A TECHNICAL UPDATE ON CNX-BANK NIFTY—30.6.2023

 

CNX-BANK NIFTY

Open---44419.50---High—44508.40---Low---44163.20---Close---44327.80 on 28.6.2023.

Support: 44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:44360/44459.25/44498.60/44508.40/44592/44812/44939/45179/45210/45525/45658/46268.             

 (Bold and underlined figures are most important)

It hit a new all-time high of 44508.40 but closed below its previous high of 44498.60 however it closed above its critical points of 44151.80----44234---44268---44275 which is indicating strength for the continuation of the up move. The overall chart setup is strong, moving average placement is good  and price action is also good but two out of four technical indicators are still negative despite good rise today, however if  the price action and moving average placements  remains good indicators may turn positive in coming days. So watch out.

Moving up from here it may face resistance at 44459.25---44498.60----44508.40----44592---44812. Similarly going down its support points could be at 44275---44268---44231---44151.80---44011----43910(figures may change), break below 44275 & 44268 will push it into very short correction for its recent rise, break below 44151.80 will be an alert point, break below 44010 will indicate weakness and finally it may lose upside steam for a while if it moves below 43910 and sustain on the closing basis. 

It is in the long term uptrend and buys on decline market now but in view of weak technical indicators now, one should be vigilant and not fearless in the long trade at this point of time.

TRADING TIPS:--

1. Long trade can be tried on decline at appropriate points or near 44050 and not below it with a stop loss of 43850 or if it moves above 44509 and maintain for some time with a stop loss of 44300.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but it can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 44650----44700 with a stop loss of 44850.

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—28.6.2023

 

CNX-NIFTY

 Open-18748.55--High—18829.25--Low-18714.25--Close-18817.40 on 27.6.2023.

Support: 18778/18696.10/18660.65/18604.45/ 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: 18864.70/18794.10/18881.45/18886.60/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

The view and observation posted for 26.6.2023 will also be relevant for 28.6.2023 with the following addition or modification in figures and partly in views.

1. It has to maintain above 18775(figure will change every day) on the closing basis to have the requires strength for the up move, similarly sustained break below 18662(figure will change every day) on the closing basis will lose up steam and may head down, it is out of the corrective mode today but to pick up momentum it has to move above 18839 and sustain on the closing basis. It is important to mention here that strong up momentum and good rise can only be expected once its crosses its all-time high of 18887.60 and sustain on the closing basis, because it faced rejection at the level number of time, so it will pose very tough resistance. Moving down if it holds 18704(figure may change) and maintain on the closing basis then the chance of up move will be alive. 

2. It did bounced back today in a desired manner but it has to be seen whether it carries on today’s momentum or not in coming days.. Please note that if it fails to cross its all-time high of 18887.60 in next 2-3 trading sessions then it may head down again.

TRADING TIPS:--

1. Long trade can be tried on decline near 18775 if it holds this level for some time with a stop loss of 18714.  But aggressive traders can also try long trades if it moves above 18845 and maintain for some time with a short stop loss of 18800. Please note that long trade could be a risky affair at this juncture till it crosses 18887.60 and sustain on the closing basis. So be watchful in the long trade as three out of four technical indicators are still negative  on the daily chart as of now despite today’s rise.

2. It is out of correction mode today but short trade can still be attempted on the reasonable rise or on the price breakdown for intraday gains. Short trade can be tried if it does not cross 18887.60(even intraday) in first hour of trade with a stop loss of 18940. It could be a risky trade but worth trying..

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—28.6.2023

 

CNX-BANK NIFTY

Open---43804.55---High—44194.65---Low---43693.15---Close---41121.50 on 27.6.2023.

Support: 44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

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

 (Bold and underlined figures are most important)

The view and observation posted for 26.6.2023 will also be relevant for 28.6.2023 with the following addition or modification in figures and partly in views.

1. It has to maintain above 43925(figure will change every day) on the closing basis to have the requires strength for the up move, similarly sustained break below 43770(figure will change every day) on the closing basis will lose the up steam and it may head down, but it will get out of the corrective mode and may pick up momentum only if it moves above 44151.80---44237--- 44268 and sustain on the closing basis. It is important to mention here that it can pick up good momentum if it closes above 44151.80 and sustains but strong up momentum and good rise can only be expected once its crosses its all-time high of 44498.60 and sustain on the closing basis. Moving down if it holds above 43618(figure may change) on the closing basis then the chance of  up move rally will  be  alive.

2. It did bounced back today in a desired manner but it has to be seen whether it carries on today’s momentum or not in coming days. Please note that if it fails to cross its key points mentioned above in next 2-3 trading sessions then it may head down again.

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 43925 with a stop loss of 43760 or if it moves above 44200 and maintain for some time with a stop loss of 44030. Please note that as it is in corrective mode therefore long trade could be a risky affair, furthermore three out of four technical indicators are still negative despite today’s good rise, so be alert and cautious in the long trade.

2. As it is still 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 44440---44490 with a stop loss of 44650 or sell if it maintains below 44151.80 for some time with a stop loss of 44270.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, so long trade could be risky bet , therefore it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it at all till correction completion sign emerges because correction may take an ugly turn also therefore it has to be seen in next few days how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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—27.6.2023

 

CNX-NIFTY

 Open-18682.35--High—18722.05--Low-18646.70--Close-18691.20 on 26.6.2023.

Support: 18660.65/18604.45/ 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: 16696.10/18778/18864.70/18794.10/18881.45/18886.60/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

The view and observation posted for 26.6.2023 will also be relevant for 27.6.2023 with the following addition or modification in figures and partly in views.

1. If it close above 18770(figure may change) it will gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 17787---18809---18839 and sustain on the closing basis. However if it closes above 18704(figure may change) and sustain on the closing basis then the chance of a pullback rally could be there. 

2. If it does not bounce back sharply in shortest possible time and moves above the key points as mentioned above then it may keep drifting down.

TRADING TIPS:--

1. Long trade can be tried if it holds 18647 for some time with a stop loss of 18600 or if it moves above 18704 and maintain for some time with a stop loss of 18640.

2. As it is into short correction mode, therefore short trade can also be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 18775---18800 with a stop loss of 18840. It could be a risky trade but worth trying or sell if it moves below 18647 with a stop loss of 18725.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, so long trade could be risky bet , therefore it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it at all till correction completion sign emerges because correction may take an ugly turn also therefore it has to be seen in next few days how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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—27.6.2023

 

CNX-BANK NIFTY

Open---43714.75---High—43773.10---Low---43541.75---Close---43641.05 on 26.6.2023.

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)

The view and observation posted for 26.6.2023 will also be relevant for 27.6.2023 with the following addition or modification in figures and partly in views.

1. If it close above 43950(figure may change) it will gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 44151.80---44237--- 44268 and sustain on the closing basis. However, if it manages to hold above 43618(figure may change) on the closing basis then the chance of a pullback up move will be there, else it may drift down.

2. If it does not bounce back sharply in shortest possible time and moves above the key points as mentioned above then it may keep drifting down. Please note that crossing the key points looks pretty difficult as of now.

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---43345---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 43925---43975 with a stop loss of 44060 or sell if it maintains below 43618 for some time with a stop loss of 43820 or sell below 43345 with a stop loss of 43630.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, so long trade could be risky bet , therefore it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it at all till correction completion sign emerges because correction may take an ugly turn also therefore it has to be seen in next few days how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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—26.6.2023

 

CNX-NIFTY

 Open-18741.85--High—18756.40--Low-18647.10--Close-18665.50 on 23.6.2023.

Support: 18660.65/18604.45/ 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: 16696.10/18778/18864.70/18794.10/18881.45/18886.60/18887.60/18991/19305/19450/19535/19674.

 (Bold and underlined figures are most important)

It ended the on-going week near the low of the week, it is into short correction mode now, furthermore it has fallen below some of its short term moving averages on the daily chart, for the first time in the recent past it has broken bottom on the line & bar chart and most importantly three out of four important advance technical indicators are negative, which is concerning and as of now indicates that it could sharply fall in coming days and could hit much lower levels, if it does not bounce back sharply in next 2-3 trading sessions. Therefore all together it is exhibiting weakness now. But the long term bias is up as of now

Its range for the week starting from 26.6.2023 is between 18647---18887.60 and it may oscillate between the range during the week, so one can trade the range. But since it ended the last week near low of the week therefore chances of going down further from here is pretty bright at this point of time and break below 18647 can drag it down further.

Moving down it may find support at 18647---18622---18572---18555---18476---18464---18421---18401---18362.50 it may bounce back again from any of these points and may resume the up move again, but break below each support point will deepen the correction but please note as long as it holds 18476 on the closing basis chances of retesting its all-time high of 18887.60 or may go beyond will be alive but break below 18476 & 18464 will trigger fresh fall and break below 18401 & 18362 will accelerate the fall. Last but not the least to keep the uptrend alive it has to maintain above 18131.70 & 18105.30, which may please be noted.

Moving up it has to close above 18775(figure may change) to gain some strength, but it will get out of the corrective mode and may pick up momentum only if it moves above 17787---18809---18839 and sustain on the closing basis. However if it closes above 18704(figure may change) and sustain on the closing basis then the chance of a pullback rally could be there.  

TRADING TIPS:--

1. Long trade can be tried if it holds 18647 for some time with a stop loss of 18600 or if it moves above 18704 and maintain for some time with a stop loss of 18640.

2. As it is into short correction mode, therefore short trade can also be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 18775---18800 with a stop loss of 18840. It could be a risky trade but worth trying or sell if it moves below 18647 with a stop loss of 18715.

IMPORTANT NOTE:-- It is in the long term uptrend and buy on decline market, but it is in correction mode now, therefore at this point it is suggested to be extra alert and cautious in the long trade and safe traders should avoid it because correction may take an ugly turn also therefore it has to be seen how correction  culminates eventually. Please note that market will give ample signal of correction completion. So watch out.

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.