A TECHNICAL UPDATE ON CNX-NIFTY-5.7.2024.

 

CNX-NIFTY

Open-24369.95—High—24401—Low—24281--Close-24302.15 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: 24309.15/24370/24401/24500/24678/24695.

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 24401 but finally ended the day with a meager gain of 15.65 points. Although it hit new all-time high today but ended the day near the low of the day after a long time, furthermore technically it slipped into correction mode as it closed shade below its threshold point of 24303.01 which is a weak sign. But the overall technical setup  is exhibiting extraordinary strength but the vertical rise and volatility is also concern and it could prove to be a dampener in the coming days, which please keep in mind. The technical setup is good as of now , therefore it is likely continue the up move provided it holds its first key range of 24174---24152.96---23123.85-----24119.13-----24092---24010.60-----23992.95-----23985.80-----23953-----23932.78-----23792.1  & 23667.10(figure may change) sustained break below 24174 will be an alert sign for an impending fall, break below 24123.85 may trigger fall, sustained break below 24010.60 & 23985.80 may confirm that a big fall may be ahead and  thereafter break below each point will deepen the correction and finally sustained break below 23667.10 may accelerate the 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 23650 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 24272 FOR THE DAY. SUSTAINED BREAK BELOW 24272 MAY TRIGGER FALL 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 24092----23988----23953----23855---23682----23650(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.  Five out of seven important technical indicators are positive on the daily chart.

7. The price action was positive today.

WEAKNESS:-

1. Technically it slipped into correction mode today as it closed below its threshold point of 24303.01, its other important corrective threshold points are at 24152.96---24119.13---23932.78---23792.13---23664.79---23630.74.

2. 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.

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 if it holds 24281 for some time with a stop loss of 24230 , but aggressive traders can also try long trade  on sharp decline near or within the range of  24123---24070 with a stop loss of 23980. It could be a risky trade mind you.

 2. Short trade can be tried on the rise near or within the range of 24380---24400 with a stop loss of 24460 or can sell if it moves below 24270 with a stop loss of 24335. 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—5.7.2024

  

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CNX-BANK NIFTY

Open—53357.70--High—53357.70--Low—52815.90---Close—52103.70 on 4.7.2024.

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:53180.75/53281/53357.70/54257/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened at a new all-time high of 53357.70 and the open was the high also and thereafter it had both side moves at slightly lower range and finally ended the day with a meager gain of 14.45 points. The chart setup is good but the volatility and overbought condition is still a concern and it could drag it down sharply in coming days. However if it manages to hold its first key support range point of 53036.49---52834.06----52667----52493----52454.47-----52353----52268.86----52167.20-----52026-----51996.65 & 51957 (figures may change) on the closing basis it is likely to continue the up move, break below 53036.49 will push it into short correction mode thereafter break below each point will deepen the correction further and sustained break below 52268.86---51996.65 & 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 51853.33-----51639.66-----51534----51343-----51250.53-----51133.20(figures may change) the chance of the up move will be alive from any of these points but sustained break below 51534 will signal that a big fall may be in the offing  and sustained break below 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 it 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 52667----52493----52353----52026---51534---51343(figure will change every day), sustained break below this range can trigger down move.

5. Five 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 53036.49---52834.06---52454.47-----52167.29---51853.33----51639.66----51250.53(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 53040----52970 with a stop loss of 52800 or can buy 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 52800 with a stop loss of 53050. 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 HDFC BANK LTD-4.7.2024

 

HDFC BANK LTD

open-1791--High-1794--Low-1764.65—Close-1768.65 on 3.7.2024. 

Support:1757.90/1716.95/1709.25/1706/1683.80/1679/1643.15. 

Resistance: 1794/1865/1908/1955/2001/2053/2151/2395/2545. 

(Bold and underlined figures are most important) 

It has give an upside breakout today from its previous all-time high of 1757.50 which it made on 3.7.2023, it is a very positive and bullish sign and it is into new territory now and if it sustains the breakout on the closing basis then the upside target could be 1794---1865---1908---1955---2001---2053---2151.Please note that even if it moves below the breakout point of 1757.50 but as long as it holds 1679 levels chances of up move will be alive, but sustained break below 1679 will push it into correction mode and can drag it down. 

In view of the above observation, it is suggested that investors can accumulate the stock now or on the decline at appropriate support points but not below 1679 with a stop loss of 1640. The stock has the potential of good appreciation in the long run. 

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 STEEL STRIPS WIRE LTD-4.7.2024

 

STEEL STRIPS WIRE LTD

SECTOR: -- IT IS ENGAGED IN THE BUSINESS OF MANUFACTURING STEEL WHEEL RIMS AND ALLOY WHEEL RIMS WHICH ARE USED IN AUTOMOTIVE VEHICLES . 

TTM/EPS;-Rs.14.01 (+13.15%yoy)

TTM/PE:-16.14 /SECTOR PE:-22.99

BOOK VALUE:-Rs.85.75

PRICE TO BOOK VALUE:-2.65

DIVIDEND YIELD:-0.44%

FACE VALUE: - Rs.1/

EQUITY: - 15.69cr.

SHARE HOLDING PATTERN:- PROMOTER—30.70% & PUBLIC---69.30%(low promoters holding).

All-Time High: -- 299 made on 16.10.2023.

All-Time Low: -- 3.06 made on 2.4.2009.

Recent Low: - 190.55 made on 4.6.2024. 

Open-225--High-230.95--Low-223.98—Close-226.22 on 3.7.2024 

Support:218.70/217.60/212.30/211.05/206.55/190.55. 

Resistance:227/233/237/238.50/243.60/247/250/258/259.20/262.55/273.35/275.85/282.50/286.50/289.80/297.90/299/329/346/366/474. 

(Bold and underlined figures are most important) 

After hitting an all-time high of 299 on 16.10.2023 it corrected and made a bottom of 190.55 on 4.6.2024. Technically it is shaping up well now but may take some time to get into strong up momentum track but the attractive thing is that the current price is a good entry point because the down side risk from here seems to be limited in the range of 216.15---212.30, if it has the strength it should not break 216.15 on the closing basis, but break below 212.30 can drag it down. Similarly moving up its strong and broad resistance could be at 227---234---245---258---259.20----273.50---277.35---299, if it moves 227 & 234 and sustain on the closing basis then it may gain some strength for the continuation of the up move but it may get into strong up momentum track once it moves above  259.20 and sustain on the closing basis and finally if it moves above 277.35 and sustain on the closing basis then it could retest its all-time high of 299 or may go beyond it also.   

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 216---212.30 with a stop loss of 210. The stock has the potential to appreciate by 20—30% or more in 8-10 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.

 

CNX-NIFTY PROBABLE RANGE FOR -4.7.2024.

 

                                                                    CNX-NIFTY

CLOSE ON 3.7.2024:-24286.50

The possible range for the day is between 24313----24261, if it moves above 24313 and sustain then the upside target could be 24338---24363---24388, if it moves above 24388 and sustain then it can drastically move up further. Similarly break below 24261 can pull it down to 24236---24211---24207---24186---24123, it can bounce back from any of these points but break below 24186 & 24123 will weaken it and 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 -4.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 3.7.2024:-53089.25

The possible range for the day is between 53284----53257-----52896, if it moves above 53284 and sustain then the upside target could be 53477---53670-----53863, if it moves above 53863 and sustain then it can drastically move up. Similarly break below 52896 can pull it down to 52703----52510----52317-----52168, it can bounce back from any of these points but break below 52168 will weaken it potentially and may accelerate the fall.

As envisaged it staged a sharp recovery today and turn around the chart parameters to positive for the continuation of the up move. Please note that overbought condition and volatility is still a concern which can drag it down in coming days. But as long as price action remains positive there it no major threat for a sharp down move and price action was positive today. So keep an eye on the price action to spot the weakness.

 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