A TECHNICAL UPDATE ON CNX-BANK NIFTY—17.10.2023

 

CNX-BANK NIFTY

Open---44204.75---High—44356.95---Low---44044.40---Close—44225.90 on 16.10.2023.

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: 44254/44279.40/44459.25/44498.60/44547.80/44539/44566.30/44795/44949.60/45118.05/45238.80/45655.50 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 negative note and had both side movement during the day but finally ended the day with a loss of 62.05 points.  It is into deep short & medium term correction mode for earlier rise and it went into short correction mode today for its very recent rice as it is below its threshold point of  44495(figure may change). It is still below some of its short & medium term moving averages on the daily and weekly chart, furthermore it closed well below its meaningful pullback threshold point of 44390(figure may change),therefore chances of continuation of up move had dampened, all together these factors

2

are very

2

 concerning and indicates further down move may be ahead. However if it manages to hold the range of 44254---44167 &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 44630---44950---45816 & 45820(figures may change) and sustain on the closing basis. Please note that sustained close above 44630 may help it for a steady up move.  The short term technical setup still looks weak, but on the daily chart one out of five important indicators is positive now therefore giving some ray of hope that it may resume the up move again, but few indicators on the weekly 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, and it was today also, which is a negative sign. Please note that for a steady up movement continuous positive price action is needed, else it may continue with the down move. It is therefore suggested to keep an eye on the price action, so watch out. Its long term uptrend is intact as of now. The undertone is weak now.  

Kindly note that moving down from here the key support points could be 44167---44151.80---43600.35---43446---43345.90---43038.25---42986.45---42921(figure may change) sustained break below 44254---44167 & 44151.80 may dampen the possibility of the up move to a great extent and may threaten the long term uptrend as well. 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 & 42921 may end the possibility of a steady up move for a while and it may head for deep down move, which please note. 

Moving up from here it may face resistance at 44254---44390---44539---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.

IMPORTANT NOTE: -- technically it is on a weak footing in comparison with CNX-Nifty at this point of time, so it may underperform.

TRADING TIPS:--

1. Safe traders should avoid long trade till visible sign of correction completion emerges or it closes above 44390 at least. However aggressive traders can try long trade if it holds the range of 44254---44151.80 for some time with a stop loss of 44000 or can buy on decline near or within the range of 43600---43345 with a stop loss of 43200.

 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 44490---44550 with a stop loss of 44650 or sell below 44040 with a stop loss of 44300.

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—17.10.2023

 

CNX-NIFTY

Open-19737.25---High—19781.30--Low-19691.85--Close-19731.75 on 16.10.2023.

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: 19766.65/ 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 flat to negative note and moved up further but could not sustain on the upper level and retreated and finally ended the day with a loss of 19.30 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 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 19720---19671(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, but on the daily chart one out five important indicators has turn negative today posing some concern, however chances of up move extension still looks O.K., but few indicators on the weekly chart is negative as of now, which is a weak indication. 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, and it was weak today also which is a negative sign. Please note that for a steady up movement continuous positive price action is needed, else it may continue with the down move. It is therefore suggested to keep an eye on the price action, so watch out. Its long term uptrend is intact as of now.

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 19720---19671---19638.30---19622.40---19544---19512.35---19480.50---19421(figure may change) break below the range of 19720—19671 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 19740—19671.

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 19671.

TRADING TIPS:--

1. Long trade can be tried near or within the range of 19720---19671 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 19800---19830 with a stop loss of 19870.

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 SATIA INDUSTRIES LTD-16.10.2023

 

SATIA INDUSTRIES LTD

SECTOR: -- It is a quality producer of writing and printing paper in India, with a strong focus on modernization, efficiency and environmental sustainability.

FINANCIAL DATA 

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

Sales: -                 1883.74cr                520.64cr                   481.17cr                      

Net Profit: -            192.17cr                 46.28cr                     84.15cr

E.P.S:-                       19.22                       4.63                            8.41   

Cash-E.P.S:-             39.93                     15.86                        11.68

O.P.M:-                   22.61%                   26.69%                      31.75%

N.P.M:-                   10.20%                    8.89%                     17.49%

Equity: - 10 cr,Face Value:-1,Book Value:-73.32, Price/Book:-1.83,Dividend Yield:-0.30,Share Holding Pattern:- Promoters—52.46%  & Public---47.54%, Market Cap:-1340cr.

TTM (E.P.S):-24.61(+125.78%), TTM (PE):-5.47, Sector (PE):--7.52

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

All-Time High: -- 164.30 made on 31.10.2022.

All-Time Low: -- 50.10 made on 20.3.2020.

Recent Low:-101 made on 28.3.2023.

Recent Bottom; -- 122.85 made on 9.10.2023. 

Open-134.10--High-135--Low-132.55—Close-133.35 on 13.10.2023 

Support: 131.90/130.95/129.10/128.25/126.25/122.85/115.60/111.25/108.25/101. 

Resistance:138.70/141.80/142.80/144.40/146.25/149/152.35/154/158/164.30. 

(Bold and underlined figures are most important). 

The overall technical setup is looking good for the continuation of the up move, it is consolidating now in a broad range of 144.40---141.40---131.90---130.95----126.25---122.85---116----108.25 for quite some time now and likely to continue the up move in coming days. But moving down break below 131.95 & 130.95 will be an alert point, break below 122.85 will indicate weakness but as long as it holds 116 on the closing basis chances of an up move will always be alive but break below it could trigger fresh fall and break below 101 may accelerate the fall. Similarly moving up sustained break above 144.40 will put it on a strong up momentum track and then the upside target or resistance point could be at 149---152---158---164.30, if it moves above 152 and sustains on the closing basis then it could retest its all-time high of 164.30 or may go be yond it also and finally if it moves above 164.30 and sustains on the closing basis then the possible upside target could be 182---188.50---203---267---369. 

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 long trade will be 121.50 and for the long term investors the authentic stop loss would be below 107. The stock has the potential to appreciate by 50—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.

 

A TECHNICAL UPDATE ON CNX-NIFTY—16.10.2023

 

CNX-NIFTY

Open-19654.55---High—19805.40--Low-19635.30--Close-19751.05 on 13.10.2023.

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: 19766.65/ 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 had both side movement during the day and finally ended the day with a loss of 42.95 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 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 19740---19671(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, but on the daily chart one out five important indicators has turn negative today posing some concern but chances of up move extension still looks O.K., but few indicators on the weekly chart is negative as of now, which is a weak indication. 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, after 3 days of positive price action today’s price action was terribly bad as it closed below the low of previous day, which is a weak sign. Please note that for a steady up movement continuous positive price action is needed, else it may continue with the down move. It is therefore suggested to keep an eye on the price action, so watch out. Its long term uptrend is intact as of now.

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 19740---19671---19638.30---19622.40---19544---19512.35---19480.50---19421(figure may change) break below the range of 19740—19671 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 19740—19671.

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 19671.

TRADING TIPS:--

1. Long trade can be tried near or within the range of 19740---19671 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 19875---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