CNX-NIFTY PROBABLE RANGE FOR -12.7.2024.

 

 CNX-NIFTY

CLOSE ON 11.7.2024:-24315.95

The possible range for the day is between 24368----24263, if it moves above 24368 and sustain then the upside target for the day could be 24420---24472---24524, if it moves above 24524 and sustain then it can sharply move up further. Similarly break below 24263 can pull it down to 24211---24159---24107, it can bounce back from any of these points but sustained break below 24107 may accelerate the fall. Hopefully it triggered fall today as it closed below 24320.55. Please note that close below 24168.85 may accelerate the fall.

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 -12.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 11.7.2024:-52

The possible range for the day is between 52432-----52107, if it moves above 52432 and maintain then the upside target for the day could be 52595---52758---52921, if it moves above 52921 and sustain then it can sharply move up. Similarly break below 52107 can pull it down to 51944----51781----51618, it can bounce back from any of these points but break below 51618 may accelerate the fall. Please note that close below 51966.65 & 51957 may accelerate the fall.

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-NIFTY-12.7.2024.

 

CNX-NIFTY

Open-24396.55--High-24402.65—Low—24193.75--Close-24315.95 on 11.7.2024.

Support:24174/24168.85//23992.65/23985.80/23667.10/23398/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:24401/24464/24490/24517/24545/24575/24633/24678/24695/24749/24777/24865/25152.

OVERALL VIEW: --

It opened on a positive note and thereafter had wild swings both ways during the day and finally ended the day with a meager loss of 8.50 points. The overall technical chart structure is still showing good strength but the vertical rise, wild swings and volatility is still a concern and it could drag it down sharply in the coming days, furthermore it slipped into short correction mode today for its recent rise as it closed below its threshold points of 24392.09 & 24348.89. The technical chart setup is still good despite today’s volatility but is showing some fatigue now as it has broken its recent bottom on the line chart today, which is a weak sign. However  it can still continue the up move provided it holds its balance support points of the first key range of 24310----24258----24212----24198.84----24168.85-----24165.01-----24126----23942-----23938-----23710.66---23667.10(figure may change)  it is already into mode for its recent rise, close below  24168.85 may accelerate the fall , sustained break below 23985.80 & 23938 may confirm that a big fall may be ahead and finally sustained break below 23667.10 may further accelerate the fall. It is important to mention here that even if it breaks the above mentioned range a glimmer of hope is still there that it can still bounce back provided it holds the range key support points of 23350----23338.70----23297.55----23206.65----23110.80(figure may change), else fall may deepen. Please note that break below its critical bottom & top of 23350 & 23338.70 on the closing basis can pull it down further 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 was mixed today, so keep an eye on the price action for further direction. Since it gotten into correction mode today it is sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - IT CLOSED BELOW 24320.55 IS AWEAK SIGN AND IT CAN DRAG IT DOWN & CLOSE BELOW 24168.85 MAY ACCELERATE THE FALL.

 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 24310----24258----24212----24126---23942----23938(figure will change every day), sustained break below this range can trigger down move again.

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

.

WEAKNESS:-

1. It slipped into correction mode today as it closed below its threshold point of 24392.09 & 24348.89, the other important correction threshold points are at 24198.84----24165.01----23978.65----23838.01----23710.66---23676.62(figures may change). Please note that break below each point will make the correction deeper.    

2. The price action was mixed today.

3. It has broken its recent bottom on the line & bar chart both.

4. 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.

5. Volatility and wild swing 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 24217 with a stop loss of 24130, else avoid.

2. Short trade can be tried on the rise near or within the range of 24400---24420 with a stop loss of 24475 or can sell if it maintain below 24300 for some time with a stop loss of 24375. 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—12.7.2024

 

2

2

2

CNX-BANK NIFTY

Open—52316.90--High—52400.30--Low—51749.45---Close—52270.65 on 11.7.2024.

Support:52246.70/51996.65/51957/51138.90/51133.20/50252.95/49974.75/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85.                           

Resistance:52342.25/52351.15/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened on a negative note and thereafter it had both side moves during the day and finally ended the day with a gain of 81.35 points. The chart setup has weakened a bit today and the volatility and overbought condition is still a concern, furthermore it has made lower top & bottom on the line & bar chart , it is already into short correction mode for its recent rise as it is way below its threshold point of 53036.49----52834.06-----52454.47-and also below some short term moving averages and some other important points of 52540----52505---52401----52372----52025 and most of the important technical indicators have turned negative on the daily chart, so all together it is showing good  weakness and pointing that it could head down further in coming days, however if it could still manages to hold its balance first key support range points of 52129-----51996.65 & 51957 (figures may change, it did break these points intraday today but bounced back to close above these points) on the closing basis then the chances of up move will be alive. Please note that if it maintains above 52129(figure may change) on the closing basis then there is a possibility that it may resume the up move again, but it will gain some strength if it moves above 52540 (figure will change every day)and sustain on the closing basis, else it may slide down and close below 51996.65 & 51957 may accelerate the fall and will make the chart setup very weak.  It is important to mention here that  even if it breaks the above mentioned range, but moving down as long as it holds its last critical range of 51876----51639.66-----51133.20(figures may change) then there is a bleak chance that it could still move up but sustained break below 51876 will signal that a big fall may be ahead,  sustained break below 51133.20 may accelerate the fall and finally sustained break below the range of 48636.45---48563---48292.25 &48203.45 will trigger fresh fall and it could be moderate to sharp in the intensity and will threaten the long term uptrend also. It is important to mention here that most of the important technical indicators on the daily chart has turned weak today, and some indicators on the weekly and monthly chart are already weak and showing overbought condition, which indicates that it may deeply correct and may head for 51661 or much lower levels in the coming days/week/months, 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 is not consistent and it was very weak  today, so keep an eye on the price action for further direction. Since it is into correction mode therefore it is sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - CLOSE BELOW 51996.65 & 51957 MAY WITNESS AN ACCELERATED FALL.

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

WEAKNESS:-

1. The price action was weak today.

2. It is below most of its short term moving averages now on the daily chart and the important average range for today is between 52540----52505----52401----52372----52025---51876(figure will change every day), sustained break below this range can trigger down move. It is below most of the averages now.

3. It is already into correction mode as it is below its threshold point of 53036.49---- 52834.06 & 52454.47, the other important correction threshold points are at 51639.66(figures may change). Please note that break below each point will make the correction deeper.    

4. It has made lower top & bottom on the line & bar chart.                                                       

5. 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.

6. Volatility and wild swing 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.

7. Five out of seven important indicators are negative now.

TRADING CALL: -- 

1. Long trade can be tried on decline near 52129 if it holds this level for some time with a stop loss of 51860, else avoid. Please note that long trade in a corrective market could be a risky affair.  

2. Short trade can be tried on the rise near or within the range of 52550---52600 with a stop loss of 52700 or can sell if it maintains  below 52129 with a stop loss of 52360. 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 -11.7.2024.

 

 CNX-NIFTY

CLOSE ON 10.7.2024:-24324.45

The possible range for the day is between 24404----24244, if it moves above 24404 and sustain then the upside target for the day could be 24484---24564---24644, if it moves above 24644 and sustain then it can sharply move up further. Similarly break below 24244 can pull it down to 24164---24084---24004, it can bounce back from any of these points but sustained break below 24004 may accelerate the fall. Please note that close below 24320 may trigger fall and close below 24168.85 may accelerate the fall.

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 -11.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 10.7.2024:-52189.30

The possible range for the day is between 52303-----52076, if it moves above 52303 and maintain then the upside target for the day could be 52416---52529---52642, if it moves above 52642 and sustain then it can sharply move up. Similarly break below 52076 can pull it down to 51963----51850----51737, it can bounce back from any of these points but break below 51737 may accelerate the fall. Please note that close below 51966.65 & 51957 may accelerate the fall.

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-NIFTY-11.7.2024.

 

CNX-NIFTY

Open-24459.85--High-24461.05—Low—24141.50--Close-24324.45 on 10.7.2024.

Support:24174/24168.85//23992.65/23985.80/23667.10/23398/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:24401/24464/24490/24517/24545/24575/24633/24678/24695/24749/24777/24865/25152.

OVERALL VIEW: --

It opened on a positive note and hit a new all-time high of 24461.05 and thereafter steadily moved down and hit a low of 24141.50 for the day and then recovered sharply in the last hour of the day and finally ended the day with a loss of 108.75 points. The overall technical chart structure is exhibiting good strength but the vertical rise, wild swings and volatility is still a concern and it could drag it down sharply in the coming days, furthermore it slipped into short correction mode today for its recent rise as it closed below its threshold points of 24392.09 & 24348.89 which is a weak sign. The technical chart setup is still good despite today’s volatility but is showing some fatigue now, however  it can still continue the up move provided it holds its balance support points of the first key range of 24320.55----24294-----24231-----24227.29----24223.64----24198.84----24189-----24165.01----24085-----24080.85----24168.85-----23985.80-----23978.65----23903-----23888-----23838.01-----23676.62-----23667.10(figure may change)  it is into mode for its recent rise, close below 24320.55 may trigger fall, close below  24168.85 may accelerate the fall , sustained break below 23985.80 & 23888 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 further accelerate the fall. It is important to mention here that even if it breaks the above mentioned range a glimmer of hope is still there that it can still bounce back provided it holds the range key support points of 23350----23338.70----23297.55----23206.65----23110.80(figure may change), else fall may deepen. Please note that break below its critical bottom & top of 23350 & 23338.70 on the closing basis can pull it down further 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 was mixed today, so keep an eye on the price action for further direction. Since it gotten into correction mode today it is sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - CLOSE BELOW 24320.55 MAY TRIGGER FALL & CLOSE BELOW 24168.85 MAY ACCELERATE THE FALL.

 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 24294----24231----24189----24085---23903----23888(figure will change every day), sustained break below this range can trigger down move again.

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

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

.

WEAKNESS:-

1. It slipped into correction mode today as it closed below its threshold point of 24392.09 & 24348.89, the other important correction threshold points are at 24198.84----24165.01----23978.65----23838.01----23710.66---23676.62(figures may change). Please note that break below each point will make the correction deeper.    

2. The price action was mixed today

3. 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 and wild swing 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 if it holds 24320.55 for some time with a stop loss of 24230, else avoid.

2. Short trade can be tried on the rise near or within the range of 24450---24480 with a stop loss of 24530 or can sell if it moves and maintain below 24320 for some time with a stop loss of 24410. 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