A TECHNICAL UPDATE ON CNX-BANK NIFTY—19.7.2023

 

CNX-BANK NIFTY

Open---45754.80---High—45905.85---Low---45286.50---Close—45410.85 on 18.7.2023.

Support:45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 45416/45525/ 45655.50/45658/45765/45810/46268/46364/47575.                  

 (Bold and underlined figures are most important)

It opened with an up gap today and went further up and hit a new all-time high of 45905.85 but it could not sustain at the upper level and slipped down and hit a low of 45286.50 for the day and finally ended the day with a loss of 38.90 points. Please note that it slipped again into short correction mode today for its recent rise as it closed below its threshold point of 45585.35(figure may change). The technical setup is still good for the continuation of the up move but today’s movement was slightly disturbing. Furthermore two out of five important indicators are still showing slight weakness, however if price action remains strong then it can turn positive also in coming days. It is in the strong long term uptrend and it is buying on decline market in general as of now, but in view of two weak indicators one should be slightly alert and cautious in the long trades because it can drag it down also. The long term bias is bullish as of now.

Moving up from here it may face resistance at 45434---45570---45585.35----45655.50---45658----45938---46268---46364 it may correct at any of these points and then may resume the up move again. Please note that if it moves above 45585.35 and sustains on the closing basis then it will get out of corrective mode and may regain the strong up momentum also.

Similarly moving  down further from here its good support points could be at 45342---45301---45121---44975---44958--44809.22---44787---44747---44683.70---44639.45---44613---44340---44184.77---44151.80(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It gotten into correction again and break below each support point will weaken it further, break below 44639.45 & 44613 may trigger fresh fall and finally it may lose upside steam for a while will get into deep & long correction mode if it moves below 44184.77&44151.80  and sustain on the closing basis. 

IMPORTANT NOTE: - Long trade below 45184 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders can try long trade on decline near or within the range of 45318---45184 with a stop loss of 44940 or if it move above 45590 and maintain for some time with a stop loss of 45360. However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 44639---44613 with a stop loss of 44450.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. But it slipped into correction again; 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 45880---46050 with a stop loss of 46150. It could be a risky trade but worth trying for intraday 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 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-BANK NIFTY—18.7.2023

 

CNX-BANK NIFTY

Open---44951.20---High—45556.45---Low---44695.05---Close—45449.75 on 17.7.2023.

Support:45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 45655.50/45658/45765/45810/46268/46364/47575.                 

 (Bold and underlined figures are most important)

It corrected and consolidated in a zigzag manner for the last 8 days and staged a sharp bounce back today and ended the day with a handsome gain of 630.45 points. Please note that with today’s up move it is out of the corrective mode, it is above its all moving averages move, furthermore it has closed above its most critical point of 45434 and if it sustains above it then it can retest its all-time high of 45655.50 or may go beyond it also and looking at today’s move it is very much likely to happen in coming days. Please note that the only concern is that two out of five important indicators are still showing slight weakness, one indicator will get positive if it closes above 45570, however if price action remains strong then it can turn positive in coming days. It is in the strong long term uptrend and it is buying on decline market in general as of now, but in view of two weak indicators one should be slightly alert and cautious in the long trades. The long term bias is bullish as of now.

Moving up from here it may face resistance at 45570---45590----45655.50---45658----45938---46268---46364 it may correct at any of these points and then may resume the up move again.  

Similarly moving  down further from here its good support points could be at 45434---45394---45318---45232--- 45184---45151---45110---45025---44959--44930---44809.22---44787---44747---44639.45---44525---44492---44449----44151.80---43994(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. Please note that if it holds 45434 on the closing basis up move will be on, but break below 45318 will push it into short corrective mode for its very recent rise and thereafter break below each support point will weaken it further, break below 44639.45 & 44525 may trigger fresh fall and finally it may lose upside steam for a while if it moves below 44151.80 & 43994 and sustain on the closing basis. 

IMPORTANT NOTE:- Long trade below 44958 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders can try long trade on decline near or within the range of 45318---45184 with a stop loss of 44940 or if it move above 45570 and maintain for some time with a stop loss of 45400. However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 44695---44639 with a stop loss of 44450.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. However, 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 45850---45950 with a stop loss of 46100. It could be a risky trade but worth trying for intraday 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 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—18.7.2023

 

CNX-NIFTY

 Open-19612.15--High—19731.85-Low-19562.95--Close-19711.45 on 17.7.2023.

Support: 19674/19663/19639/19608/19584/19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 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: 19748/19835/19880/19911/20160/20210/20236/20390.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and hit a new all-time high of 19731.85 and closed near the high of the day with a gain of 146.95 points. The good thing is that it has filled the today’s gap during the day. It is exhibiting extraordinary strength for the continuation of the up move off course with in between correction. The technical chart setup is excellent as of now but one out of five important technical indicator is pointing towards slight weakness, however if price action remains strong then it can turn positive in coming days. It is in the strong long term uptrend and it is buying on decline market in general as of now, but in view of one weak indicator one should be slightly alert and cautious in the long trades. The bias is hugely bullish as of now.

Moving up from here it may face resistance at 19748---19835---19880---19911---20160---20210---20236---20390 it may correct at any of these points and then may resume the up move again. Please note that 20160---20236 could be a tough range to cross.

Similarly down from here its support points could be at 19674---19663—19630.78—19608—19584—19523.60---19480---19454---19433---19371---19337---19356---19327---19303.60—19300----19246.50---19234.40---19201.70---19189---19167----19046.62(figures may change), it may bounce back from any of these points and resume the up move again. But break below 19630.78 will push it into short correction for its recent rise, break below 19480 may weaken it further, break below the range of 19327---19303.60---19300 may trigger fresh fall, it may lose upside steam for a while if it moves below 19167 and sustain on the closing basis and finally if it moves below 19046.62 and sustain on the closing basis then it will get into deep and long corrective mode.. 

TRADING TIPS:--

1. Long trade can be tried on decline near 19595 with a stop loss of 19510 or if it moves above 19732 and maintain for some time with a stop loss of 19660. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19385—19360 with a stop loss of 19290. LONG TRADE BELOW 19327 COULD BE A RISKY TRADE FOR THE WEEK STARTING FROM 17.7.2023.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but short trade 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 19870----19890 with a short stop loss of 19940. It could be a risky trade mind you 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—17.7.2023

 

CNX-BANK NIFTY

Open---44860.65---High—44923.85---Low---44547.80---Close—44819.30 on 14.7.2023.

Support:44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44939/44958/45179/45210/45416/45525/45655.50/45658/46268/46364/47575.                     

 (Bold and underlined figures are most important)

It had 2^nd up day in a row today and it ended the day with a gain of 154.25 points. It is not showing enough strength as of now to resume the strong up move shortly. It is already in the corrective mode. It is still below its monthly key point of 44958, furthermore it is also below some of its short term moving averages on the daily chart and most importantly three out of four important technical indicators are negative now, therefore all together it is a very weak sign and can drag it down further from here if it does not stage a sharp recovery in a short span of time and  move above  45000 at least and sustain on the closing basis then it may be able to move ahead further. Short term bias is down as of now.

Moving  down further from here its good support points could be at 44809.22---44787---44747---44695---44639.45---44492---44449----44151.80---43994(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It is already into the correction mode, but it closed above its pullback threshold point of 44809.22 and if it holds this level on the closing basis then the chances of a pullback up move will be alive, break below 44695 & 44639.45 will be an alert sign and may trigger fresh fall, break below 44449 will weaken it further and finally it may lose upside steam for a while if it moves below 44151.80 & 43994 and sustain on the closing basis. 

Similarly moving up from here it may face resistance at 44930---44971---45000---45110---45151----45179---45232---45394---45434---45525---45590----45655.50---45658----45938---46268---46364 it may correct at any of these points and then may resume the up move again. Please note that if it moves above 45151 and sustain on the closing basis then it will get out of  the corrective mode and if it moves above 45434 and sustain on the closing basis then it can retest its all-time high of 45655.50 or may go beyond it also.

Kindly note that it is still in the long term uptrend and its buy on decline market in general, but it is in correction mode now, therefore buying can be considered on decline at appropriate strong support levels, although it is in an uptrend but how the correction will culminate is not know because correction may take an ugly turn also sometimes and chances of which is pretty bright in light of negative technical indicators, therefore watch out carefully and  structure your trade  accordingly with the help of above mentioned figures and range with strict stop losses.

IMPORTANT NOT:- Long trade below 44547 could be a risky bet for the entire week starting from 17.7.2023.

TRADING TIPS:--

1. Safe traders can try long trade if it closes above 44500 else avoid. However, aggressive traders can try long trade on sharp decline near or within the range of 44695---44550 and then near 44151.80 with a stop loss of 44400 & 43950 respectively or if it holds 44809.22 for some time with a stop loss of 44670, but please note that it could be a  risky trade for the day.

2. It is in the long term uptrend therefore short trade in general could be a risky affair but it is into corrective mode now, 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 45140---45190 with a stop loss of 45290 or sell if it moves below 44639 with a stop loss of 44821. It could be a risky trade but worth trying for intraday 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 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—17.7.2023

 

CNX-NIFTY

 Open-19495.20--High—19567--Low-19385.80--Close-19413.75 on 14.7.2023.

Support: 19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 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: 19584/19608/19639/19660/19663/19674/19748/19880/19911/20160/20210/20236/20390.

 (Bold and underlined figures are most important)

After yesterdays see-saw movement as envisaged it sharply bounced back again today and hit a new all-time high of 19595.35 and managed to close reasonably above its previous high of 19523.60 with a gain of 150.75 points. Although it is exhibiting extraordinary strength for the continuation of the up move off course with in between correction, but one out of four important technical indicator is pointing towards slight weakness, therefore a cautious approach is needed in the long trade. Please note that it is in the strong long term uptrend and it is buying on decline market in general as of now. Last but not the least as long as it holds the range of 19385---19327 on the downside there is no major threat to the on-going up move.

Moving up from here it may face resistance at 19584—19608—19639—19660—19663—19674—19748---19880---19911---20160---20210---20236 it may correct at any of these points and then may resume the up move again. Please note that 19639---674 & then 20160---20236 could be the tough range.

Similarly down from here its support points could be at 19526---19480---19371---19361---19356---19327---19303.60—19300----19246.50---19234.40---19201.70---19189---19122----18962---18942---18887.60(figures may change), it may bounce back from any of these points and resume the up move again. But break below 19526 will push it into short correction for its recent rise, break below 19480 may weaken it further, however as long as it hold 19356(figure may change) on the closing basis chances of up move will be alive, break below the range of 19327---19303.60---19300 will be an alert point, break below the range of 19246.50---19234---19211--19201.70---19189 may trigger fresh fall, break below 19122 will be an warning signal and sign of weakness and finally it may lose upside steam for a while if it moves below 18942 & 18887.60  and sustain on the closing basis. 

TRADING TIPS:--

1. Long trade can be tried on decline near or within the range of 19385---19356 but not below it with a stop loss of 19290 or if it moves above 19596 and maintain for some time with a stop loss of 19520. However, aggressive traders can also try long trade on sharp decline at appropriate points or near or within the range of 19246—19200 and then 19122----18950 with a stop loss of 19165 & 18860 respectively. LONG TRADE BELOW 19327 COULD BE A RISKY TRADE FOR THE WEEK STARTING FROM 17.7.2023.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but short trade 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 19685----19725 with a short stop loss of 19775 or sell if it moves below 19327 with a  stop loss of 19390, both the trade could be a risky bet 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 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL VIEW ON ION EXCHANGE ( INDIA) LTD-15.7.2023

 

ION EXCHANGE ( INDIA) LTD

 

Open- 518.80--High—526.60 ---Low—516.60 —Close—524.50 on 14.7.2023. 

Support: 439.60/418.70/411/387/374. 

Resistance: 541.80/555.15/565.45/650.15/730/920/937/989/997.60/1049.20/1075/1186/1221/1247/1328/1375/1470.60. 

(Bold and underlined figures are most important) 

It hit a life time high of 1470.60 on 17.9.1996 and thereafter went into correction and made an all-time low bottom at 83.85 on 3.8.2001 and thereafter it steadily moved up and it seems that it has bottomed out a long ago and now bracing for a big up move.

The overall technical setup is good and indicates further rise ahead in coming days/weeks/months with intermittent correction. Its immediate critical support points are 439.60--- 411& 387 , break below 439.60 could be an alert sign but as long as it holds 411 the up move will be alive and the possible broader upside target could be 614—777—941—1143—1193.   Kindly, note that if it moves above 1193 and sustain on the closing basis then it could retest its all-time high of 1470.60 or may go beyond it also. Please note that even if it breaks 411 but holds 387 it can still bounce back and move above 411, but sustained break below 387 can drag it down further. 

In view of the above observation it is already up by more than 25 % from its critical price of 411 but it still has strong upside potential from here also, therefore investors can enter the stock now with a small quantity and add position on decline but not below 411 with a strict stop loss of below 387 on the closing basis. Please note that the expected return could be 45—60% or may be more in 10-12 months time frame.  

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 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.