A TECHNICAL UPDATE ON CNX-BANK NIFTY—13.10.2023

 

CNX-BANK NIFTY

Open---44571.55---High—44693.05---Low---44530.05---Close—44599.20 on 12.10.2023.

Support: 44566.30/44547.80/44539/44498.60/44459.25/44279.40/44254/44207.25/44182.50/44151.80/43950/  43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: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 went higher but retreated from the upper level but finally ended the day with a gain of 82.30 points.  It got out of medium term correction mode but still into deep short term correction mode now for  earlier rise and please note that if it closes below 44495(figure may change) then it will get into short correction for its very recent rise. It is still below some of its short & medium term moving averages on the daily and weekly chart, which is concerning. But it has crossed its recent top on the line & bar chart, furthermore it well above its  meaningful pullback threshold point of  44390(figure may change) and if it sustains above it on the closing basis then the rally can extend, but even if it breaks this mark but holds 44254 &44151.80 on the closing basis then the 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 44800---44950---45816 & 45820(figures may change) and sustain on the closing basis. Please note that sustained close above 44800 & 44950 may help it for a steady up move.  The short term technical setup has improved a bit, furthermore 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 the price action for the last three days has been good, which is a positive sign. It is therefore suggested to keep an eye on the price action and if the positive price action continues then it may have steady up move; else it may correct again, so watch out price action. It is into deep short term correction now but the long term trend is still up.  

Moving up from here it may face resistance at 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 44539---44390---44254---44151.80---44146---43600.35---43446---43345.90---43038.25---42986.45---42881(figure may change)  break below 44539 will it into deep medium term correction mode, sustained break below 44390---44254---44151.80 & 44146 may dampen the possibility of an up move, may threaten the long term uptrend as well and fall may accelerate, 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: -- technically it is on a weak footing in comparison with CNX-Nifty at this point of time, so it may under-perform.

TRADING TIPS:--

1. Long trade can be tried if it  moves above  44640 and maintain for some time with a stop loss of 44520 or  can buy on decline near or within the range of 44360---44152 with a stop loss of 44000.

 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, but 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 44850---44880 with a stop loss of 44960 or sell below 44490 with a stop loss of 44600.

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—13.10.2023

 

CNX-NIFTY

 Open-19822.70---High—19843.30--Low-19772.65--Close-19794 on 12.10.2023.

Support: 19795.60/19766.65/ 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: 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 moved in a short range and finally ended the day with a meagre loss of 17.35 points. It is still into short term correction mode for its earlier rise and will get into short correction again for its immediate rise if it closes below 19757.68 &19723. But it is above all its moving averages  and already making higher top & bottom on the line and bar chart, which is a positive sign, furthermore it is well above its meaningful pullback threshold point of 19544(figure may change) and finally if it manages to hold the range of 19755---19675(figure will change every day) on the closing basis then the up move can smoothly extend, else it may correct again. Please note that to get into the strong up momentum track it has to close above 19991.85 & 20045(this figure may change) and sustain on the closing basis. The short term technical setup has improved, furthermore on the daily chart all the 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 the price action for the last three days has been good, which is a positive sign. It is therefore suggested to keep an eye on the price action and if the positive price action continues then it may have a steady up move; else it may correct 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 19838---19883---19986.73---19991.85---20013----20045---20201---20222.45(figure may change), 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 sustained close above 19838 can take it to 19991.85 levels and 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 19755---19675---19638.30---19622.40---19544---19512.35---19480.50---19421(figure may change) break below the range of 19755—19675 on closing basis will be a weak sign, break below 19638.30 & 19622.40 will be a warning signal, break below 19544 & 19512.35  may end the possibility of pullback up move, break below 19480.50 may accelerate the 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. It is suggested to avoid long trade below the range of 19760—19670.

IMPORTANT NOTE: - the technical setup has improved and it is making higher top & bottom on the line & bar chart, above all moving averages, therefore likely to move up further from here, so buy on decline strategy can be adopted now till it closes below 19675.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19812 and maintain for some time with a stop loss of 19750 or can buy on decline near or within the range of 19755--19675 with a stop loss of 19610.  

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 19885---19900 with a stop loss of 19960.

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—12.10.2023

 

CNX-BANK NIFTY

Open---44554.90---High—44710.55---Low---44411.40---Close—44516.90 on 11.10.2023.

Support:44498.60/44459.25/44279.40/44254/44207.25/44182.50/44151.80/43950/  43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: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 retreated from the upper level but finally ended the day with a gain of 156.75 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 up move today, which is concerning, but it has crossed its recent top  on the line & bar chart, furthermore it has closed above its  meaningful pullback threshold point of  44390(figure may change) and if it sustains above it on the closing basis then the rally can extend, but even if it breaks this mark but holds 44254 &44151.80 on the closing basis then the 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---44850---44950---45816 & 45820(figures may change) and sustain on the closing basis. Please note that sustained close above 44850 & 44950 may help it for a steady up move.  The short term technical setup has improved a bit, furthermore 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 the price action for the last two days is pretty good, 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 1-2 days in a row then it may have steady up move; else it may correct 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 44390---44254---44151.80---44133---43600.35---43446---43345.90---43038.25---42986.45---42881(figure may change) sustained break below 44390---44254---44151.80 & 44133 may dampen the possibility of an up move, may threaten the long term up trend and fall may accelerate, 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.  

TRADING TIPS:--

1. Long trade can be tried if it moves above 44567 and maintain for some time with a stop loss of 44420 or on decline near or within the range of 44360---44152 with a stop loss of 44000.

 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, but 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 44800---44850 with a stop loss of 44950.

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—12.10.2023

 

CNX-NIFTY

 Open-19767---High—19839.20--Low-19756.95--Close-19811.35 on 11.10.2023.

Support: 19795.60/19766.65/ 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: 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 121.50 points. It is still into short term correction mode for its earlier rise. But it has moved above its short and medium term moving averages today and already making higher top & bottom on the line and bar chart, furthermore it is well above its meaningful pullback threshold point of 19544(figure may change) and finally if it manages to hold the range of 19760---19670(figure will change every day) on the closing basis then the up move can smoothly extend, else it may correct again. Please note that to get into the strong up momentum track it has to close above 19991.85 & 20045(this figure may change) and sustain on the closing basis. The short term technical setup has improved, furthermore on the daily chart three 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 price action for the last two days is 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 1-2 days in a row then it may have steady up move; else it may correct 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 19838---19883---19986.73---19991.85---20013----20045---20201---20222.45(figure may change), 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 sustained close above 19838 can take it to 19991.85 levels and 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 19760---19670---19638.30---19622.40---19544---19512.35---19480.50---19421(figure may change) break below the range of 19770—19670 on closing basis will be a weak sign, break below 19638.30 & 19622.40 will be a warning signal, break below 19544 & 19512.35  may end the possibility of pullback up move, break below 19480.50 may accelerate the 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. It is suggested to avoid long trade below the range of 19760—19670.

IMPORTANT NOTE: - the technical setup has improved and it is making higher top & bottom on the line & bar chart, above all moving averages, therefore likely to move up further from here, so buy on decline strategy can be adopted now till it closes below 19670.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19840 and maintain for some time with a stop loss of 19800 or can buy on decline near or within the range of 19760--19670 with a stop loss of 19600. Buy on decline could be a better option.  

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 19930---19950 with a stop loss of 20010.

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 VIEW ON NATH BIO-GENES (I) LTD-11.10.2023

 

NATH BIO-GENES (I) LTD

SECTOR: -- It is a flagship company of Nath Group, which is a well diversified business conglomerate, for over 40 years.It has played pivotal role in shaping Indian agriculture by developing and supplying quality BT, hybrid and varietal seeds to farmers at affordable prices.

FINANCIAL DATA 

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

Sales:-                   301.36cr                  44.99cr                   235.28cr                      

Net Profit:-            35.03cr                    1.45cr                     33.40cr

E.P.S:-                     18.50                       0.84                        17.58   

Cash-E.P.S:-           20.02                       1.28                        17.98

O.P.M:-                   16.36%                   9.31%                      15.79%

N.P.M:-                   11.62%                    3.23%                     14.20%

Equity: - 19 cr,Face Value:-10,Book Value:-301.70, Price/Book:-0.71,Dividend Yield:-0.93,Share Holding Pattern:- Promoters—45.60%  & Public---54.40%, Market Cap:-409cr.

TTM (E.P.S):-19.90(+146.41%), TTM (PE):-10.83, Sector (PE):--33.91

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

All-Time High:-- 585 made on 10.5.2018.

All-Time Low: -- 20 made on 28.1.2014.

Recent Low:-128.85 made on 3.2.2023.

Open-200.60--High-223.35--Low-200.60—Close-215.60 on 10.10.2023. 

Support:210.30/209.95/208.55/205.90/200.10/197.65/182.20/180/159. 

Resistance:223.70/227/230.95/244.60/261.90/288.50/297.80/328/331/367/381.50/390.10/402/416/438/458.90/473.95/485/491.95/528.70/534/565.50/585. 

(Bold and underlined figures are most important) 

It has started to improve technically in almost all the parameters on the daily chart but will take time to get into strong up momentum, it is in short correction now, however at the current price the risk element in the stock is pretty less and if it has the strength it should not break the range of 210.30---208.55---197.65 on the closing basis and the worst price for the stock seems to be in the range 182---176 as of now. Please note that till it holds 210.30 on the closing basis chances of up move will be alive, sustained close above 218 will take it out from the correction mode, sustained break above 235.35 will further ensure the continuation of the up move and it may catch up strong up momentum once it closes above 280 & 288.50 and sustain. 

The broad upside target or resistance point could be 218--235.35---261---280---288.50---302---342---356---393---410---473.95---477---494---585. Similarly the strong support points are at 210.30---208.55—200—197.65--182.20—176, break below 210.30 & 208.55 will be an alert sign, break below 197.65 will indicate weakness and finally break below the range of 182—176 may accelerate the fall.  

In view of the above observation, it is suggested that investors can accumulate the stock now and on the decline at appropriate support points. The short stop loss for the trade will be below 200 and for the long term investors the authentic stop loss would be below 182. The stock has the potential to appreciate by 40—60% or more in 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.