A TECHNICAL UPDATE ON CNX-NIFTY—13.11.2023

 

CNX-NIFTY

Open-19351.85---High—19451.30--Low-19329.45--Close-19425.35 on 10.11.2023.

Support: 19423.85/19421/19405/ 19361.75/19333.60/19303.60/19300/19296.45/19223.65/19204.85/19172.79/19165/19077/18973.30/18887.60/18837.85/18646.70/18604.45/18555.40/18464.55/18350.95/18131.70/18114.65/18105.30/18042/17992.20/17959/17824/17774.25.

Resistance: 19458.55/ 19465/19467.50/19480.50/19482.75/19492.10/19512.35/19544/ 19563.10/19584.45/19615.95/19622.40/19638.30/19645.50/19657.50/19766.65/ 19795.60/ 19838/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45.

 (Bold and underlined figures are most important)

It opened with a down gap and went down further and then bounced back from the lows and finally ended the day with a gain of 30.05 points. It is still into deep short & medium term correction mode for its earlier rise and break below 19348.59 & 19316.53(figure may change) will push it into short & deep short correction mode for its very recent rise and it has broken its recent bottom on line chart which, which is slightly concerning. But the important and good thing is that the short term technical setup has reasonably improved, it has moved above its short term moving averages on the daily chart, although it has broken its recent bottom on the line but yet to make lower top ,so it is still positive till it makes lower top  and it is already making higher top & bottom on the bar chart, it is above its recent critical range of 19367---19291(figure will change every day) and most importantly it is well above its most critical range of 19223.60---19200—19165---19120(figures may change) and as long as it holds the mentioned range the up move is likely to continue with intermittent correction. Please note that to have a smooth & steady up movement it has to move above 19530& 19650figure may change) and sustain on the closing basis and to get into the strong up momentum track it has to close above 19849.75—19946&19991.85(figure may change) and sustain on the closing basis. Please note that four out  the five important technical indicators  on the daily chart are positive now  raising good hope that up move can extend further provided it holds the key support range as mentioned above, furthermore four out of five indicators on the weekly chart are negative now and most importantly weakness has trickled down to monthly chart also in few indicators , therefore all together it is still highly concerning and indicates that after possible extended up move it may still witness deep fall in coming days/ weeks/months as of now. Furthermore the price action has also not been consistently positive and it has been weak  for the last two days, which is a concern. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. Its long term uptrend is intact as of now, but deep short and medium term correction mode is on and the pullback mode is also on. The short term bias is positive as of now. 

Moving up from here it may face resistance at 19463---19530---19611---19647---19694---19850---19896---19946--19991.85 (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 if it moves above 19647 and sustain then it could retest its recent top of 19849.75 or can go beyond it.

Kindly note that moving down from here its strong support points would be -19421---19367---19348.59---19291---19223.60---19200---19165---19116--19034----18973.70---18887.60---18837.85---18604.45---18587---18350.95---18131.70----18105.30(figure may change) it may bounce back from any of these points, break below the range of 19367---19291 will be an alert point  for long traders,  sustained break below the range of 19223.60---19200---19165---19120 will trigger fresh fall,  sustained break below 18973.70 will weaken it further, sustained break below 18887.60 & 18837.85 will be an extreme alert point for further fall, sustained break below 18587 will potentially threaten the long term uptrend and finally sustained break below 18131.70 & 18105.30  may accelerate the fall, which may please be noted.

IMPORTANT NOTE: - The on-going up move is likely to extend if it holds the range of 19367---19291 point and finally holds the range of 19223.60---19120, specially the 19223.60 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 18000 or much lower levels in coming weeks provided it moves below 18887.60 & 18837.85 and sustains. Please note that the on-going up move is just a pullback rally in corrective mode and it may get into strong up momentum only if it moves above 19849.75(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. For safe traders long trade can be tried if it moves above 19465 and maintain for some time with a stop loss of 19380 avoid buy on decline for the day. However, aggressive traders can also try long trade within the range of 19367---19291 with a stop loss of 19260 or near or within the range of 19223----19165 with a stop loss of 19110. Please note that long trade below 19395 could be a risky affair for the day.

2. Its long term uptrend is intact but it is still into deep short and medium term correction mode but meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 19520—19540 with a stop loss of 19580.l  

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 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. 

 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—13.11.2023

 

2

CNX-BANK NIFTY

Open---43543.25---High—43908.70---Low---43504.95---Close—43820.10 on 10.11.2023.

Support: 43706.15/43600.35/43519.55/43446/43416.10/43345.95/43078.90/43038.25/ 42986.45/42589.65/42582.20/42108/42105.40/41962/41829.60/41626/41569/41060/40819/39424.85/39300.

Resistance:43830.75/43862/43950/44151.80/ 44182.50/44207.25/44254/44279.40/44390/44459.25/44498.60/44547.80/44539/44566.30/44795/44949.60/45118.05/45238.80/45655.50 45782.75/45816/45893.80/46310.40/46369.50/.          

 (Bold and underlined figures are most important)

It opened on a negative note and went down little further and thereafter staged a recovery and finally ended the day with a gain of 136.50 points. It is still into deep short & medium term correction mode for its earlier rise, long term uptrend is also slightly threatened and break below 43483.12(figure may change) will push it into deep short correction mode for its very recent rise. But the important and good thing is that the short term technical setup has reasonably improved, it has moved above its short term moving averages on the daily chart, it is making higher top & bottom on the line & bar chart, it is well above its recent down trend line ,which is a very positive sign, it is above its recent critical range of 43572---43352(figures will change every day) and most importantly it is well above its critical range of 43345.95---43112----43038.25----43003---42986.45(figures may change) and as long as it holds the mentioned range the up move is likely to continue with intermittent correction. Please note that to have a smooth & steady up movement it has to move above 43880---44151.80 & 44196 (figure may change) and sustain on the closing basis and to get into the strong up momentum track it has to close above 44530---44710.55----44740---45517(figure may change) and sustain on the closing basis. Please note that four out of five important technical indicators on the daily chart is positive now, raising good hope that up move can extend further, but all the five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore all together it is still highly concerning and indicates that after the extended up move it may still witness deep fall in coming days/ weeks/months as of now. Furthermore the price action has also not been consistently positive in the recent past and it has been dicey for the last three days, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now and long term uptrend is also slightly threatened as of now. But as long as it holds the above mentioned range up move can extend with intermittent corrections. The short term bias is positive as of now. 

Moving up from here it may face resistance at 44096---44151.80---44190---44196---44237---44711---44741---45118---45363----45469---45517---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. Please note that if it moves above 44196 and sustain then it could retest its recent top of 44710.55 or can go beyond it also.

Kindly note that moving down from here it’s possible support points would be at 43800---43483.12----43345.95---43284---43112---43038.25---42986.45---42987--42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure may change) it may bounce back from any of these points, break below the range of 43483.12 will be an alert sign for long trade and sustained break below the range of 43345.95---42987 may trigger big fall and will severely threaten the long term uptrend too.

IMPORTANT NOTE: -- The on-going up move is likely to extend to 44400 levels or more if it holds the range of 43572---43352 and finally the range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 41000 or much lower levels in coming weeks provided it moves below 43038---42987 and sustains. Please note that the on-going up move is just a pullback rally in corrective mode and it may get into strong up momentum only if it moves above 44710.55(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Long trade can be tried if it moves & maintains above 43870 for some time with a stop loss of 43780 or can buy on decline near 43660 with a stop loss of 43500. But aggressive traders can also try long trade on sharp decline near 43345.95 with a stop loss of 43200. Please note that long trade below 43658 could be a risky affair for the day.  

2. It is already into deep short and medium term correction mode and long term uptrend is also threatened, but the meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or within the range of 44190---44230 with a stop loss of 44350. It could be a risky trade

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

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

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

Note: Price stated here are of spot market. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—10.11.2023

 

2

CNX-BANK NIFTY

Open---43626.10---High—43876.75---Low---43542.65---Close—43683.60 on 9.11.2023.

Support: 43600.35/43519.55/43446/43416.10/43345.95/43078.90/43038.25/ 42986.45/42589.65/42582.20/42108/42105.40/41962/41829.60/41626/41569/41060/40819/39424.85/39300.

Resistance:43706.15/43830.75/43862/43950/44151.80/ 44182.50/44207.25/44254/44279.40/44390/44459.25/44498.60/44547.80/44539/44566.30/44795/44949.60/45118.05/45238.80/45655.50 45782.75/45816/45893.80/46310.40/46369.50/.          

 (Bold and underlined figures are most important)

It opened on a negative note and then moved much higher during the day but could not sustain and finally ended the day with a meager gain of 24.95 points. It is still into deep short & medium term correction mode for its earlier rise, long term uptrend is also slightly threatened and break below 43573 & 43458(figure may change) will push it into short & deep short correction mode for its very recent rise. But the important and good thing is that the short term technical setup has reasonably improved, it has moved above its short term moving averages on the daily chart, it is making higher top & bottom on the line & bar chart, it is well above its recent down trend line ,which is a very positive sign, it is above its recent critical range of 43546---43320(figures will change every day) and most importantly it is well above its critical range of 43345.95---43112----43038.25----42996---42986.45(figures may change) and as long as it holds the mentioned range the up move is likely to continue with intermittent correction. Please note that to have a smooth & steady up movement it has to move above 43890---44151.80 & 44192 (figure may change) and sustain on the closing basis and to get into the strong up momentum track it has to close above 44530---44710.55----44750---45517(figure may change) and sustain on the closing basis. Please note that four out of five important technical indicators on the daily chart is positive now, raising good hope that up move can extend further, but all the five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore all together it is still highly concerning and indicates that after the extended up move it may still witness deep fall in coming days/ weeks/months as of now. Furthermore the price action has also not been consistently positive in the recent past and it has been slightly dicey for the last three days, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now and long term uptrend is also slightly threatened as of now. But as long as it holds the above mentioned range up move can extend with intermittent corrections. The short term bias is positive as of now. 

Moving up from here it may face resistance at 43800---44096---44151.80---44190---44237---44711---44741---45118---45363----45469---45517---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. Break above 43800 may resume the up move. Please note that if it moves above 44190 and sustain then it could retest its recent top of 44710.55 or can go beyond it also.

Kindly note that moving down from here it’s possible support points would be at 43573---43458.71---43416.10----43345.95---43284---43112---43038.25---42986.45---42987--42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure may change) it may bounce back from any of these points, break below the range of 43573---43458.71 will be an alert sign for long trade and sustained break below the range of 43345.95---42987 may trigger big fall.

IMPORTANT NOTE: -- The on-going up move is likely to extend and it can move up to 44400 levels or more if it holds the range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 41000 or much lower levels in coming weeks provided it moves below 43038---42987 and sustains. Please note that sustained break below 43658 for the day can drag it down further.

TRADING TIPS:--

1. For safe traders long trade can be tried if it moves above 43765 and maintain for some time with a stop loss of 43590 avoid buy on decline for the day. But aggressive traders can also try long trade on decline near 43345.95 with a stop loss of 43200 or on sharp decline near or within the range of 43050-----42987 with a stop loss of 42800. It could be a highly risky trade.

2. It is already into deep short and medium term correction mode and long term uptrend is also threatened, but the meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or within the range of 44000---44100 with a stop loss of 44200 or sell below 43540 with a stop loss of 43700 for intraday corrective gain. It could be a risky trade

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

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

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

Note: Price stated here are of spot market. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—10.11.2023

 

CNX-NIFTY

Open-19457.40---High—19463.90--Low-19378.35--Close-19395.30 on 9.11.2023.

Support: 19405/ 19361.75/19333.60/19303.60/19300/19296.45/19223.65/19204.85/19172.79/19165/19077/18973.30/18887.60/18837.85/18646.70/18604.45/18555.40/18464.55/18350.95/18131.70/18114.65/18105.30/18042/17992.20/17959/17824/17774.25.

Resistance: 19421/19423.85/19458.55/ 19465/19467.50/19480.50/19482.75/19492.10/19512.35/19544/ 19563.10/19584.45/19615.95/19622.40/19638.30/19645.50/19657.50/19766.65/ 19795.60/ 19838/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45.

 (Bold and underlined figures are most important)

It opened on a positive note and moved up little higher and oscillated in a  range and finally slipped down and ended the day with a loss of 48.20 points. It is important to mention here that the gap it created few days ago still exist, therefore if it makes an effort to fill the gap in the next trading sessions which is technically possible then it can come down to 19276 & 19175 levels but if it fails to fill it today then the chances of filling the gap will recede. It is still into deep short & medium term correction mode for its earlier rise and break below 19348.59 & 19316.53(figure may change) will push it into short & deep short correction mode for its very recent rise and it has broken its recent bottom on line chart today, which is slightly concerning. But the important and good thing is that the short term technical setup has reasonably improved, it has moved above its short term moving averages on the daily chart, although it has broken its recent bottom on the line but yet to make lower top ,so it is still positive till it makes lower top  and it is already making higher top & bottom on the bar chart, it is above its recent critical range of 19373---19285(figure will change every day) and most importantly it is well above its most critical range of 19223.60---19192—19165---19116(figures may change) and as long as it holds the mentioned range the up move is likely to continue with intermittent correction. Please note that to have a smooth & steady up movement it has to move above 19530& 19650 (figure may change) and sustain on the closing basis and to get into the strong up momentum track it has to close above 19849.75—19946&19991.85(figure may change) and sustain on the closing basis. Please note that four out  the five important technical indicators  on the daily chart are positive now  raising good hope that up move can extend further provided it holds the key support range as mentioned above, but all the five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore all together it is still highly concerning and indicates that after possible extended up move it may still witness deep fall in coming days/ weeks/months as of now. Furthermore the price action has also not been consistently positive in the recent past, after staying positive for the last five days it was grossly weak today, which is a concern. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. Its long term uptrend is intact as of now, but deep short and medium term correction mode is on and pullback mode is also on. The short term bias is positive as of now. 

Moving up from here it may face resistance at 19421----19463---19530---19611---19647---19694---19850---19896---19946--19991.85 (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 if it moves above 19647 and sustain then it could retest its recent top of 19849.75 or can go beyond it.

Kindly note that moving down from here its strong support points would be -19373---19348.59---19316.53---19286---19223.60---19192---19165---19116--19034----18973.70---18887.60---18837.85---18604.45---18587---18350.95---18131.70----18105.30(figure may change) it may bounce back from any of these points, break below the range of 19373---19286 will be an alert point  for long traders,  sustained break below the range of 19223.60---19192---19165---19116 will trigger fresh fall,  sustained break below 18973.70 will weaken it further, sustained break below 18887.60 & 18837.85 will be an extreme alert point for further fall, sustained break below 18587 will potentially threaten the long term uptrend and finally sustained break below 18131.70 & 18105.30  may accelerate the fall, which may please be noted.

IMPORTANT NOTE: - The on-going up move is likely to extend if it holds the range of 19373---19286 point and finally holds the range of 19223.60---19104, specially the 19223.60 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 18000 or much lower levels in coming weeks provided it moves below 18887.60 & 18837.85 and sustains. It has given weak indication today therefore it may slide further from here  if it does not move above 19465 and sustains.  

TRADING TIPS:--

1. For safe traders long trade can be tried if it closes above 19444 and avoid buy on decline for the day. However, aggressive traders can try long trade near or within the range of 19373---19290 with a stop loss of 19250 or on sharp decline near or within the range of 19223---- 19165 with a stop loss of 19100. It could be a risky trade mind you.

2. Its long term uptrend is intact but it is still into deep short and medium term correction mode but meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 19480—19500 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 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. 

 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com