A TECHNICAL UPDATE ON CNX-BANK NIFTY—25.6.2024

 

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CNX-BANK NIFTY

Open—51280.25--High—51783.95--Low—51138.90---Close—51703.95 on 24.6.2024.

Support:51470/51133.20/50889.65/50467.77/50153.81/50122.13/49974.75/49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.                           

Resistance: 51823/51969/52218/52508/52966/53064/54257.

OVERALL VIEW: --

It opened on a huge negative note but did not move much lower after that and thereafter steadily moved up and finally ended the day with a gain of 42.50 points. It is exhibiting good strength but the volatility could be a dampener in coming days, which please keep in mind. It is out of all corrective mode, therefore the up move is likely to continue provided it holds its first key range of 51384.33---51133.20 & 51097.77(figures may change) on the closing basis, break below 51384.33 will push it into very short correction mode for its recent rise, break below  51133.20 & 51097.77 will be a warning sign. However even if it breaks the above mentioned points, but as long as it holds the range of 51035----50783---50621----50570---50334---50180.39---50083----49843(figures may change) the chance of the up move will be alive but break below this range could be a deep warning sign for the down move to start and finally sustained break below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and that could be moderate to sharp in the intensity. It is important to mention here that despite the recent rise one important technical indicators on the daily, weekly and monthly chart is still negative, which indicates that it may fall in coming days/weeks, but as long as price action remains good there is no major threat for it to move down but price action was weak today, so be watchful, furthermore in light of some weak indicators and volatility, it is suggested to trade the market with extreme caution and alert. Since it is out of all corrective modes it is buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains.

NOTE: - LONG TRADE CAN BE TRIED ON DECLINE NEAR OR WITHIN THE RANGE OF 51250----51135 BUT NOT BELOW IT, ELSE AVOID. SAFE TRADERS SHOULD AVOID LONG TRADE BELOW 51661 FOR THE DAY.

 STRENGTH:-

1. It is in the long term uptrend; but break below 47816(figure will change every day) will threaten 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 in the new zone.

4. It is above all its short, medium and long term moving averages on the daily and weekly chart, and the important range for now is between 51035---50788---50621---50334---50083---49843(figure will change every day), sustained break below this range can trigger down move again.

5. Five out of six important technical indicators are positive on the daily chart.

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

8. It is out of all corrective modes now. The important correction threshold points are 51384.33----51097.77---50783---50570----50180.39(figures may change). Please note that break below any of these points could be concerning.

WEAKNESS:-

1. One important technical indicator is weak on the daily/weekly and monthly chart 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. .

3. The price action was weak today.

TRADING CALL: --                                                                    

1. For aggressive traders long trade can be tried on sharp decline near or within the range of 51250---51135 with a stop loss of 51000, safe traders can try long trade if it moves above 51785 and maintain for some time with a stop loss of 51640, else avoid.

2. Short trade can be tried on the rise near or within the range of 52250---52350 with a stop loss of 52500 or can sell below 51640 with a stop loss of 51820. 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-24.6.2024.

 

CNX-NIFTY

Open-23661.15—High—23667.10—Low—23398.20--Close-23501.10 on 21.6.2024.

Support:23481.05/23456/23441.95/23411.90/23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance:23573/23630/23664/23768/23804/23952/24183/24678.

OVERALL VIEW: --

It opened on a positive note and hit a new all-time high of 23667.10 and thereafter it swung both ways during the day and finally ended the day with a loss of 65.90 points. It is exhibiting good strength but today’s move was concerning and the volatility could be a dampener in coming days and today’s move was a trailer of that, which please keeps in mind. It slipped into short correction again as it closed below its threshold point of 23558.43, furthermore is also closed below its recent bottom of 23516 on the line chart and both the developments are very concerning and it could trigger down move, if it does not bounce back above the aforesaid points in the next 1-2 trading sessions. However even if it moves down as long as it holds the range of  23469----23414----23372.08----23357----23338.70---23325---23297.55---23231.43---23228---23129----23110.80---23104.09----23070---23061(figure may change) it could bounce back from any of these points, else fall may deepen. Please note that break below its critical top of 23338.70 on the closing basis could be a deep warning sign and thereafter break below each support point will weaken it further and pull it down and finally sustained break below 22526.60 may accelerate the fall. Kindly note that despite the vertical rise recently some of the important technical indicators are still negative on the daily, weekly & monthly chart, which indicates that it could fall in coming days/weeks, but please note that as long as price action remains good there is no major threat for it to move down and the price action has been good or mixed so far. Since it gotten into correction mode today, therefore it is selling on the rise market now, but long trade can also be tried near the critical support points for intraday pullback gains.

NOTE: - IT GOTTEN INTO CORRECTION MODE TODAY AND SUSTAINED BREAK BELOW 23338.70 & 23297.55 MAY DEEPEN CORRECTION.     

 STRENGTH:-

1. It is in the long term uptrend now. Break below 22119 (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 in the new territory.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 23469----23414----23357----23228---23129----23061(figure will change every day), sustained break below this range can trigger down move again.

5. Sustained break below 22526.60 may deeply disturb the up momentum rhythm.

6. Three out of six important technical indicators are positive on the daily chart.

7. The price action was mixed today.

WEAKNESS:-

1. It slipped into very short correction mode today as it closed below its threshold point of 23558.43. Its other important corrective threshold points are at 23372.08---23231.43---23104.09---23070.

2. It has made higher top and bottom on the line & bar 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 or within the range of 23400---23340 with a stop loss of 23280, else avoid.

2. Short trade can be tried on the rise near or within the range of 23640---23670 with a stop loss of 23720 or can sell if it moves below 23390 with a stop loss of 23450. 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—24.6.2024

 

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CNX-BANK NIFTY

Open—51927.30--High—51934.35--Low—51224.95---Close—51661.45 on 21.6.2024.

Support:51470/51133.20/50889.65/50467.77/50153.81/50122.13/49974.75/49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.                           

Resistance: 51823/51969/52218/52508/52966/53064/54257.

OVERALL VIEW: --

It opened on a positive note but did not move much further and thereafter had both side moves in the middle range during the day and after 4 days of rise it took a breather today and finally ended the day with a loss of 121.80 points. It is exhibiting good strength but the volatility could be a dampener in coming days, which please keep in mind. It is out of all corrective mode, therefore the up move is likely to continue provided it holds its first key range of 51384.33---51133.20 & 51097.77(figures may change) on the closing basis, break below 51384.33 will push it into very short correction mode for its recent rise, break below  51133.20 & 51097.77 will be a warning sign. However even if it breaks the above mentioned points, but as long as it holds the range of 50804----50783---50570---50584---50431---50180.39---50144---49912---49706(figures may change) the chance of the up move will be alive but break below this range could be a deep warning sign for the down move to start and finally sustained break below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and that could be moderate to sharp in the intensity. It is important to mention here that despite the recent rise one important technical indicators on the daily, weekly and monthly chart is still negative, which indicates that it may fall in coming days/weeks, but as long as price action remains good there is no major threat for it to move down and the price action has been more or less good but in light of some weak indicators and volatility, it is suggested to trade the market with extreme caution and alert. Since it is out of all corrective modes it is buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains.

NOTE: - LONG TRADE CAN BE TRIED IF IT MOVES ABOVE 51957 AND SUSTAIN OR ON DECLINE NEAR OR WITHIN THE RANGE OF 51250----51135 BUT NOT BELOW IT,ELSE AVOID.

 STRENGTH:-

1. It is in the long term uptrend; but break below 47767(figure will change every day) will threaten 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 in the new zone.

4. It is above all its short, medium and long term moving averages on the daily and weekly chart, and the important range for now is between 50804---50584---50431---50144---49912---49706(figure will change every day), sustained break below this range can trigger down move again.

5. Five out of six important technical indicators are positive on the daily chart.

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

7. The price action was mixed today.

8. It is out of all corrective modes now. The important correction threshold points are 51384.33----51097.77---50783---50570----50180.39(figures may change). Please note that break below any of these points could be concerning.

WEAKNESS:-

1. One important technical indicator is weak on the daily/weekly and monthly chart 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 51250 with a stop loss of 51150 for pullback gains, else avoid trade for the day.

2. Short trade can be tried on the rise near or within the range of 52250---52350 with a stop loss of 52450 or can sell below 51100 with a stop loss of 51390. 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-21.6.2024.

 

CNX-NIFTY

Open-23586.15—High—23624—Low—23442.60--Close-23567 on 20.6.2024.

Support:23481.05/23456/23441.95/23411.90/23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance: 23573/23630/23664/23768/23804/23952/24183/24678.

OVERALL VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 51 points. It is exhibiting good strength but the volatility could be a dampener in coming days, which please keep in mind. It is out of corrective mode but please note that if it closes below 23516 it could be concerning and may drag it down and  break below the range of 23441----23346----23369.71----23338.70---23325---23229.06---23183---23110.80---23090---23035(figure may change) may trigger fresh fall, but as long as it holds its critical top of 23338.70  on the closing basis it could still bounce back and may resume the up move again, else break below each support point thereafter will weaken it further  and pull it down and finally sustained break below 22526.60 may accelerate the fall. Kindly note that despite the vertical rise recently some of the important technical indicators are still negative on the daily, weekly & monthly chart, which indicates that it could fall in coming days/weeks, but please note that as long as price action remains good there is no major threat for it to move down and the price action has been good so far. Since it is out of all corrective modes it is buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains.

NOTE: - CLOSE BELOW 23516 MAY DRAG IT DOWN; THEREFORE IT IS SUGGESTED TO AVOID LONG TRADE BELOW 23516 FOR THE DAY.     

 STRENGTH:-

1. It is in the long term uptrend now. Break below 22096 (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 in the new territory.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 23441----23346----23325----23183---23090----23035(figure will change every day), sustained break below this range can trigger down move again.

5. Sustained break below 22526.60 may deeply disturb the up momentum rhythm.

6. Three out of six important technical indicators are positive on the daily chart.

7. It has made higher top and bottom on the line & bar chart.

8. The price action was mixed today.

9. It is out of all corrective modes and the important corrective threshold points are at 23556.07---23369.71---23229.06---23101.72---23068.

WEAKNESS:-

2. 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.

3. 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 23522 with a stop loss of 23440 or can buy if it moves above 23624 and maintain for some time with a stop loss of 23550, else avoid.

2. Short trade can be tried on the rise near or within the range of 23710---23730 with a stop loss of 23790 or can sell if it moves below 23440 with a stop loss of 23530. 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