A TECHNICAL UPDATE ON CNX-BANK NIFTY—5.6.2024

 

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CNX-BANK NIFTY

Open—50667.05--High—50667.05--Low—46077.85---Close—46928.60 on 4.6.2024.

Support: 46579.05/45828.80/45661.75/44633.55/44429.                            

Resistance:46983.25/47340.35/47435.25/48203.45/48292.25/48313.60/48381.95/48636.45/49057.40/49688.85/49974.75/50153.81/50467.77/50889.65/51133.20/51470/51823/51969/52218/52966.

It opened with a down gap and the open was the high also for the day and thereafter it plunged down sharply and in the process it filled the yesterdays gap (gap point was 49122) also and finally ended the day with a colossal loss of 4051.35 points. As expected it could not hold on to its yesterdays gain and erased it completely in fact registered fresh losses and had a wild swing during the day, which is a negative indication. It slipped into deep correction mode for its recent rise and for its earlier rise also. Furthermore it slipped below its most critical points of 48636.45---48292.25 &48203.45, please note that to keep the up momentum going in the year 2024 it has to stay above these points, else it could keep the down move on and most importantly it slipped below its last key point of 46983.25 and if it sustains below it on the closing basis then it could head to much lower levels and then the correction could be more painful price-wise and time-wise both which may please be noted. So to give a foothold it has to move above 46983.25 and sustain.       

STRENGTH:-

1. It is still in the long term uptrend, but today it has threatened it as it closed below its threshold point of 47302 and sustained break below 45896 may jeopardize the long term uptrend.

2. Moving down from here the possible good bounce back point could be at 46579.05----45896----45828.80-----45661.75----44633.85-----44429 (figure may change) break below each point could weaken it further.

WEAKNESS:-

1. It slipped into deep correction mode for its earlier and its recent rise and it will get out of all corrective mode once it moves above 48178.61---49002.64----49551---50153.81 &50467.77 and sustain on the closing basis.

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

3. It closed below its last critical support point of 46983.25 and if it sustains below it then it could witness drastic fall in coming days.

4. It is way below its all short term moving averages on the daily and weekly chart and few below monthly chart also.

5. It is below all its medium term moving averages and below one long term average also which is placed at 47302(figure will change every day) for the day.

6. It is below its pullback threshold point of 47271(figure may change),if it moves above it and sustain on the closing basis then there will be a ray of hope that the up move can extend.

7. It has broken all tops & bottoms on the line chart and bar chart at one go today.

8. Some important technical indicators are weak on the daily/weekly and monthly charts and pointing that it could head down to lower levels in coming days/weeks and months.

9. Volatility can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.  

10. The price action has been mixed for the last few days and today it was terribly weak.

OVERALL VIEW: -- It had a nerve wrecking fall today which has devastatingly jolted the technical chart setup and slipped into deep correction mode for its earlier and recent rise and indicates further fall may be ahead, however if it moves above 46983.75---47271 & 47302(figure may change) and sustain on the closing basis then the fall may be arrested and it may gain some strength for the up move., else it may continue to move down. Since it is in deep corrective mode therefore it is sell on the rise market now in general ,but long trade can also be attempted at crucial and critical support point with strict stop loss for pullback gains.

TRADING CALL: --                                                                   

1. Long trade can be tried if it moves above 46983.75 with a stop loss of 46800 for pullback gains, else avoid.

2. Short trade can be tried on the rise near or within the range of 47950---48100 with a stop loss of 48300 or can sell if it remains below 46983.75 with a stop loss of 47350.  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-4.6.2024.

 

CNX-NIFTY

Open-23337.90—High—23338.70—Low—23062.30--Close-23263.90 on 3.6.2024.

Support:23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:23282/23397/23456/23525/23573/23630/23768/23804.

It opened with a huge up gap and went up further and hit a new all-time high of 23338.70 and stood firm during the day and finally ended the day with a whooping gain of 733.20 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in the next 4-5 days which is technically possible then it can come down to 22653, 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 but eventually it will fill the gap some day. Kindly note that over the next 1-2 trading session it has to be seen that whether it will sustain today’s up move or not, however as long as it holds these points 23121.18---23110.80 & 22980.53 chances of continuation of the up move will be there.   

NOTE:-HUGE VOLATILITY IS EXPECTED IN THE MARKET ON 4.6.2024 IN WAKE OF THE ELECTION RESULT, SO BE EXTREMELY ALERT AND CAUTIOUS IN YOUR TRADES. FOR SAFE TRADERS IT IS SUGGESTED STAY OUT OF THE MARKET FOR THE DAY.

STRENGTH:-

1. It is in the long term uptrend now. Break below 21848 will threaten the long term uptrend.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024.

3. It is well above its all short term moving averages on the daily &  weekly  chart and the important range of averages is between 22812---22786---22751--22666---22630----22526.60----22518 (figures will change every day) for the day, sustained close below this range may witness an accelerated fall.

4. It is well above its correction threshold point of 23121.18 & 22980.53(figure may change) for its very recent rise and as long as it holds these points on the closing basis it is likely to continue the up move ,else it will slip into correction mode and can drift down.

5. Moving down the possible good bounce back support point could be at 23121.18---23110.80---22980.53---22878----22758----22634----22580---22526.6---22400---22180----22126.80---22124.58----21860----21848----21821.05----21777.65----21710.20(figures may change), break below 23121.18 will push it into correction mode, break below 23110.80 will be an alert sign, break below 22980.53 will push it into deep correction mode, thereafter break below each point will weaken it further, break below  22526.60 may end the up momentum, sustained break below 21848 will threaten the long term uptrend, sustained break below  22124.58 can pull it down to 21821.05 & 21777.65  levels and finally sustained break below these points could be an ultimate warning sign and can drag it down to devastatingly lower levels in coming days and may make the correction more painful time wise and value wise both, which may please be noted. So 21848---21821.05 & 21777.65 is a very strong and may be the last bounce back support points as of now or make or break point or benchmark points. So be watchful.

6.  Four out of five important technical indicators are positive on the daily chart.

7. It has been making higher top and bottom on the line and bar chart recently.

8. The price action has been mixed for the last few days and today it was positive.

9. It is in the new zone.

WEAKNESS:-

.1. Some technical indicators are still weak on the daily/weekly and monthly charts and pointing that it could head down in the coming days, weeks and months, so be watchful.

2. Volatility can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

OVERALL VIEW: -- It had a massive rise today showing good strength but the huge gap up is a concern, therefore it has to be seen over next 1-2 days trading sessions whether it can hold this rise or not, however as long as it holds the range of 23121.18---23110.80 & 22980.53 chances of continuation of the up move will be there, else it may get into correction mode. It is in the new zone now, therefore it is a buy on decline market in general, but short trade can also be attempted on the reasonable rise with strict stop loss for intraday corrective gains. It could be a risky affair but worth trying.  

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 23121---23110 with a stop loss of 23030, else avoid.

2. Short trade can be tried on the rise near or within the range of 23480---23510 with a stop loss of 23550 or can sell if it moves below 23030 with a stop loss of 23130. 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—4.6.2024

 

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CNX-BANK NIFTY

Open—50889.85--High—51133.20--Low—50092.65---Close—50979.95 on 3.6.2024.

Support:50889.65/50467.77/50153.81/49974.75/49688.85/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25.                           

Resistance: 51133.20/51470/51823/51969/52218/52966.

It opened with a huge up gap and went up further and hit a new all-time high of 51133.20 and stood firm during the day and finally ended the day with a whooping gain of 1996 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in the next 4-5 days which is technically possible then it can come down to 49122, 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 but eventually it will fill the gap some day. Please note that over the next 1-2 trading session it has to be seen that whether it will sustain today’s up move or not, however as long as it holds these points 50467.77---50153.81(figure may change) & 49974.75 chances of continuation of the up move will be there.   

NOTE:-HUGE VOLATILITY IS EXPECTED IN THE MARKET on 4.6.2024 IN WAKE OF THE ELECTION RESULT, SO BE EXTREMELY ALERT AND CAUTIOUS IN YOUR TRADES. FOR SAFE TRADERS IT IS SUGGESTED STAY OUT OF THE MARKET FOR THE DAY.

STRENGTH:-

1. It is in the long term uptrend.   

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

3. It is way above all it’s all short term moving averages on the daily and weekly chart and the important average range is between 49212---49086---48914---48729---48710---48636.45---48379--48292---28203(figures will change every day),  and if it sustains above it on the closing basis then the up move may continue, else it may move down.

4. It is above its medium and long term moving averages.

5. It is well above its correction threshold point of 50467.77 & 50153.8(figure may change) for its very recent rise and as long as it holds these points on the closing basis it is likely to continue the up move ,else it will slip into correction mode and can drift down.

6. Moving down the possible good bounce back point could be at 50467.77---50153.81----50056----49974.75---49723----49548----49391----49058---48979---48877----48636.45----48569----48313---48293----48203----47963---47813---47259---46983.25(figure may change), break below 50467.77 will push it into short correction mode for its recent rise, break below 50153.81 will push it into deep corrective mode, break below 49974.75 could be an extreme alert point , thereafter break below each point will weaken it, break below 48636.45 will be a warning sign, break below 48292.25 & 48203.45 will be a deep warning sign, sustained break below 47813 can pull it down to 46983.25   sustained break below 47259 will threaten the long term uptrend and finally sustained break below 46983.25 could be an ultimate warning sign and can drag it down to devastatingly lower levels in coming days and may make the on-going correction more painful time wise and value wise both, which may please be noted. So 47813—47212 & 46983 is a very strong and may be the last bounce back support points as of now or make or break point or benchmark points.

7. It is making higher top and bottom on the line & bar chart.

8.  Four out of five important technical indicators are positive on the daily chart.

9. The price action has been mixed for the last few days and today it was positive.

10. It is in new zone.

WEAKNESS:-

1. Some important technical indicators are weak on the daily/weekly and monthly charts and pointing that it could head downs in coming days/weeks and months.

2. Volatility can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.  

OVERALL VIEW: -- It had a massive rise today showing good strength but the huge gap up is a concern ,therefore it has to be seen over next 1-2 days trading sessions whether it can hold this rise or not, however as long as it holds the range of 50467.77---50153.81 & 49974.75 chances of continuation of the up move will be there, else it may get into correction mode. It is in the new zone now, therefore it is a buy on decline market in general ,but short trade can also be attempted on the reasonable rise with strict stop loss for intraday corrective gains. It could be a risky affair but worth trying.  

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near or within the range of 50467----50160 with a stop loss of 50040 or can buy if it moves above 51135 and maintain for some time with a stop loss of 50850.

2. Short trade can be tried on the rise near or within the range of 51800 —52000 with a stop loss of 52150 or can sell below 50700 with a stop loss of 50900.  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.