A TECHNICAL UPDATE ON CNX-BANK NIFTY—27.6.2024

 

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CNX-BANK NIFTY

Open—52653.20--High—52988.30--Low—52373.70---Close—52870.50 on 26.6.2024.

Support:52508/52218/51969/51823/51470/51133.20/50889.65/50467.77/50153.81/50122.13/49974.75/49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45.                           

Resistance: 52966/53064/53281/54257/54604/54815.

OVERALL VIEW: --

It opened on a positive note and thereafter had both side moves during the day and in the process it hit a new all-time high of 52988.30 and finally ended the day with a gain of 264.50 points. It is exhibiting extraordinary strength but the volatility is a concern and it could prove to be a dampener in the coming days, which please keep in mind. The up move is likely to continue provided it holds its first key range of 52551.84----51957 (figures may change) on the closing basis, break below 52551.84 will push it into very short correction mode for its recent rise, sustained break below  51957 will be a warning sign and may trigger fall. However even if it breaks the above mentioned points, but moving down as long as it holds the range of 51885.07---51753----51571.11----51473----51357.43---51220----50968.31---50870---50566---50196---(figures may change) the chance of the up move will be alive but break below this range could be a deep warning sign for a 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 was positive today. 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 a buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains.

NOTE: - IF IT HOLDS 52551.84 & 51957 LEVELS ON THE CLOSING BASIS THEN THE UP MOVE MAY CONTINUE.

 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 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 51753----51473----51220----50870---50566---50196(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 52551.84----52172.25----51885.07---51571.1---51357.43---50968.31(figures may change). Please note that break below any of these points could be concerning.

9. The price action was positive today.

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 or within the range of 52716---52550 with a stop loss of 52350 or can try long trade if it moves above 53023 and maintain for some time with a stop loss of 52800.

2. Short trade can be tried on the rise near or within the range of 53350---53450 with a stop loss of 53600 or can sell below 52350 with a stop loss of 52570. 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-26.6.2024.

 

CNX-NIFTY

Open-23577.10—High—23754.15—Low—23562.05--Close-23721.30 on 25.6.2024.

Support:23664/23630/23573/23481.05/23456/23441.95/23411.90/23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance: 23768/23804/23952/24183/24678/24695.

OVERALL VIEW: --

It opened on a positive note and thereafter steadily moved up and hit a new all-time high of 23754.15 and finally ended the day with a gain of 183.45 points. It is exhibiting good strength but the volatility is concerning and could prove to be a dampener in the coming days, which please keep in mind. It is out of corrective mode and made higher top on the line & bar chart , therefore it is likely continue the up move provided it holds its key range of 23667.10---23658.77---23625(figure may change) break below this range could trigger correction   However even if it moves down but as long as it holds the range of 23543----23485----23450---23350----23338.70----23333----23297.55---23221----23206.65----23170----23130---23110.80(figure may change) it could bounce back from any of these points, else fall may deepen. Please note that break below its critical bottom & top of 23350 & 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 23110.80 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 was positive today. 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: - SUSTAINED BREAK BELOW 23667.10---23658.77 & 23625 MAY TRIGGER CORRECTION AGAIN, ELSE UP MOVE MAY CONTINUE.    

 STRENGTH:-

1. It is in the long term uptrend now.   

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 23543----23485----23450----23333---23221----23130(figure will change every day), sustained break below this range can trigger down move again.

5. It has made higher top on the line & bar chart both.

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

7. It is out of all corrective mode and its important corrective threshold points are at 23658.77---23625---23438.58---23297.94---23170.59---23136.

8. The price action was positive today.

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 23667---23600 with a stop loss of 23550 or can buy if it moves above 23769 and maintain for some time with a stop loss of 23690.  

 2. Short trade can be tried on the rise near or within the range of 23870---23900 with a stop loss of 23950 or can sell if it moves below 23500 with a stop loss of 23570. 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—26.6.2024

 

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CNX-BANK NIFTY

Open—51759.45--High—52746.50--Low—51747.65---Close—52606 on 24.6.2024.

Support: 52508/52218/51969/51823/51470/51133.20/50889.65/50467.77/50153.81/50122.13/49974.75/49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.                           

Resistance:51823/51969/52218/52508/52966/53064/53281/54257/54604/54815.

OVERALL VIEW: --

It opened on a positive note and thereafter steadily moved up and hit a new all-time high of 52746.50 and finally ended the day with a gain of 902.05 points. It is exhibiting extraordinary strength but the volatility is concerning and could prove to be a dampener in the coming days, which please keep in mind. The up move is likely to continue provided it holds its first key range of 52367.11----51957 & 51700(figures may change) on the closing basis, break below 52367.11 will push it into very short correction mode for its recent rise, break below  51957 & 51700 will be a warning sign. However even if it breaks the above mentioned points, but as long as it holds the range of 51396----51386.37----51172----51118----50904---50784---50598---50323---50009(figures may change) the chance of the up move will be alive but break below this range could be a deep warning sign for a 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 was positive today. 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: - IF IT HOLDS 51957 LEVEL ON THE CLOSING BASIS THEN THE UP MOVE MAY CONTINUE.

 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 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 51396----51118----50904---50598---50323---50009(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 52367.11----51987.56----51700---51386.37---51172.70---50784(figures may change). Please note that break below any of these points could be concerning.

9. The price action was positive today.

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 or within the range of 52360---52000 with a stop loss of 51730 or can try long trade if it moves above 52750 and maintain for some time with a stop loss of 52500.

2. Short trade can be tried on the rise near or within the range of 53150---53250 with a stop loss of 53400 or can sell below 51730 with a stop loss of 51970. 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-25.6.2024.

 

CNX-NIFTY

Open-23382.30—High—23558.10—Low—23350--Close-23537.85 on 24.6.2024.

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 big  negative note and thereafter it had both side moves during the day and finally ended the day with a gain of  36.75 points. It is still 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 is into short correction mode as it is below its correction threshold point of 23558.43, furthermore is has made lower bottom on 21.6.2024 on the line chart and both the developments are very concerning, therefore if it does not bounce back above 23667.10 in a shortest possible time and sustain on the closing basis it could trigger down move,. However even if it moves down but as long as it holds the range of 23492----23439----23390----23273----23372.08----23338.70---23168---23297.55---23231.43----23110.80---23104.09----23090----23070(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(it bounce back today from near this point) 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 was weak today. 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: - SUSTAINED BREAK BELOW 23338.70 & 23297.55 & 23206.65 MAY DEEPEN CORRECTION. IF IT MOVES ABOVE 23667.10 AND SUSTAIN ON THE CLOSING BASIS THEN IT CAN RESUME THE UP MOVE AGAIN.BE WATCHFUL.    

 STRENGTH:-

1. It is in the long term uptrend now. Break below 22140 (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 23492----23439----23390----23273---23168----23090(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.

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 broken recent bottom of 23516 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.

 5. 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 23400---23340 with a stop loss of 23280, safe traders can try long trade if it moves above 23589 and maintain for some time with a stop loss of 23475, else avoid.

 2. Short trade can be tried on the rise near or within the range of 23690---23720 with a stop loss of 23780 or can sell if it moves below 23475 with a stop loss of 23570. 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