A TECHNICAL UPDATE ON CNX-BANK NIFTY—11.12.2023

 

 

2

CNX-BANK NIFTY

Open---46797.20--High—47303.65-Low---46793.90---Close---47262on 8.12.2023.

Support:47231/47123/46850/46484.45/46369.50/46310.40/45905.85/45893.80/45816/45782.75/45655.50/45238.80/45118.05/44949.90/44779.65/44710.55/.43600.35/44547.80/44498.60/44279.40/44151.80/43830.75/43796.75/43345.95/43230.95/43078.90/43038.25/42986.45.

Resistance: 47420/47454/47575/47808/47917/48081/48925/50850.

(Bold and underlined figures are most important)

It opened on a negative and then moved up and hit a new all-time high of 47303.65 and finally ended the day with a handsome gain of 420.60 points. It is important to mention here that the stipulated time for the gap it created on 4.12.2023 is over, therefore chance of filling this gap has dimmed, but the gap it created on 5.12.2023 is still there and if it makes an effort to fill this gap it may fill in next 1 trading session, which is technically possible and if it does then it can come down to 46484, but if it does not fill the gap in stipulated time as mentioned above then chances of filling the gap may recede for the time being.

It is in the new territory and exhibiting good strength therefore likely to extend the up move further. It corrected on 6.12.2023 which was a very normal correction after the vertical it witnessed recently and closed mildly positive yesterday and today it resumed the up move again. Please note that in between short correction can happen during the continuation of the up move, but break below 46369.50 could be an alert point and break below 46342.23& 46076.40(figure may change) will push it into very short and deep short correction mode for its recent rise and then it may deepen and may last for few days. It is in the long term uptrend and bias is bullish as of now and it is buying on decline market till it indicates otherwise.

It is important to mention here that almost all the important technical indicators are positive now on the daily ,weekly and monthly chart  except for one which is slightly dicey but may turn positive in coming days if price action supports, therefore the on-going up move is likely to extend further provided it holds the key points as mentioned above. Kindly, note that as long as price action remains positive there is no major threat and up move can extend further with intermittent correction. 

Moving up from here it may face resistance at 47420---47454---47575---47808(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. So watch out.

Kindly note that moving down from here it’s possible support points would be at 47231---47123---46850---46484.45----46369.50----46310.40---45716.61---45517---45451----44951---44764—44580---44481(figure may change) it may bounce back from any of these points, but break below each support point could weaken it and can drag it down further, which please note.

IMPORTANT NOTE: -- Close below 46834 & 46507 could be concerning.

TRADING TIPS:--

1. Long trade can be tried if it moves above 47305 and maintain for some time with a stop loss of 47100 or can buy on decline near 46835 with a stop loss of 46730. But aggressive traders can also try long trade on the sharp decline near or within the range of 46507---46369 with a stop loss of 46000.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair, but even then short trade can be attempted on reasonable rise for intraday corrective gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 47770---47820 with a stop loss of 47920.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 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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—11.12.2023

 

CNX-NIFTY

Open-20934.10---High—21006.10-Low-20862.70--Close-20969.40 on 8.12.2023.

Support:20914.75/20751/20719/20599/20568.60/20475/20390/20291.55/20222.45/19991.85/19946/19875.25/19867.55/19849.75/19667/19645.50/19635.30/19627/19584.45/19523.40/19492.10/19480/19333.60/19329.10/19296.45/19253.60/19223.65/19204.85/18973.30/18887.60/18837.85.

Resistance:21050/21078/21260.90/21487/21607.05/22219/22463.

 (Bold and underlined figures are most important)

It opened on a positive note and moved both ways during the day and hit a new all-time high of 21006.10 and finally ended the day with a gain of 68.25 points. It is important to mention here that the stipulated time for the gap it created on 4.12.2023 is over, therefore chance of filling this gap has dimmed, but the gap it created on 5.12.2023 is still there and if it makes an effort to fill the gap it may fill the gap in next 1 trading session, which is still technically possible and if it does then it can come down to 20702, but if it does not fill the gap in stipulated time as mentioned above then chances of filling the gap may recede for the time being. 

It is in the new territory and exhibiting good strength therefore likely to extend the up move further. It took a breather yesterday after seven days of vertical rise and as anticipated it resumed the up move again today. Please note that in between short correction will happen during the continuation of the up move, but break below 20714.11& 20494.39(figure may change) will push it into very short and deep short correction mode for its recent rise and break below 20222.45 could be an alert point and correction may deepen and then it can last for few days. It is in the long term uptrend and bias is bullish as of now and it is buying on decline market till it indicates otherwise. 

It is important to mention here that almost all the important technical indicators are positive now on the daily ,weekly and monthly chart  except for one which is slightly dicey but may turn positive in coming days if price action supports, therefore the on-going up move is likely to extend further provided it holds the key points as mentioned above. Kindly, note that as long as price action remains positive there is no major threat and up move can extend further with intermittent correction. 

Moving up from here it may face resistance at 21050---21078---21260.90---21487(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.

Kindly note that moving down from here its strong support points would be at 20961.95----20914.75----20751---20719---20599---20568.60---20482.27---20390---20291.55---20262.56----20222.45---20168---19991.85---19948.48---19875.25----19849.75(figure may change) it may bounce back from any of these points, but break below each support point could weaken it and can drag it down further, which please note.

IMPORTANT NOTE: -- Close below 20850 could be concerning.

TRADING TIPS:--

1. Long trade can be tried on decline near 20850 with a stop loss of 20800 or if it moves above 21007 with a stop loss of 20930  But aggressive traders can also try long trade on the sharp decline near or within the range of 20715--20680 with a stop loss of 20640.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair, but even then short trade can be attempted on reasonable rise for intraday corrective gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 21100—21120 with a stop loss of 21160.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 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—8.12.2023

 

2

CNX-BANK NIFTY

Open---46735.40--High—46927.70--Low---46507.15---Close---46841.40 on 7.12.2023.

Support:46484.45/46369.50/46310.40/45905.85/45893.80/45816/45782.75/45655.50/45238.80/45118.05/44949.90/44779.65/44710.55/.43600.35/44547.80/44498.60/44279.40/44151.80/43830.75/43796.75/43345.95/43230.95/43078.90/43038.25/42986.45.

Resistance: 46850/47123/47231/47420/47454/47575/47808/47917/48081/48925/50850.

(Bold and underlined figures are most important)

It opened up with a small down gap but filled the gap during the day and finally ended the day flat with a meager gain of 6.85 points. It is important to mention here that the gap it created on 5.12.2023 & 4.12.2023 is still there and if it makes an effort to fill the gap of 5.12.2023 in next 1-2 trading sessions and the gap of 4.12.2023 in next 1 trading sessions, which is technically possible then it can come down to 46484 & 44951, but if it does not fill the gap in stipulated time as mentioned above then the chances of filling the gap will recede for the time being.

It is in the new territory and exhibiting good strength therefore likely to extend the up move further. It corrected yesterday which was a very normal correction after the vertical it witnessed recently and today it closed on a flat to positive note, however correction may still extend but eventually it is likely to resume the up move again, but please note that break below 46369.50 could be an alert point and break below 46309.03& 46043.40(figure may change)will push it into very short and deep short correction mode for its recent rise and then it may deepen and can last for few days. It is in the long term uptrend and bias is bullish as of now and it is buying on decline market till it indicates otherwise.

It is important to mention here that all the five important technical indicators on the daily chart are positive now, therefore the on-going up move can extend further provided it holds the key points as mentioned above, furthermore despite the robust rise still four out of five indicators on the weekly chart and two out of five indicators on the monthly chart are negative, which is slightly concerning and indicates that after the on-going up move exhaustion it may still witness deep fall in coming weeks/months. But please note that as long as price action remains positive there is no major threat and up move can extend with intermittent correction and weekly and monthly indicators may also turn positive in coming days. So watch out.

Moving up from here it may face resistance at 46850---47123---47231---47420---47454---47575---47808(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. So watch out.

Kindly note that moving down from here it’s possible support points would be at 46484.45----46369.50----46310.40---45716.61---45517---45451----44951---44764—44580---44481(figure may change) it may bounce back from any of these points, but break below each support point could weaken it and can drag it down further, which please note.

TRADING TIPS:--

1. For safe traders Long trade can be tried if it maintains above today’s close of 46841.40 for some time with a stop loss of 46740 avoid buy on decline for the day. But aggressive traders can also try long trade on the sharp decline near or within the range of 46369---46309 with a stop loss of 46000.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair, but even then short trade can be attempted on reasonable rise for intraday corrective gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 47250---47300 with a stop loss of 47400.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—8.12.2023

 

CNX-NIFTY

Open-20932.40---High—20941.25-Low-20850.80--Close-20901.15 on 7.12.2023.

Support: 20751/20719/20599/20568.60/20475/20390/20291.55/20222.45/19991.85/19946/19875.25/19867.55/19849.75/19667/19645.50/19635.30/19627/19584.45/19523.40/19492.10/19480/19333.60/19329.10/19296.45/19253.60/19223.65/19204.85/18973.30/18887.60/18837.85.

Resistance: 20914.75/21078/21260.90/21487/21607.05/22219/22463.

 (Bold and underlined figures are most important)

It opened on a flat to slight negative note today and finally ended the day with a loss of 36.55 points. It is important to mention here the gap it created on 5.12.2023& 4.12.2023 is still there and if it makes an effort to fill theses gaps it may fill the gap of 5.12.2023 in next 1-2 trading session and finally the gap of 4.12.2023 in next 1 trading sessions, which is technically possible then it can come down to 20702&20291, but if it does not fill the gap in stipulated time as mentioned above then chances of filling the gap may recede for the time being. 

It is in the new territory and exhibiting good strength therefore likely to extend the up move further. It corrected today please note that after seven days of vertical rise it seems to be a below normal correction today and it may extend also but eventually it is likely to resume the up move again, but it is important to note that the break below 20680.38& 20460.66(figure may change) will push it into very short and deep short correction mode for its recent rise and break below 20222.45 could be an alert point and  correction may deepen and then it can last for few days. It is in the long term uptrend and bias is bullish as of now and it is buying on decline market till it indicates otherwise. 

It is important to mention here that all the five important technical indicators on the daily chart are positive now, therefore the on-going up move can extend further provided it holds the key points as mentioned above, furthermore despite the recent rise still three out of five indicators on the weekly chart and one out of five indicators on the monthly chart are negative, which is slightly concerning and indicates that after the on-going up move exhaustion it may still witness deep fall in coming weeks/months. But please note that as long as price action remains positive there is no major threat and up move can extend further with intermittent correction and weekly and monthly indicators may also turn positive in coming days. So watch out. 

Moving up from here it may face resistance at 20914.75----20961.95----21020---21078---21260.90---21487(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.

Kindly note that moving down from here its strong support points would be at 20751---20719---20599---20568.60---20482.27---20390---20291.55---20262.56----20222.45---20168---19991.85---19948.48---19875.25----19849.75(figure may change) it may bounce back from any of these points, but break below each support point could weaken it and can drag it down further, which please note.

TRADING TIPS:--

1. Long trade can be tried on decline near 20850 with a stop loss of 20800 ..But aggressive traders can also try long trade on the sharp decline near or within the range of 20700--20680 with a stop loss of 20640.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair, but even then short trade can be attempted on reasonable rise for intraday corrective gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 21020—21040 with a stop loss of 21080.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 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