A TECHNICAL UPDATE ON CNX-BANK NIFTY —16.6.2023

 

CNX-BANK NIFTY

Open---44054.35----High----44077.45----Low---43397.50---Close---43443.60on 15.6.2023.

Support: 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 43578/ 43598.20/43614.65//43706.15/43874.05/44095.25/44151.80/43266/44340/44459.25/44498.60/44592/45525/45658.                       

 (Bold and underlined figures are most important)

 It was already in short correction and as expected it slipped into medium term correction today for its recent rise and went down by more than 500 points and the down move is likely to continue with in between relief rallies in coming days because it is below some of its short and medium term moving averages on the daily chart and most importantly all the four important advance technical indicators are  negative now, therefore all together it is very concerning and indicates that fall may continue. But it is important to mention here that it has very strong support at 43390—43109----43044---43038.25---42986.45 and it may bounce back from any of these points, please note that to keep the uptrend alive it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else it may trigger fresh fall. Last but not the least technical indicators are pointing towards a sharp fall in the coming days as of now, which may please be noted.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible, However aggressive traders can try long trade in the range of 43390---43038 with a stop loss of 42880. Please note that as it is in corrective mode therefore long trade could be a risky affair.

2. As it is into short & medium correction mode therefore short trade can also be attempted on the price rise or on the price breakdown for intraday corrective gains. One can try short trade if it moves below 43390 with a stop loss of 43550 or sell on the rise near or within the range of 43800---43850 with a stop loss of 43960.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—15.6.2023

 

CNX-NIFTY

 Open-18744.60--High—18769.70--Low-18690--Close-18755.90 on 14.6.2023.

Support: 16696.10/18662.45/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 18778/18788/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

After two days correction at the end of the last week it has been continuously moving up for the last three days in the on-going week and closed above its recent important points of 18703--18719 & 18733 today, it is out of correction which is a good sign and if it holds above these points on the closing basis then it can retest its all-time high of 18887.60 very soon or may go beyond it also. It is also above its short, medium and long term moving averages on the daily, weekly and monthly chart and price action has also improved therefore all together it shows good strength now, but three out of four important advance technical indicators are still negative ,which is slightly concerning. Please note that close below the above key points will put it back in short correction again. The short, medium and long term trend is up as of now.

TRADING TIPS:--

1.  Long trade can be tried if it moves above 18778 with a stop loss of 18680 or long trade can be tried on decline at appropriate points with self defined stop loss or near 18565 with a short stop loss of 18520.

2. Since it is in the uptrend therefore short trade in general could be a risky affair, but it can be tried on the rise near or within the range of 18850---18890 with a short stop loss of 18930 or can sell on the price weakness if it moves below 18680 with a stop loss of 18760.

IMPORTANT NOTE: - It is in the long term uptrend but because of weak  technical indicators now it is suggested to be alert and cautious in the long trade at this point of time.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —15.6.2023

 

CNX-BANK NIFTY

Open---44181.65----High----44212.35----Low---43956..15---Close---43988 on 14.6.2023.

Support:43874.05/43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44095.25/44151.80/43266/44340/44459.25/44498.60/44592/45525/45658.                

 (Bold and underlined figures are most important)

It is still in short correction and exhibiting weakness in the price movement and also failed to move above its critical points of 44151.80---44237---44281---44340 on the closing basis, which is a weak sign. Furthermore it is below some of its short term moving averages on the daily chart and most importantly three out of four important advance technical indicators are still negative, therefore all together it is slightly concerning and indicates that it may go down from here, but if it manages to holds the levels of 43874 & 43706 then chances are that it can still bounce back. It is in short correction now but medium and long term trend is still up.

TRADING TIPS:--

1. Safe traders should avoid long trade till it closes above 44151.80 at least. However aggressive traders can try long trade if it moves above 44080 and maintain for some time with a stop loss of 43930 or can buy if it holds 43944 for some time with a stop loss of 43850. Please note that long trade could be a risky affair for the day.

2. As it is into short correction therefore short trade can also be attempted on the price rise or on the price breakdown for intraday corrective gains. One can try short trade if it moves below 43917 & 43706 with a stop loss of 44090 & 43950 or sell on the rise near or within the range of 44200---44220 with a stop loss of 44350.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—13.6.2023

 

CNX-NIFTY

 Open-18595.05--High—18633.60--Low-18559.75--Close-18601.50 on 12.6.2023.

Support: 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 18604.45/ 18662.45/16696.10/18778/18788/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

The view and observation posted for 12.6.2023 will also be relevant for 13.6.2023 with the following addition or modification in figures and partly in views.

1.  The price action is still weak.

2. Three out of four important technical indicators are showing distinct weakness on the daily chart. So, further fall looks imminent from here provided it breaks 18531.60 & 18464.55 and chances of breaking theses point’s looks very strong as of now.

3. Please note that if it does not bounce back above 18703 & 18733 in next two trading sessions and sustain on the closing basis then it may move sideways or may drift down.

TRADING TIPS:--

1.  For safe traders it is suggested to avoid long trade for the day, however aggressive traders can try long trade if it moves above 18635 and maintain for some time with a stop loss of 18580 or can buy on decline near 18563 and then near 18476 but not below it with a stop loss of 18520 & 18440 . Please note that long trade below 18563 could be a risky trade for the day. It is important to be extremely alert and cautious in the long trade at this juncture.

2. As it is into short correction therefore short trade can also be attempted on the price rise or on the price breakdown for intraday gain. One can try short trade near or within the range of 18680---18703 with a stop loss of 18740 or sell if it moves below 18531 with a stop loss of 18610.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —13.6.2023

 

CNX-BANK NIFTY

Open---44035.20----High----44124.95----Low---43874.05---Close---43944.20 on 12.6.2023.

Support:43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44095.25/44151.80/44340/44459.25/44498.60/44592/45525/45658.               

 (Bold and underlined figures are most important)

The view and observation posted for 12.6.2023 will also be relevant for 13.6.2023 with the following addition or modification in figures and partly in views.

1.  The price action is still weak.

2. All the four important technical indicators are showing distinct weakness on the daily chart. So, further fall looks imminent from here provided it breaks 43917 & 43706 and chances of breaking theses point’s looks very strong as of now. The intensity of the fall could be moderate to sharp.

3. Please note that if it does not bounce back above its key points of 44151.80---44281---44340 in next two trading sessions and sustain on the closing basis then it may move sideways or may drift down.

TRADING TIPS:--

1. Safe traders should avoid long trade till it closes above 44276. However aggressive traders can try buy on decline near 43800 with a stop loss of 43680 or can try long trade if it moves above 44175 and maintain for some time with a stop loss of 43960. Please note that buy on decline trade could be a risky trade for the day.

2. As it is into short correction therefore short trade can also be attempted on the price rise or on the price breakdown for intraday gain. One can try short trade if it moves below 43917 & 43706 and maintain for some time with a stop loss of 44160 & 43950 or sell on the rise near or within the range of 44160---44180 with a stop loss of 44290.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—12.6.2023

 

CNX-NIFTY

 Open-18655.90--High—18676.65--Low-18555.40---Close-18563.40 on 9.6.2023.

Support:18531.60/18476/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance:18604.45/ 18662.45/16696.10/18777.90/18887.60.

 (Bold and underlined figures are most important)

The long term technical setup still looks good but in last two days it has gotten into short correction for its recent rise. Furthermore except for few short terms moving averages on the daily chart it is almost above all its short, medium and long term moving averages on the daily, weekly and monthly chart which indicates strength. But please note that 3 out of 4   important advance technical indicators have turned negative on the daily chart, the price action is also weakening, so all together the situation at this point of time is slightly concerning and indicate that it may moderately or sharply correct further from here in coming days. It is important to mention here that as long as it holds 18476 levels on the closing basis  the chances of retesting its all-time high of 18887.60 or may go beyond it also will be alive, but sustained break below 18476 & 18464.55 on the closing basis may  accelerate the down move, which please note. It is in short correction now and it may last for few days but if it has the strength then this correction should not last for more than 3-4 days in all and it should bounce back sharply and should move above its key figures as mentioned below. The long term trend is up as of now.

Moving up from here it will face resistance at 18604.45---18608---18642---18662.45---16696.10----18703----18777.90---18887.60, please note that to get out of complete corrective mode and to pick up strong up momentum again it has to move above 18703 and sustain on the closing basis, else it may move sideways or drift down.

Similarly moving down its strong and critical support points could be at 18531.60---18476---18464.55---18362.58---18338----18317---18131.70---18105.30---18060.40---18013---17970, break below 18476 & 18464.55 will trigger fresh correction and it will deepen if it breaks further support points. Please note that to keep the uptrend on or alive it has to sustain above the range of 18131.70---18010 in fact above 18131.70 on the closing basis else break below 18010 may accelerate the fall.

In view of the above observation, for safe traders long trade can be tried if it holds 18531 for some time with a stop loss of 18455, however aggressive traders can also try long trade on decline near 18476 but not below it with a stop loss of 18435, please note that long trade below 18531 could be a risky affair for the day. Since it is into correction short trade can also be attempted on price breakdown and if it moves below 18531 with a stop loss of 18590 or if it moves below 18464 with a stop loss of 18540 for the intraday gains.  Do not trade without proper stop loss.

IMPORTANT NOTE:- It is in the uptrend but since it is into short correction mode, therefore one should be alert and cautious in the long trade at this point of time.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.