A TECHNICAL UPDATE ON CNX-BANK NIFTY—11.6.2024

 

2

2

2

CNX-BANK NIFTY

Open—49808.15--High—50252.95--Low—49622.75---Close—49780.90 on 10.6.2024.

Support:49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.                           

Resistance:49974.75/50153.81/50467.77/50889.65/51133.20/51470/51823/51969/52218/52966.

OVERALL VIEW: --

It opened on a flat to positive note and thereafter had both side moves and finally ended the day with a meager loss of 22.30 points. Please note that after the vertical fall on 4.6.2024 In the last four days it retraced more than 80% of the recent entire fall, the on-going up move was good but it lacked volumes and closed negative today which is slightly concerning, furthermore despite the vertical rise some important technical indicators on the daily, weekly and monthly chart are still negative, which indicates that it may fall in coming days/weeks. Therefore till it moves above 49940.14----49974.75-----50122.13----50153.81 & 50467.77 and sustain on the closing basis this rally may fizzle out any time soon. But if it moves above 49974.75---50122.13 & 50153.81 and sustain on the closing basis then it could retest its all-time high of 51133.20 or may go beyond it also, else it may start to drift down again and break below the range of 49242---49165---49114---48985---48862---48692(figures will change every day) will be a warning sign for down move to start and finally sustained break below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and it could be moderate to sharp in the intensity. So be watchful. Since it is still in corrective mode therefore it is sell on the rise market now in general, but long trade can also be attempted on decline at crucial and critical support point with strict stop losses for pullback gains.

 STRENGTH:-

1. It is in the long term uptrend; but break below 47434(figure will change every day) will threaten the long term uptrend.

2. It is 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 well above its pullback threshold point of 47271(figure may change), and if it sustains above it then the possible broad upside target points could be at 49940---49974.75----50122.13----50153.81---50467.77. Please note that if it moves above 50122.13 and sustain on the closing basis then it could retest its all-time high of 51133.20 or may go beyond it.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 49242---49165---49114---48985---48862---48692 (figure will change every day), sustained break below this range can trigger down move again.

5. Two out of five important technical indicators are positive on the daily chart.

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

WEAKNESS:-

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

2. It has broken all tops & bottoms on the line chart and bar chart at one go on 4.6.2024 and made lower top today on the line chart..

3. 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.

4. 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.  

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near 49630 with a stop loss of 49440 or on sharp decline near 48636.45 with a stop loss of 48450 or can buy if it moves above 49940 and maintain for some time with a stop loss of 49775 for pullback gains, else avoid.

2. Short trade can be tried on the rise near or within the range of 50150---50550 with a stop loss of 50350 or can sell below 49600 with a stop loss of 49820. 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-10.6.2024.

 

CNX-NIFTY

Open-22821.85—High—23320.20—Low—22789.05--Close-23290.15 on 7.6.2024.

Support:23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance: 23338.70/23397/23456/23525/23573/23630/23768/23804.

OVERALL VIEW: --

It opened on a flat note and went down slightly lower and thereafter gradually moved up and finally ended the day with a handsome gain of 468.75 points. It got out of all corrective mode today, which is a positive sign Please note that after the vertical fall on 4.6.2024 in the last three days it bounced back vertically and retraced almost 100% of the recent entire fall, the on-going up move was good and showed strength but lacked volumes which is slightly concerning, furthermore despite the vertical rise the technical indicators has weakened further on the daily & weekly chart, which is a very weak sign. Therefore please note that if it moves above its all-time high of 23338.70 with good volumes and sustain above it on the closing basis then the on-going up move may extend, else this rally may fizzle out. However as long as it holds the range of 23121.18---23110.80---22980.53 & 22961(figure may change) on the closing basis chances of continuation of the up move will be alive, but break below this range could be a warning sign and finally sustained break below the range of 22757----22742----22717----22689---22656---22618---22526.60 will trigger fresh fall and it could be moderate to sharp in the intensity. So be watchful at this point of time. Since it is out of all corrective mode it is buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains. In light of the huge volatility traders should be extremely alert and cautious in the both side trades.

STRENGTH:-

1. It is in the long term uptrend now. Break below 21921(figure will change every day) will threaten the long term uptrend.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It is well above its pullback threshold point of 21776.87(figure may change), and now it is likely to retest its all-time high of 23338.70 or may go beyond it also as long as it holds 22961.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 22757----22742----22717----22689---22656---22618---22526.60(figure will change every day), sustained break below this range can trigger down move again.

5. One out of five important technical indicators is positive on the daily chart.

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

7. It is out of all corrective modes now. The correction threshold points are 23121.78---22980.53---22839---22819.75(figures may change).

8. It has crossed its recent top 23263.90 on the line chart.

WEAKNESS:-

1. 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.

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. 

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 23157----23110 with a stop loss of 23060 or can buy on sharp decline near 22790 with a stop loss of 22700 or can buy if it moves above 23338.70 and maintain for some time with a stop loss of 23260, else avoid.

2. Short trade can be tried on the rise near or within the range of 23575---23650 with a stop loss of 23700 or can sell if it moves below 23060 with a stop loss of 23130 or can sell if it does not move above 22338.70 in first one and half hour of trade even intraday with a stop loss of 23280. 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—10.6.2024

 

2

2

2

CNX-BANK NIFTY

Open—49316.95--High—49943.20--Low—49080.45---Close—49803.20 on 7.6.2024.

Support:49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.                           

Resistance:49974.75/50153.81/50467.77/50889.65/51133.20/51470/51823/51969/52218/52966.

OVERALL VIEW: --

It opened on a flat to positive note and went down slightly lower and thereafter gradually moved up and finally ended the day with a gain of 511.30 points. Please note that after the vertical fall on 4.6.2024 In the last three days it bounced back vertically  and retraced 76.40% of the recent fall ,the on-going up move was good but lacked volumes which is slightly concerning, furthermore despite the vertical rise the technical indicators has weakened further on the daily & weekly chart, which is a very weak sign. Therefore till it moves above 49940.14----49974.75-----50122.13----50153.81 & 50467.77 and sustain on the closing basis this rally may fizzle out any time soon. But if it moves above 49974.75---50122.13 & 50153.81 and sustain on the closing basis then it could retest its all-time high of 51133.20 or may go beyond it also, else it may start to drift down again and break below the range of 49112---49064---49028---48872----48765(figures will change every day) will be a warning sign for down move to start and finally sustained break below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and it could be moderate to sharp in the intensity. So be watchful at this point of time. Since it is still in corrective mode therefore it is sell on the rise market now in general, but long trade can also be attempted on decline at crucial and critical support point with strict stop losses for pullback gains.

 STRENGTH:-

1. It is in the long term uptrend; but break below 47396(figure will change every day) will threaten the long term uptrend.

2. It is 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 well above its pullback threshold point of 47271(figure may change), and if it sustains above it then the possible broad upside target points could be at 49940---49974.75----50122.13----50153.81---50467.77. Please note that if it moves above 50122.13 and sustain on the closing basis then it could retest its all-time high of 51133.20 or may go beyond it.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 49112---49064---49028---48872----48765---48590(figure will change every day), sustained break below this range can trigger down move again.

5. Two out of five important technical indicators are positive on the daily chart.

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

WEAKNESS:-

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

2. It has broken all tops & bottoms on the line chart and bar chart at one go on 4.6.2024.

3. 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.

4. 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.  

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near 49200 with a stop loss of 49000 or on sharp decline near 48636.45 with a stop loss of 48450 or can buy if it moves above 49975 and maintain for some time with a stop loss of 49775 for pullback gains, else avoid.

2. Short trade can be tried on the rise near or within the range of 50450---50550 with a stop loss of 50680 or can sell below 49000 with a stop loss of 49220. 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-7.6.2024.

 

CNX-NIFTY

Open-22798.60—High—22910.15—Low—22642.60--Close-22821.40on 6.6.2024.

Support:22820/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance:23110.80/23282/23338.70/23397/23456/23525/23573/23630/23768/23804.

It opened on a positive note and thereafter had both side swings during the day and finally ended the day with a gain of 201.05 points. After yesterday’s sharp rise it consolidated today but today’s up move also lacked volumes again, therefore I am still apprehensive whether the on-going pullback up move will sustain or not, furthermore it has retraced more than 76.40% from its recent bottom of 21281.45, and if does not move above 22885----22961---22980.53 in the next 2-3 trading sessions and sustain on the closing basis then there is a fair possibilities that the on-going pullback rally may fizzle out any time soon, so watch out. However as long as it holds 22526.60 and lastly holds its most critical range of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20 the chances of up move will be alive; else it may head down again. 

STRENGTH:-

1. It is in the long term uptrend now. Break below 21900 will threaten the long term uptrend.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It is well above its pullback threshold point of 21776.87(figure may change), and if it sustains above it then the possible broad upside target points could be at 22885----22961---22980.53----23110.80---23121.81----23338.70 Please note that if it moves above 22961 and sustain on the closing basis then it could retest its all-time high of 23338.70 or may go beyond it.

4. It has bounced back almost above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 22709----22647----22639---22589----22556----22526.60(figure will change every day), sustained break below this range can trigger down move again.

5. One out of five important technical indicators is positive on the daily chart.

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

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 22980.53---23110.80 & 23121.18 and sustain on the closing basis.

2. It has broken all tops & bottoms on the line chart and bar chart at one go on 4.6.2024.

3. 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.

4. 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: -- Please note that the last two days pullback up move lacked volumes, therefore this rally is not likely to sustain, so watch out for next-1-2 trading sessions how it pans out. However as long as it holds 22526.60 and lastly holds its most critical range of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20 the chances of up move may be alive.; else it may head down again.. Since it is in 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 on decline near 22754 with a stop loss of 22680 or can buy on sharp decline near 22530 with a stop loss of 22480, else avoid.

2. Short trade can be tried on the rise near or within the range of 23000---23050 with a stop loss of 23130 or can sell if it moves below 22526 with a stop loss of 22580. 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