A TECHNICAL UPDATE ON CNX-BANK NIFTY—9.5.2024

 

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CNX-BANK NIFTY

Open—48124.20--High—48223.05--Low—47851.15---Close—48021.10 on 8.5.2024.

Support:  47737.20/47279.80/46919.70/.                           

Resistance:48161.25/48203.45/48292.25/48636.45/ 49057.80/49173.36/49262/49396.75/49446.69/49676/49732/49883/49974.75.        

It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a loss of 264.25 points. It is already into deep correction mode for its recent rise. It has been falling for the last 6 days in a row, which exhibits gross weakness in it, therefore it is likely to head down further from here, but it may have a short relief rally any day because of the straight fall before resuming the down move again. However if in the possible relief rally it closes above its few important key points as mentioned below then the up move can extend further. 

STRENGTH:-

1. It is  in the long term uptrend now.  

2. The short range for it now is between 49974.75---47737.20 and the long range is between 49974.75----46579.05.

3. Moving down the possible good bounce back point could be at 47876---47737---47380---47258---46823---46579.05, sustained break below 47737.20 will weaken it further, sustained break below 46823 will threaten the long term uptrend and finally sustained break below 46579.05 could be a warning sign and can drag it down to much lower levels. So 46823 & 46579.05 is a very strong bounce back support points.

WEAKNESS:-

1. It is into deep correction mode now for its recent rise.

2. It is below its most critical points of 48203.45---48292.25 &48636.45, please note that it is must to stay above these point to keep up the up momentum going in the year 2024.It will catch up momentum above 48636.45 only.

3. It is below its important short term moving averages range of 48482---48387---48322(figures will change every day) on the daily chart, sustained close above this range may provide good strength for the up move to continue.

4. It is below its pullback threshold point of 48353.32(figure may change), if it closes above it and sustains then it will give a ray of hope for a meaningful up move.

5. It has broken its recent bottom on the line chart.

6. Technical indicators are weak on the daily/weekly and monthly chart, pointing that it could head down to much lower levels in coming days.

7. The price action is also showing weakness.

OVERALL VIEW:--The overall technical setup is weak as of now  and since it is in correction mode therefore it is sell on the rise market now or sell on the price breakdown. So for safe traders it is suggested to avoid long trade till it closes above 48353.32 at least and sustain or till visible sign of correction completion emerges on the down side. But aggressive traders can try long trade on decline at important support points or range for pullback gains. The long term trend is up, but the short term bias is negative.

TRADING CALL: --                                                                   

1. Aggressive traders can try long trade on decline near or within the range of 47876-----47760 if it holds the range for some time with a stop loss of 47660. 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 48350 —48450 with a stop loss of 48550. 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-8.5.2024.

 

CNX-NIFTY

Open-22489.75-High—22499.05—Low—22232.05--Close-22302.50 on 7.5.2024.

Support: 22297/22224.35/22126.80.21883/21875/21860/21777.65.

Resistance: 22305.25/22348.05/22526.60/22554.68/22568.40/22678.85/22730/22775.70/22783.35/22794.70.

It opened on a positive note and went up little further and thereafter steadily moved down and finally ended the day with a loss of 140.50 points. It is already into deep correction mode for its recent rise as it is below its threshold point of 22679.19 & 22554.68 and it is also below its momentum gaining threshold point of 22526.60. Furthermore it has also closed below its critical support range of 22444---22440---22418(figure will change daily), which is a very weak sign and sustained break below this range may witness an accelerated fall and moving down the possible bounce back point could be at 22286---22166---22126.80---22018----21981, but sustained break below 21981 may open the possibility to drag it down to its most critical levels of 21777.65  and sustained break below it may drag it down to much lower levels and then the correction could be more painful time wise and value wise both, which may please be noted. It is important to mention here that it may gain some strength above the range of 22418----22440----22444(figures will change daily), but it may get into the up momentum track only if it moves above 22526.60 & 22569 and sustain on the closing basis. The long term uptrend is still on, but since it is into deep corrective mode it may correct further from here. But please note that if it moves above 22364.84 (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, else down move may continue.

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 downward bias. Furthermore it has moved below its short term moving average, it has broken its recent bottom on the line  and bar chart and the price action is also weak, so all together it is indicating that further fall may be ahead. Therefore please note that if these parameters does not improve then the fall is likely to continue. I once again repeat that weekly & Monthly indicators weakness is a major concern and could drag it down further in coming weeks/months. The long term trend is still 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, which it has been giving in the last few days including today, so be watchful.     

NOTE:--MOVING DOWN THE STRONG BOUNCE BACK SUPPORT POINT COULD BE IN THE RANGE OF 22126-----21981 AND THEN AT 21777.65, SUSTAINED BREAK BELOW IT COULD BE A VERY WEAK SIGN.FOR SAFE TRADERS IT IS SUGGESTED TO AVOID LONG TRADE TILL IT CLOSES ABOVE 22526.60 OR VISIBLE SIGN OF CORRECTION COMPLETION EMERGES.     

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 22126---21981 but not below it with a stop loss of 21950 or can buy near 21780 with a stop loss of 21690. 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 22470--- 22525 with a stop loss of 22580 or can sell if it remains below 22348 for some time with a stop loss of 22450 or can sell if it moves below 22230 with a stop loss of 22350.  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—8.5.2024

 

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CNX-BANK NIFTY

Open—48965--High—49023.50--Low—48213.75---Close—48285.35 on 7.5.2024.

Support:  48203.45/48161.25/47737.20/47279.80.                           

Resistance:48292.25/48636.45/ 49057.80/49173.36/49262/49396.75/49446.69/49676/49732/49883/49974.75/50005/ 50296/50589.        

It opened on a positive note but did not go much higher after that and thereafter steadily moved down during the day and finally ended the day with a  loss of 609.95 points. It is already into deep short correction mode 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  Furthermore today it decisively closed below its critical point of 48636.45 and also below its  critical and important support points of 48519----48410----48353----48292.25  , please note that the last critical support exist at 48203 and sustained  break below it may derail the up momentum and can trigger fresh fall and then it can witness accelerated down move and moving down the possible bounce back point could be at 48184---47876----47737.20---47380----47258---46802 & 46579.05, but sustained break below 47258 may open the possibility to drag it down to its most critical levels of 46802 & 46579.05, break below 46802 will threaten the long term uptrend and sustain break below 46579.05  may drag it down to much lower levels and then the correction could be more painful time wise and value wise both, which may please be noted. It is important to mention here that it may gain some strength above the range of 48353---48410---48519, but it may get into the up momentum track only if it moves above 48636.45 and sustain on the closing basis. The long term uptrend is still on, but since it is into deep corrective mode it may correct further from here. But please note that if it moves above 48636.45(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, else down move may continue..

The important technical indicators on the daily, weekly and monthly chart is giving mixed signal and pointing that it may have both side moves in coming days/week/months with a downward bias. Furthermore it has moved below some of its short term moving average and the price action was also weak today, so all together it is indicating that further fall may be ahead. Therefore please note that if these parameters do not improve fast then the fall is likely to continue. I once again repeat that weekly & Monthly indicators weakness is a major concern and could drag it down further in coming weeks/months. The long term trend is still 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 corrective 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, which it has been giving in the last few days including today, so be watchful.  

NOTE:--MOVING DOWN THE STRONG BOUNCE BACK SUPPORT POINT COULD BE AT 47258 AND THEN IN THE RANGE OF 46802---46580.FOR SAFE TRADERS IT IS SUGGESTED TO AVOID LONG TRADE TILL IT CLOSES ABOVE 48636.45 OR VISIBLE SIGN OF CORRECTION COMPLETION EMERGES.     

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near or within the range of 48203-----48184 if it holds the range for some time with a stop loss of 48070. 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 48550 —48650 with a stop loss of 48750 or can sell if it remains below 48340 with a stop loss of 48495 or can sell below 48184 with a stop loss of 48360. 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-7.5.2024.

 

CNX-NIFTY

Open-22561.60-High—22588.80—Low—22409.45--Close-22442.70 on 6.5.2024.

Support:22348.05/22305.25/22224.35/22126.80/

Resistance:22526.60/22554.68/22568.40/22678.85/22730/22775.70/22783.35/22794.70

It opened on a positive note and went up little further and thereafter steadily moved down and finally ended the day with a loss of 33.15 points. Please note that after previous days reversal it made an inside bar today with negative close, which is a weak sign, and if it does not bounce back above its momentum gaining threshold point of 22526.60 and other important points as mentioned below in the next 1-2 trading sessions and sustain on the closing basis then it may head down further. Furthermore it made a dent on the upper band of its critical & important range of 22455---22429 but holding the lower band  and if it hold this range on the closing basis then it can bounce back from here also, but sustained break below this range may trigger fresh fall.  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 22454 levels and sustain on the closing basis then there will be a ray of hope that it could give a meaningful up, else it may head down, it may get into the strong up momentum track again if it moves above the range of 22526.60---22554.68---22568.40---22604.85 & 22679.19 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 downward bias. Furthermore the some short term moving average placement has weakened a bit and it has broken its recent bottom on the line chart, but the price action is not that weak, therefore if these parameters improve then the up move may resume, else down move may continue, furthermore as of now indicators weakness is still a concern and could drag it down further in coming days. 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, which it has witnessed in the last few days, so be watchful.     

TRADING CALL: --

1. Long trade can be tried near or within the range of 22429---22409 but not below it with a stop loss of 22340 or can buy if it moves above 22486 and maintain for some time with a stop loss of 22420.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 22580--- 22620 with a stop loss of 22680 or can sell below 22340 with a stop loss of 22460. 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