A TECHNICAL UPDATE ON CNX-BANK NIFTY—16.1.2024

 

 

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 CNX-BANK NIFTY

Open—47891.05--High—48248.05--Low—47825.40---Close—48158.30 on 15.1.2024.

Support:47588/47481.35/ 47411.65/47010.80/46919.70/46886.90/46507.15/46369.50/46310.10/45655.50/45622/45281---45239/45118.05/44949.90/44710.55/.44547.80/44279.40/44151.80/43830.75/43796.75/43600.35/43345.95/43230.95/42582.20/42105.40.

Resistance: 48166.15/48203.45/48219.95/48292.25/48381.95 48636.45.

(Bold and underlined figures are most important)

It opened with an up gap and had both side moves and it filled the gap during the day and finally ended the day with a gain of 448.50 points. It is exhibiting some strength but  volatility also, which is not a good sign for a steady market. It is important to mention here that the gap filling threat on the daily and weekly chart has faded out for now but please note that eventually it will fill the gap, which please note.

 It is important to mention here that its critical & important points are 48203.45---48292.25 & 48636.45and to keep up the up momentum going in the year 2024 it has to sustain above these points on the closing basis else it may head down.  It is still below all the three critical points now, it is already into very short term correction mode for its earlier rise as it is below its threshold point of 48231.30 & (figure may change). Please note that break below each points 48133.9---47919.31---47360.75 & 47095.12(figure may change) will deepen the corrective mode and finally break below 46369.50 could be an extreme alert point and then correction may further deepen and fall may accelerate and  then it can last longer. It is in correction now but the long term trend is still up as of now. The good point is that it is above its short and long pullback threshold points of 47334.39 & 47394.45(figure may change) and if it sustains above it on the closing basis then it could give a meaningful up move and hope of the continuation of the up move will be alive, else correction may continue with very short relief rallies. 

It is very important to mention here that four out of five important technical indicators are  negative now on the daily chart and indicates that it could drag it down lower levels in the coming days,  one of the most important indicator on the weekly & monthly chart is also negative and it is already into the corrective mode, furthermore short term chart setup is still weak as it still has  lower top & bottom on the line and bar chart, but the positive point is that it is above its all short term moving averages and the price action is also positive therefore if it sustain above the moving averages and price action remains positive then it may continue the up move. Please note that if it fails to stage a sharp recovery in a shortest possible time and moves above some of the critical &important points as mentioned above and sustains then the correction is likely to continue. In view of the overall observation it is suggested to adopt sell on the rise strategy or sell on the price breakdown till it gives visible sign of correction completion or continuation of the up move. However long trade can also be tried at the most critical support points with strict stop losses for intraday gains. 

Moving down from here its important support points could be at 48015.45----47980---47956---47919.31----47824---47775---47629----47575----47483---47394.45---47334.39--47303--47263---47258---47010.80---46919.70---46886.90---46507.15(figures may change), please note that it can bounce back from any of these points and may resume the up move again, but break below 47010.80 may trigger fresh fall and sustained break below 46919.70---46886.90 & 46507.15 may accelerate the fall. 

Similarly moving up it may face strong resistance at 48133.94---48203.45---48219.95---28231.30----48252.80---48292.25---48311.32----48381.95----48636.45(figure may change) and it can correct at any of these points and then may resume the up move again or it may exhaust the up move at any of these points also and may head down. But please note that if it moves above 48311.32 and sustain on the closing basis then it could retest its all-time high of 48636.45 or may go beyond it also.

IMPORTANT NOTE: -- IT IS STILL BELOW THE CRITICAL POINTS OF  48203.45----48292.25--- &48636.45, FURTHERMORE IMPORTANT TECHNICAL INDICATORS ARE ALSO NEGATIVE, THEREFORE DANGER OF GOING DOWN IS STILL THERE TILL IT MOVES ABOVE THE CRITICAL POINTS AND SUSTAIN OR TECHNICAL INDICATORS IMPROVES.

TRADING TIPS:--

1. Long trade can be tried on decline near or within the range of 47850----47750 with a stop loss of 47550 or if it holds 48154.50 for some time with a stop loss of 48000. Please note that long trade in corrective mode could be a risky affair but can be tried at critical support points with strict stop loss.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair, but it is already into very short  correction mode for its earlier rise, therefore short trade can also be attempted on reasonable rise or on price breakdown for intraday corrective gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 48500---48580 with a stop loss of 48700 . It could be a risky trade but worth trying for intraday corrective gains

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.

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A TECHNICAL UPDATE ON CNX-NIFTY—16.1.2024

 

CNX-NIFTY

Open-22053.15--High—22115.55—Low—21963.55--Close-22097.45 on 15.1.2024.

Support: 22073/22027/21982/ 21974/21931/21928.25/21906/21834.35/21801.45/21763.95/21731.40/21727.75/21680/21593/21500.35/21492/21337.75/21037.90/20976.80/20769.50/20291.55/20222.45/19991.85/19875.25/19839/19635.30/19333.60/19329.10/19223.65/18973.30/18887.60/18837.85.

Resistance: 22124/22220/22459/22478/22590/23082/23124/23587.

 (Bold and underlined figures are most important)

It opened with an up gap and had both side moves during the day and hit a new all-time high of 22081.95 and finally ended the day with a gain of 202.90 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in next 4-5 trading session, which is technically possible then it can come down to 21928.25. But if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for the time being. Furthermore it is exhibiting good strength but huge volatility also and this is not a good sign for a steady market. It is important to mention here that the gap filling threat on the daily and weekly chart has faded out for now but please note that eventually it will fill the gap, which please note.

The technical setup is strong and it is well above its most critical & important points of 21727.75---21731.40 & 21801.45 and to keep up the up momentum going in the year 2024 it has to sustain above these points on the closing basis else it may head down, sustained break below 21801.45 could be a warning and alert sign and sustained break below 21727.75 could be an exit sign from the long trade, which please note. Furthermore please note that break below 21958.16(figure may change) will push it into short correction mode for its very recent rise, break below 21846.81---21797.88---21561.66 & 21342.01 (figure may change) will push it into short, deep short, medium and long term correction mode for its earlier rise and sustained break below 20222.45 could be an extreme alert point and then correction may further deepen and can last longer. It is in the long term trend now. 

It is very important to mention here that three out of five important technical indicators are still negative on the daily chart and indicates that it could drag it down to lower levels in coming days, despite it hitting a new high today, however on the other parameters such as technical setup, moving average placements and price action it is showing good strength, therefore till these parameters remains o.k. it is likely to continue the up move with intermittent correction.  In view of the overall observation now it is suggested to adopt buying on decline strategy till it holds its critical & important points as mentioned above on the closing basis. 

Moving up from here it may face strong resistance at 22124---22220----22459---22478(figure may change) and it can correct at any of these points and then may resume the up move again or it may exhaust the up move at any of these points also and may head down. 

Similarly moving down from here its important support points could be at 22073---22027---21981---21958.16---21939.39---21928.25—21846.81---21782—21757.29----21731.40----21727.75---21703.31---21606---21582----21561.66---21539.70----21448.65---21406---21337.75---21304---21179---21148---20976.80----20769.50(figures may change), please note that it can bounce back from any of these points and may resume the up move again but break sustained break below the range of 21801.45---21703.31 could be an alert and warning sign and break below   21448.65 may trigger fresh fall and sustained break below 20976.80 & 20769.50 may accelerate the fall. 

IMPORTANT NOTE: -- IT HAS BEEN VERTICALLY MOVING UP FOR THE LAST FIVE DAYS IN A ROW AND WITH EACH PASSING RISING DAY VULNERABILITY FOR CORRECTION IS INCREASING AND IT CAN HAPPEN ANY DAY, SO BE ALERT AND CAUTIOUS IN THE LONG TRADE.

TRADING TIPS:--

1. Long trade can be tried if it moves above 22116 and maintain for some time with a stop loss of 22040 or on decline near  21940 with a stop loss of 21870. But aggressive traders can also try long trade on sharp decline near or within the range of 21801---21750 with a stop loss of 21700.

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 or on price breakdown for intraday corrective gains but with extreme caution and alert.  Short trade can be tried on the rise near or within the range of 22220—22240 with a stop loss of 22280.

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-NIFTY—15.1.2024

 

CNX-NIFTY

Open-21773.55--High—21928.25—Low—21715.15--Close-21894.55 on 12.1.2024.

Support: 21834.35/21801.45/21763.95/21731.40/21727.75/21680/21593/21500.35/21492/21337.75/21037.90/20976.80/20769.50/20291.55/20222.45/19991.85/19875.25/19839/19635.30/19333.60/19329.10/19223.65/18973.30/18887.60/18837.85.

Resistance: 21906/21928.25/21931/21974/21982/22027/22073/22124/22220/22459/22478/22590/23082/23124/23587.

 (Bold and underlined figures are most important)

It opened with an up gap but filled the gap during the day and then went up further and hit a new all-time high of 21928.25 and finally ended the day with a gain of 247.35 points. It is exhibiting good strength but huge volatility also and this is not a good sign for a steady market. It is important to mention here that the gap filling threat on the daily and weekly chart has faded out for now but please note that eventually it will fill the gap, which please note.

The technical setup has improved and today it closed above its most critical & important points of 21727.75---21731.40 & 21801.45 and to keep up the up momentum going in the year 2024 it has to sustain above these points on the closing basis else it may head down, sustained break below 21801.45 could be a warning and alert sign and sustained break below 21727.75 could be an exit sign from the long trade, which please note. Furthermore please note that break below 21815.06—21703.31---21654.79---21418.56 & 21198.92(figure may change) will push it into very short, short, deep short, medium and long term correction mode for its recent rise and break below 20222.45 could be an extreme alert point and then correction may further deepen and can last longer. It is in the long term trend now. 

It is very important to mention here that three out of five important technical indicators are still negative on the daily chart and indicates that it could drag it down to lower levels in coming days, despite it hitting a new high today, however on other the parameters such as technical setup, moving average placements and price action it is showing good strength, therefore till these parameters remains o.k. it is likely to continue the up move with intermittent correction.  In view of the overall observation now it is suggested to adopt buying on decline strategy till it holds its critical & important points as mentioned above on the closing basis. 

Moving up from here it may face strong resistance at 21928.25—21931---21981---22027---22073---22124---22220(figure may change) and it can correct at any of these points and then may resume the up move again or it may exhaust the up move at any of these points also and may head down. 

Similarly moving down from here its important support points could be at 21834.35---21815.06—21801.45----21757.29----21731.40----21727.75---21703.31---21688---21654.79---21631.86------21561.84---21544.57----21448.65---21406---21337.75---21304---21179---21148---20976.80----20769.50(figures may change), please note that it can bounce back from any of these points and may resume the up move again but break sustained break below the range of 21801.45---21703.31 could be an alert and warning sign and break below   21448.65 may trigger fresh fall and sustained break below 20976.80 & 20769.50 may accelerate the fall.

TRADING TIPS:--

1. Long trade can be tried if it moves above 21931 and maintain for some time with a stop loss of 21870 or on decline near or within the range of 21801---21750 with a stop loss of 21700. But aggressive traders can also try long trade on sharp decline near or within the range of 21500---21450 with a stop loss of 21400.

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 or on price breakdown for intraday corrective gains but with extreme caution and alert.  Short trade can be tried on the rise near or within the range of 22070—22100 with a stop loss of 22150.

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