or it closes above 19544 at least and sustains. However, aggressive traders can 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 19600---19630 with a stop loss of 19685 or sell if it moves below 19480 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

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—9.10.2023

 

CNX-BANK NIFTY

Open---44395.40---High—44500.70---Low---44242.95---Close—44360.60 on 6.10.2023.

Support:-44254/44279.40/44207.25/44182.50/44151.80/ 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44459.25/44498.60/44539/44547.80/44566.30/44795/44949.60/45118.05/45238.80/45655.50/ 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 but could not sustain at the upper level but finally ended the day with a gain of 147.25 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 if it holds 44254 & 44151.80 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 for the last two days price action 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 deep short and medium term correction now but the long term trend is still up.  

Moving up from here it may face resistance at 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 44254---44151.80---44101---43600.35---43446---43345.90---43038.25---42986.45---42873(figure may change) break below 44254&44151.80 may dampen the possibility of continuation of the up move, break below 44101 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  trend threatening also and finally sustained break below 43038.25---42986.45 & 42873 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 44151 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 holds 44254 for some time with a stop loss of 44090 or can buy on decline near 43860 with a stop loss of 43750 or 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 44650---44700 with a stop loss of 44800 or sell if it moves below 44150 with a stop loss of 44270.

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.