A TECHNICAL UPDATE ON CNX-NIFTY-4.7.2024.

 

CNX-NIFTY

Open-24291.75—High—24309.15—Low—24207.10--Close-24286.50 on 3.7.2024.

Support:24236.35/24183/24174/24010.10/23992/23952/23804/23768/23664/23630/23573/23481.05/23456/23441.95/23411.90/23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance: 24309.15/24370/24400/24500/24678/24695.

OVERALL VIEW: --

It opened on a huge positive note and thereafter it had both side moves during the day and mostly in the higher side and in the process it hit a new all-time high of 24309.15 and finally ended the day with a gain of 162.65 points. It is exhibiting extraordinary strength but the vertical rise and volatility is a concern and it could prove to be a dampener in the coming days, which please keep in mind. The technical setup is great as of now , therefore it is likely continue the up move provided it holds its first key range of 24232.84---23123.85-----24082.79---24048.96-----24015---24010.60----23992.95-----23985.80----23915----23880----23862.60—23785---23721.96----& 23667.10(figure may change) break below 24232.84 will push it into very short correction mode for its recent rise, break below 24123.85 may trigger fall thereafter break below each point will deepen the correction and finally sustained break below 23667.10 will be a warning sign and may trigger fresh fall.  However even if it breaks the aforesaid range and moves down but as long as it holds the range of 23617----23594.61---23566----23560.57-------23350----23338.70----23297.55----23206.65----23110.80(figure may change) it could bounce back from any of these points, else fall may deepen. Please note that break below 23566 will be a final alert sign for fresh fall to start, 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. It is important to mention here that despite the recent rise some important technical indicators on the daily, weekly and monthly charts are still weak and showing overbought condition also, which indicates that it may deeply correct in the 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 more or less consistently good. recently and it was positive today also. However in light of vertical rise, some weak indicators, overbought condition and volatility, it is suggested to trade the market with extreme caution and alert because it may witness an accelerated fall in coming days. 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: - TO KEEP THE UP MOMENTUM GOING IN THE MONTH OF JULY-2024 IT HAS TO SUSTAIN ABOVE 24174 ON THE CLOSING BASIS ELSE IT MAY START TO DRIFT DOWN. IT IS SUGGETED TO AVOID LONG TRADE BELOW 24174 AND BELOW 24123.85 FOR SURE FOR THE DAY. 

 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 zone.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 24015----23915----23880----23785---23617----23566(figure will change every day), sustained break below this range can trigger down move again.

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

6. All the 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 24232.84---24082.79---24048.96---23862.60---23721.96---23594.61---23560.57.

8. The price action was positive today.

WEAKNESS:-

1. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the 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 24207---24125 with a stop loss of 23980 or can buy if it moves above 24313 and maintain for some time with a stop loss of 24250.  

 2. Short trade can be tried on the rise near or within the range of 24370---24390 with a stop loss of 24450 or can sell if it moves below 24123 with a stop loss of 24220. 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—4.7.2024

 

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CNX-BANK NIFTY

Open—52872.30--High—53256.70--Low—52482.65---Close—53 089.25 on 3.7.2024.

Support:53064/52966/52508/52218/51957/51823/51470/51133.20/50889.65/50467.77/50153.81/50122.13/49974.75/49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45.                           

Resistance:53180.75/53256.70/53281/54257/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened on a huge positive note and thereafter had both side moves during the day mostly on the higher side and in the process it hit a new all-time high of 53256.70 and finally ended the day with a robust gain of 921.15 points. The chart setup was good but certain parameters were weak but today it exhibited extraordinary strength  and parameters made a u turn and turned positive, it came out of all corrective mode , it crossed all tops on the line and bar chart, bounced back above short term moving averages and price action was positive, but volatility and overbought condition is still a concern and it could drag it down sharply in coming days. But as long as it holds its first key support range point of 52959.70----52756.90----52532----52377.31---52361----52248.66----52186----52090.13 & 51957 (figures may change) on the closing basis it is likely to continue the up move, but break below 52959.70 will push it into short correction for its recent rise and thereafter break below each point will deepen the correction further and sustained break below 52248.66 & 51957 will be a warning sign and may trigger fresh fall. However even if it breaks the above mentioned points, but moving down as long as it holds the range of 51839----51776.17----51624---51562.49-----51369----51173.36-----51141-----51133.20(figures may change) the chance of the up move will be alive from any of these points but sustained break below  51141 & 51133.20 could be a deep warning sign for a big 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 some important technical indicators on the daily, weekly and monthly chart are still weak and showing overbought condition also, which indicates that it may deeply correct in the 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 more or less consistently o.k. recently and it was positive today also. However in light of vertical rise, some weak indicators, overbought condition and volatility, it is suggested to trade the market with extreme caution and alert because it may witness a fall an  accelerated fall in coming days. 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: - TO KEEP THE UP MOMENTUM GOING-ON IN THE MONTH OF JULY-2024 IT HAS TO MOVE ABOVE 53180.75 AND SUSTAIN ON THE CLOSING BASIS, ELSE IT MAY MOVE SIDE WAYS OR DRIFT DOWN.

  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 average range for today is between 52532----52361----52186----51839---51369---51141(figure will change every day), sustained break below this range can trigger down move.

5. Four out of seven important technical indicators are positive on the daily chart.

6. It has crossed all tops on the line and bar chart..

7. The price action was positive today.

8. It is out of all corrective mode and its important correction threshold points are at 52959.33---52756.90---52377.31-----52090.13---51776.17----51562.49----51173.36(figures may change). Please note that break below each point will make the correction deeper.                                                            

WEAKNESS:-

1. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the 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 52960----52896 with a stop loss of 52690 or if it moves above 53181 and maintain for some time with a stop loss of 53000, else avoid.

2. Short trade can be tried on the rise near or within the range of 53650---53750 with a stop loss of 53880 or can sell below 52850 with a stop loss of 53000. 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.  

 

CNX-NIFTY PROBABLE RANGE FOR -3.7.2024.

 

 CNX-NIFTY

CLOSE ON 2.7.2024:-24123.85

The possible range for the day is between 24174----24078, if it moves above 24174 and sustain then the upside target could be 24213---24236---24254---24303, if it moves above 24303 and sustain then it can drastically move up. Similarly break below 24078 can pull it down to 24033---24027---24010---23985.80---23943, it can bounce back from the range of 24033---24010 but break below 24010 will weaken it potentially and break below 23985.80 & 23943 may accelerate the fall.

Technically it is superbly placed for the continuation of the up move as of now but at the same time it is highly overbought also, therefore vulnerable for good correction any moment. However as long as price action remains good there is no major threat to go down, so keep an eye on the price action and if price action weakens then be alert in the long trade, please note that price action has been consistently good for the last few days. It is important to mention here that volatility is a concern.  

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

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -3.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 2.7.2024:-52168.10

The possible range for the day is between 52376----51957, if it moves above 52376 and sustain then the upside target could be 52584---52700----52792---53000, if it moves above 53000 and sustain then it can drastically move up. Similarly break below 51957 can pull it down to 51752----51544----51336-----51133, it can bounce back from the range of 51336---51133 but break below 51133 will weaken it potentially and may accelerate the fall.

The chart setup is still good but it is showing some weakness as it is into correction mode, it has made lower top & bottom on the line chart, below few short term moving averages after a long time, overbought condition and volatility, all together these developments are a concern, so it is down but not out and if it stage a sharp recovery in a day or two it may resume the up move again. Please note that it will get out of all corrective mode if it closes above 52700 and sustain and then it may resume the up move again, else it may drift down.  

 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 NATH BIO-GENES (I) LTD-3.7.2024

 

NATH BIO-GENES (I) LTD

SECTOR: -- It is a flagship company of Nath Group, which is a well diversified business conglomerate, for over 40 years.It has played pivotal role in shaping Indian agriculture by developing and supplying quality BT, hybrid and varietal seeds to farmers at affordable prices. 

All-Time High:-- 585 made on 10.5.2018.

All-Time Low: -- 20 made on 28.1.2014.

Recent Low:-128.85 made on 3.2.2023. 

Open-247.45--High-254--Low-243.40—Close-250.67 on 2.7.2024. 

Support:244.60/235.30/210.30/201.40/197.65/182.20/180/165. 

Resistance:261.90/288.50/297.80/328/331/367/381.50/390.10/402/416/438/458.90/473.95/485/491.95/528.70/534/565.50/585. 

(Bold and underlined figures are most important) 

Further to my last write-up of 11.10.2023 on this, please note that now it seems ripe to give a strong up move as it has given breakout from its important top of 244.60 on 1.7.2024, if it sustains the breakout on the closing basis then the broad upside target could be 261---302---322---342---356---384---392---405---410---461---477---494---585(for detailed target points see resistance points mentioned above). It is important to mention here that if it has the strength it should not break 244.60 on the closing basis, but please note that as long as it holds the range of 244.60---235.30 chances of the up move will be alive but sustained break below 235.30 can drag it down to 210.30 or lower levels which may please be noted.  

In view of the above observation, it is suggested that investors can accumulate the stock now and on the decline but not below the range of 244.60---235.30 with a stop loss of 228. The stock has the potential to appreciate by 40—60% or more in 8-12 months from here. 

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore  investors are advised to look into fundamental, financial details of the company because that too keeps on changing and last but not the least management perception for the future of the company before taking investment decision.

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. 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL UPDATE ON CNX-NIFTY-3.7.2024.

 

CNX-NIFTY

Open-24228.75—High—24236.35—Low—24056.40--Close-24123.85 on 2.7.2024.

Support:24010.10/23992/23952/23804/23768/23664/23630/23573/23481.05/23456/23441.95/23411.90/23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance: 24174/24183/24236.35/24400/24500/24678/24695.

OVERALL VIEW: --

It opened on a positive note and thereafter it had both side moves during the day and in the process it hit a new all-time high of 24236.35 but finally ended the day with a meager loss of 18.10 points. It is exhibiting extraordinary strength but the vertical rise and volatility is a concern and it could prove to be a dampener in the coming days, which please keep in mind. The technical setup is great as of now and it is making higher top & bottom on the line & bar chart, therefore it is likely continue the up move provided it holds its first key range of 24027.17---24010.60---23993.31----23992.95-----23985.80----23927----23837-----23806.98--23803------23705 & 23667.10(figure may change) break below 24027.17 & 24010.10 will push it into very short correction mode for its recent rise, thereafter break below each point will deepen the correction and finally sustained break below 23667.10 will be a warning sign and may trigger fresh fall.  However even if it breaks the aforesaid range and moves down but as long as it holds the range of 23666.34----23547----23539---23505----23445-----23350----23338.70----23297.55----23206.65----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. It is important to mention here that despite the recent rise some important technical indicators on the daily, weekly and monthly charts are still weak and showing overbought condition also, which indicates that it may deeply correct in the 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 more or less consistently o.k. recently and it was positive today also. However in light of vertical rise, some weak indicators, overbought condition and volatility, it is suggested to trade the market with extreme caution and alert because it may fall in an accelerated pace in coming days 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: - TO KEEP THE UP MOMENTUM GOING IN THE MONTH OF JULY-2024 IT HAS TO MOVE ABOVE 24174 AND SUSTAIN ON THE CLOSING BASIS, ELSE IT MAY MOVE SIDE WAYS OR DRIFT DOWN.  SIMILARLY SUSTAINED, BREAK BELOW THE RANGE OF 24027.17—23993.34----23806.98 & 23667.10 MAY TRIGGER FRESH FALL. SAFE TRADERS SHOULD AVOID LONG TRADE BELOW 24010 FOR THE DAY.    

 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 zone.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 23927----23837----23803----23705---23547----23445(figure will change every day), sustained break below this range can trigger down move again.

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

6. Six out of seven 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 24027.17---23993.34---23806.98---23666.34---23539---23504.95.

8. The price action was positive today.

WEAKNESS:-

1. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the 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 24060---24010 with a stop loss of 23940 or can buy if it moves above 24174 and maintain for some time with a stop loss of 24110.  

 2. Short trade can be tried on the rise near or within the range of 24240---24270 with a stop loss of 24330 or can sell if it moves below 24010 or 23940 with a stop loss of 24085 & 24040 respectively. 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