A TECHNICAL UPDATE ON CNX-BANK NIFTY —21.6.2023

 

CNX-BANK NIFTY

Open---43597.55----High----43823.95----Low---43345.95---Close---43766.50on 20.6.2023.

Support: 43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 43874.05/44095.25/44151.80/44220.10/43266/44340/44459.25/44498.60/44592/45525/45658.                    

 (Bold and underlined figures are most important)

It is still into short and medium correction mode for its recent rise. Furthermore it is below some of its short and medium term moving averages on the daily chart, making lower top & bottom on the line and bar chart and most importantly all the four important advance technical indicators are still negative, which is very concerning and indicates that it could still witness further fall from here in coming days. Please note that all together it is exhibiting gross weakness as of now. It is important to mention here that to get out of corrective mode and to put it back on the strong up momentum track it has to move above its critical points of 44151.80---44237--- 44268--44282 and sustain on the closing basis. However, if it manages to hold above 43618 on the closing basis then the chances of a pullback up move will be there, else it may drift down further. The long term bias is positive as of now.   

Moving down it has very strong support at 43618---43390—43347---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. I once again reiterate that technical indicators are pointing towards a sharp fall in the coming days as of now, which may please be noted, so one should be alert and cautious in the long trade at this point of time.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible or it closes above 44151.80 at least. However, aggressive traders can try long trade on decline near or within the range of 43390---43347---43109---43044 with a stop loss of 42900 or if it holds the level of  43618  for some time with a stop loss of 43500. Please note that as it is in corrective mode therefore long trade could be a risky affair, so be alert and cautious.

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 on the rise near or within the range of 44080---44150 with a stop loss of 44240 or sell if it maintains below 43618 for some time with a stop loss of 43790.

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—20.6.2023

 

CNX-NIFTY

 Open-18873.30--High—18881.45--Low-18719.15--Close-18755.45 on 19.6.2023.

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: 18778/18794.10/18881.45/ 18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

It opened with an up gap and went up to 18881.45 near the all-time high of 18887.60 but could not cross it and started to drift down and finally ended the day with a loss of 70.55 points. As expected it corrected today and slipped into short correction mode for its very recent rise as it has gone below its threshold points, this correction may last 2-3 days. Moving down further its critical support points could be at 18733---18719---18687---18632---18620---18560, it may bounce back from any of these points and may resume the up move, similarly break below each point will deepen correction and break below 18560 may accelerate the fall. Please note that to get out of correction and to pick up momentum it has to move above 18783 & 18805 and sustain on the closing basis. It is important to mention here that it is above its short, medium and long term moving averages on the daily, weekly and monthly chart which is a positive sign, but today three out of four important advance technical indicators are negative, which is slightly concerning and could drag it down further, so be alert and cautious at this point of time. However the overall chart setup is good and the price action is still o.k. and this indicates that the up move is still likely to continue with intermittent correction provided it holds the key points as mentioned above. Last but not the least in worst case scenario as long as it holds 18476 chances of  up move will remain alive with in between correction, but break below 18476 & 18464.55 may accelerate the fall, which may please be kept in the back of mind. The long term trend is up as of now.

Moving up it will face resistance at 18783----18805----18865---18887.60(ATH) ----18915----19138----19498---19764, as expected it corrected near the all-time high today ,therefore fresh  strong up momentum now is only expected once it closes above 18887.60 and sustain on the closing basis. It is in the long term uptrend and is buy on decline market now till it holds key points as mentioned above, but exercise some caution in the long trade in light of three weak technical indicators at this point of time.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near or within the range of 18730---18719 and not below this with a stop loss of 18680. Long trade below 18719 could be a risky trade for the day.

2. Aggressive traders can also try long trade if it moves above 18805 and maintain for some time with a stop loss of 18740. It could be a risky trade mind you.

3. As it is in short correction now, therefore short trade can also be attempted on the rise near or within the range of 18876---18887 with a short stop loss of 18950. It could be a risky trade but worth trying or sell if it moves below 18680 with a stop loss of 18760.

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 —20.6.2023

 

CNX-BANK NIFTY

Open---44015.30----High----44060.35----Low---43501.40---Close---43633.75 on 19.6.2023.

Support: 43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 43706.15/43874.05/44095.25/44151.80/44220.10/43266/44340/44459.25/44498.60/44592/45525/45658.                       

 (Bold and underlined figures are most important)

After 16.6.2023 rise, it slipped again into short and medium correction mode today. Furthermore it has moved 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 still negative, which is very concerning and indicates that it could still witness further fall from here in coming days. Please note that all together it is exhibiting gross weakness as of now. It is important to mention here that to get out of corrective mode and to put it back on the strong up momentum track it has to move above its critical points of 44151.80---44237---44282 and sustain on the closing basis. However, if it manages to move above 43658(pullback threshold point) and sustains on the closing basis then the chances of a pullback up move will be there, else it may drift down further.   

 Moving down 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. I once again reiterate that technical indicators are pointing towards a sharp fall in the coming days as of now, which may please be noted, so one should be alert and cautious in the long trade at this point of time.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible or it closes above 44151.80 at least. However, aggressive traders can try long trade on decline near or within the range of 43390---43109---43044 with a stop loss of 42950 or if it moves above 43658 and maintain for some time with a stop loss of 43500. Please note that as it is in corrective mode therefore long trade could be a risky affair, so be alert and cautious.

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 on the rise near or within the range of 44050---44150 with a stop loss of 44240 or sell if it maintains below 43500 for some time with a stop loss of 43670..

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—19.6.2023

 

CNX-NIFTY

 Open-18723.30--High—18864.70--Low-18710.50--Close-18826 on 16.6.2023.

Support: 18794.10/18778/16696.10/18662.45/18604.45/ 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: 18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

As expected and envisaged it bounced back the very next day of the fall   and moved above its all immediate critical points the last being at 18791(figure may Change)today, which indicates strength and if it hold this point and 18770 it can retest its all-time high of 18887.60 or may go beyond it also on 19.6.2023 itself, but if it close below it then it can slip into short correction again and break below the other critical points of 18770----18733---18708---18675---18555---18476 ( figure may change)-may deepen the correction, but it can bounce back also from any of these points, which may  be noted. Please note that it is above its short, medium and long term moving averages on the daily, weekly and monthly chart which is an extremely positive sign, but two out of four important advance technical indicators are still negative, which is slightly concerning, however if price action remains o.k. then it can also turn positive in due course but caution is required now. However the overall chart setup and price action is also good and indicates that the up move is likely to continue with intermittent correction. Last but not the least in worst case scenario as long as it holds 18476 chances of  up move will remain alive with in between correction, but break below 18476 & 18464.55 may accelerate the fall, which may please be kept in the back of mind. The long term trend is up as of now.

Moving up it will face resistance at 18865---18887.60(ATH) ----18915----19138----19498---19764, since it is close to its all-time high top so chances of correcting near the top is always there but if it gives upside breakout from the top of 18887.60 and sustains on the closing basis then it can scale new highs in coming days. In view of this for safe traders it is suggested to be extra cautious and alert at this juncture and try fresh long trade if it closes above 18887.60 and sustains or on decline at appropriate points. But aggressive traders can try long trade now also. It is in the long term uptrend and it is buy on decline market, but exercise some caution in the long trade in light of two weak technical indicators at this point of time.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near or within the range of 18730---18710 and not below this with a stop loss of 18670.

2. Aggressive traders can also try long trade if it moves above 18865 and maintain for some time with a stop loss of 18780. It could be a risky trade mind you.

3. If it fails to cross its all-time high top of 18887.60( even intraday) in first hour of trade then one can try short trade also with a short stop loss of 18950. It could be a highly risky trade but worth trying at this point.

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 —19.6.2023

 

CNX-BANK NIFTY

Open---43583.35----High----44083.25----Low---43536.95---Close---43938.15 on 16.6.2023.

Support: 43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:44095.25/44151.80/44220.10/43266/44340/44459.25/44498.60/44592/45525/45658.             

 (Bold and underlined figures are most important)

 It is still into short correction but as expected it bounced back from near the support point of 43390 today and almost recouped the entire losses it made on 15.6.2023 which is a good sign. But please note that it is still below some of its short term moving averages on the daily chart and most importantly all the four important advance technical indicators are still negative, which is very concerning and indicates that it could still witness fall in coming days. It is important to mention here that to get out of corrective mode and to put it back on the strong up momentum track it has to move above its critical points of 44151.80---44237---44282 and sustain on the closing basis. However, if it manages to holds 43658 on the closing basis then the chances of continuation of the up move will be alive, else it may start drifting down again. 

Moving down it has very strong support at 43658---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, so one should be alert and cautious in the long trade at this point of time.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign are visible or it closes above 44151.80 at least. However, aggressive traders can try long trade if it moves above 44096 and maintain for some time with a stop loss of 43900 or can try long trade on decline if it holds 43658 with a stop loss of 43500. Please note that as it is in corrective mode therefore long trade could be a risky affair, so be alert and cautious.

2. As it is into short 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 on the rise near or within the range of 44150---44240 with a stop loss of 44350 or sell if it maintains below 43530 for some time with a stop loss of 43720..

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—16.6.2023

 

 CNX-NIFTY

 Open-18774.45--High—18794.10--Low-18669.05--Close-18688.10 on 15.6.2023.

Support: 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: 16696.10/18778/18794.10/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

After three days of rise it corrected today and slipped into short correction for its very recent rise again as it moved below its important points of 18738--18733 & 18703 today. Moving down below the other important support points of 18654---18620---18555---18501---18476---18464 will further deepen the correction. Please note that it is still above its short, medium and long term moving averages on the daily, weekly and monthly chart despite today’s correction which is a positive sign, but three out of four important advance technical indicators are still negative, which is slightly concerning and in fact this pulled it down today. However looking at the overall chart setup it seems that it is likely to bounce back from the down move within the range of 18600---18560 or earlier and may resume the up move again and will cross its critical points as mentioned above for a strong up momentum in next 2-3 trading sessions, else it may slide further. Last but not the least as long as it holds 18476 chances of  up move will remain alive with in between correction, but break below 18476 & 18464.55 may accelerate the fall, which may please be kept in the back of mind. The long term trend is up as of now.

TRADING TIPS:--

1.  Long trade can be tried if it moves above 18740 and maintain for some time with a stop loss of 18660 or long trade can be tried on decline  near or within the range of  18600---18560 with a  stop loss of 18520.

2. It slipped into correction again therefore short trade can also be tried if it moves below 18650 with a short stop loss of 18740. It could be a risky trade but worth trying at this juncture.

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.