A TECHNICAL UPDATE ON CNX-BANK NIFTY—6.5.2024

 

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CNX-BANK NIFTY

Open—49375.05--High—49607.75--Low—48659.70---Close—48923.55 on 3.5.2024.

Support: 48636.45/ 48292.25/48203.45/48161.25/47737.20.                           

Resistance:49057.80/49173.36/49262/49396.75/49446.69/49676/49732/49883/49974.75/50005/ 50296/50589.        

It opened on a positive note and went up further but thereafter it steadily moved down and finally ended the day with a loss of 307.50 points. Today’s movement showed gross weakness, it is already into very short correction mode and today it slipped into deep correction for its recent rise as it is below its threshold point of 49446.69 & 49173.36 and it is also below its alert point of 49057.80. But the good point is that it is above its most critical & important points of 48636.45—48475----48334----48303----48292.25 & 48203, please note that if it bounce back from this range then it may resume the up move again, but sustained break below 48636.45 will be a warning sign, sustained break below the range of 48475---48303 will weaken it further and sustained break below 48292.25 & 48203 may derail the up momentum and it may trigger fresh fall and then it can witness accelerated down move. The long term uptrend is on, but since it is into corrective mode it may correct further from here before resuming the up move again. But please note that if it moves above 48970.05(figure may change) and sustain on the closing basis then it will give a ray of hope that there could be a meaningful pullback up move, but it may get into the strong up momentum track only if it moves above the range of 49262----49396.75 & 49446.69 and sustain on the closing basis.   .    

The important technical indicators on the daily, weekly and monthly chart is giving mixed signal pointing that it may have both side moves in coming days/week/months with a slight downward bias. But despite 3 days fall, please note that the moving average placement is still good and the price action is also more or less has been consistently positive, therefore if these parameters remain good the up move may resume in a day or two and eventually all the indicators may also turn positive but as of now indicators weakness is still a concern and could drag it down. The long term trend is up therefore it is buying on decline market in general, but since it is into deep short correction mode now, therefore short trade can also be attempted on the reasonable rise or price breakdown for intraday gains, but be alert and cautious in both side trades. The volatility is still continuing which is not a good sign for a steady market and eventually it can drag it down in coming days/weeks & months, so be alert and watchful and ride the on-going rise with slight caution because it may give severe downside corrective jerk at times as it gave today few days back also.

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near or within the range of 48650-----48400 with a stop loss of 48150. Please note that trying long trade in a corrective mode could be a risky affair but it can be tried at the critical support points for pullback gains.

2. Short trade can be tried on the rise near or within the range of 49580 —49680 with a stop loss of 49800. It could be a risky trade but can be tried 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 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-3.5.2024.

 

CNX-NIFTY

Open-22567.85-High—22710.50—Low—22567.85--Close-22648.20 on 2.5.2024.

Support: 22618.71/22576.09/ 22546/22526.60/22443/22433/22399.

Resistance: 22664.33/22687.04/22730/22775.70/22783.35/22838/23047/23117/23156.

It opened on a negative note  and the open was the low of the day also, thereafter it steadily moved up and traded in a range during the day and finally ended the day with a gain of 43.35 points. Although it staged a bounce back today but it is still into very short correction mode for its recent rise as it is below its threshold point of 22687.04, break below 22546 will deepen the correction, sustained break below 22526.60 may derail the up momentum and finally sustained break below the range of 22452---22422 may trigger fresh fall and it may witness accelerated down move. The bias is bullish as of now, but since it gotten into corrective mode it may correct further but if it holds the range of 22618.71 & 22568.46 then it can extend the up move and if it moves above 22687.04 and sustain then it is likely that it may resume the up move again.

The important technical indicators on the daily, weekly and monthly chart is giving mixed signal pointing that it may have both side moves in coming days/week/months with a slight downward bias. But please note that the moving average placement is good and the price action is also more or less has been consistently positive, therefore if these parameters remain good the up move may continue and eventually the indicators may also turn positive but as of now indicators weakness is still a concern. The long term trend is up therefore it is buying on decline market now but it is short correction also so be cautious. The volatility is still continuing which is not a good sign for a steady market and eventually it can drag it down in coming days/weeks & months, so be alert and watchful and ride the on-going rise with slight caution because it may give severe downside corrective jerk at times.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 22618---22570 but not below it and then on sharp decline near or within the range of 22450---22430 but not below it with a stop loss of 22520 & 22380 respectively or can buy if it moves above 22688 and maintain for some time with a stop loss of 22600.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair; but it is into short correction mode, therefore short trade can also be attempted on the 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 22770--- 22800 with a stop loss of 22850. It could be a risky trade but can be tried 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 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—3.5.2024

 

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CNX-BANK NIFTY

Open—49262--High—49529.35--Low—49123.60---Close—49231.05 on 2.5.2024.

Support: 49173.36/49057.80/48636.45/ 48292.25/48203.45/48161.25.                           

Resistance:49262/49396.75/49446.69/49676/49732/49883/49974.75/50005/50296/50589.        

It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a loss of 165.70 points. It is into very short correction mode for its recent rise as it is below its threshold point of 49446.69, break below 49173.36 will deepen the correction, sustained break below 49057.80 will be an alert sign, sustained break below 48636.45 will be a warning sign, sustained break below 48292.25 & 48203 may derail the up momentum and it may trigger fresh fall and then it can witness accelerated down move. The bias is bullish as of now, but since it gotten into corrective mode it may correct further before resuming the up move again but if it moves above 49396.75(Figure may change) & 49446.69 and sustain on the closing basis then it may resume the up move immediately.   .  

The important technical indicators on the daily, weekly and monthly chart is giving mixed signal pointing that it may have both side moves in coming days/week/months with a slight downward bias. But please note that the moving average placement is good and the price action is also more or less has been consistently positive, therefore if these parameters remain good the up move may continue and eventually the indicators may also turn positive but as of now indicators weakness is still a concern. The long term trend is up therefore it is buying on decline market now but it is short correction also so be cautious. The volatility is still continuing which is not a good sign for a steady market and eventually it can drag it down in coming days/weeks & months, so be alert and watchful and ride the on-going rise with slight caution because it may give severe downside corrective jerk at times.

TRADING CALL: --                                                                    

1. Long trade can be tried if it moves above 49262 and maintain for some time  with a stop loss of 49100 or if it moves above 49450 and maintain for some time with a stop loss of 49230 or on the sharp decline near or within the range of 48650---48300 with a stop loss of 48150. Please note that trying long trade in a corrective mode could be a risky affair but it can be tried at the critical support points for pullback gains.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair; but it is into short correction mode now, 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 49550 —49650 with a stop loss of 49750 or can sell below 49100 with a stop loss of 49280. It could be a risky trade but can be tried 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 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-2.5.2024.

 

CNX-NIFTY

Open-22679.65-High—22783.35—Low—22568.40--Close-22604.85 on 30.4.2024.

Support: 23576.09/ 22546/22526.60/22443/22433/22399.

Resistance: 22664.33/22687.04/22730/22775.70/22783.35/22838/23047/23117/23156.

It opened on a positive note and thereafter had both side moves during the day and hit a new all-time high of 22783.35 but in the last hour of trade it slipped down from the top and finally ended the day with a loss of 38.55 points. After yesterdays robust up move today’s movement gave a weak indication as it slipped into very short correction mode because it closed below its threshold point of 22687.04, break below 22546 will deepen the correction, sustained break below 22526.60 may derail the up momentum and finally sustained break below the range of 22443---22433---22399 may trigger fresh fall and it may witness accelerated down move. The bias is bullish as of now, but since it gotten into corrective mode it may correct further but if it holds the range of 22576.09---22546----22526.60 then it can bounce back immediately and may resume the up move or if it moves above 22687.04 and sustain then it may certainly resume the up move again.    

The important technical indicators on the daily, weekly and monthly chart is giving mixed signal pointing that it may have both side moves in coming days/week/months with slight downward bias, but as long as the other parameters such as moving average placement and price action remains good the up move may continue and eventually the indicators may also turn positive but as of now indicators weakness is still a concern. The long term trend is up therefore it is buying on decline market now but it is short correction also so be cautious. The volatility is still continuing which is not a good sign for a steady market and eventually it can drag it down in coming days/weeks & months, so be alert and watchful and ride the on-going rise with slight caution because it may give severe downside corrective jerk at times as it gave today.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 22570---22527 and then on sharp decline near or within the range of 22450---22430 but not below it with a stop loss of 22500 & 22390 respectively or can buy if it moves above 22657 and maintain for some time with a stop loss of 22600. Since it slipped into short correction it would be relatively safe to try long trade above 22657.

2. It is in the long term uptrend therefore short trade in general could be a highly risky affair; but it is still into short correction mode, therefore short trade can also be attempted on the 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 22765--- 22800 with a stop loss of 22860 or can sell near 22626 if it does not move above it in first hour of trade even intraday with a stop loss of 22660. It could be a risky trade but can be tried 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 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