A TECHNICAL UPDATE ON CNX-BANK NIFTY—6.8.2024

 

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CNX-BANK NIFTY

Open—50586.25--High—50747.55--Low—49719.10---Close—50092.10 on 5.8.2024.

Support:49974.75/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85.                            

Resistance:51133.20/51138.90/51749.45/51957/51996.65/52340.25/52547.55/52782.75/52794.95/52817.85/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened with a big down gap and most of the time drifted down during the day and finally ended the day with a whopping loss of 1258.05 points. The gap it created today is still there and if it makes an effort to fill the gap in the next 4-5 trading sessions which is technically possible then it can come up to 51087.85, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for the time being but one day if will fill the gap for sure, which please keep in mind.  Please note that eventually volatility, wild swings, vertical rise and overbought condition has come into play and it had a devastating fall, today. The days fall has jolted the already weak technical setup further; therefore it seems that it may go down further from here. It was already into deep correction mode for its recent rise and now it has slipped into correction for the earlier rise also, furthermore it is also below all its short term moving averages and few medium term moving averages on the daily chart and few below weekly chart also. Furthermore almost all important technical indicators are negative on the daily chart and few on the weekly & monthly chart are also negative, pointing that the down move is likely to continue. Moving down from here it may find  good support at 49717.78----49484----49353----49271----49000---48858.75----48636.45---48292.25---48203.45---47795.89----47533.83(figures may change), it may bounce back from any of these points but break below 49271 will threaten the long term uptrend and finally sustained break and close below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and that could be sharp in the intensity and then the correction could be more painful time-wise and price-wise both.

Similarly moving up it will face strong resistance at 50337.65—50577.81---50720---51030---51109.05---51133.20---51138.90---51539----51639.66---51722----51825----51968----52012----52499---52630(some figure may change), if it moves above 50337.65 & 50577.81 and sustain on the closing basis then there will be some ray of hope that it may have an up move and if it moves above 52012 and sustain on the closing basis then it may get into up momentum track again, else down move may continue.

Since it is into correction mode therefore it is still sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - TO KEEP THE HOPE OF UP MOMENTUM ALIVE IN THE YEAR 2024 IT HAS TO STAY ABOVE 48636.45---48292.25 & 48203.45 ON THE CLOSING BASIS , ELSE IT MAY WINTESS AN ACCELERATED FALL. THE LONG TERM UPTREND IS STILL INTACT BUT SHORT TERM TREND IS BEARISH AS OF NOW.

  STRENGTH:-

1. It is in the long term uptrend now, but break below 49271 will threaten 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.

WEAKNESS:-

1. It is already into deep correction mode now as it is below all its important correction threshold point of 53036.49---- 52834.06----52454.47---52167.20---51891.39---51853.33---  51639.66----51250.53 & 50702.16(figure may change), which is a very weak sign.                                                       

2. 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.

4. All the seven important technical indicators are negative on the daily chart now.

5. It is below  all its short term moving averages now on the daily chart and the important average range for today is between 52000---51825----51542----51536----51309---51275---51178(figure will change every day), sustained break below this range can deepen down move.

6. It still has lower top & bottom on the line & bar chart.

7. The price action was very weak today.

8. It is well below its pullback threshold point of 50337.65 & 50577.81(figure may change). Please note that if it moves and sustains above it on the closing basis then it could possibly move ahead further, else down move may continue.

TRADING CALL: -- 

1. Safe traders should avoid long trade till it closes above 50577.81, however aggressive traders can try long trade  on decline near or within the range of   49271----49000 with a stop loss of 48800 for possible intraday gains, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. 

2. Short trade can be tried on the rise near or within the range of 50650---50750 with a stop loss of 50850 or can sell if it remains below 50439 with a stop loss of 50600. 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.  

 

A TECHNICAL UPDATE ON CNX-NIFTY-5.8.2024.

 

CNX-NIFTY

Open-24789--High-24851.90—Low—24723.70--Close-24717.70 on 2.8.2024.

Support: 24461.05/24210.80/24168.85/24141.80/24074.20/23992.65/23985.80/23667.10/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance: 24854.80/24999.75/25078.30/25152/25337/25494/25551/26118.

OVERALL VIEW: --

It opened with a down gap and thereafter had both side moves during the day and finally ended the day with a loss of 293.20 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in the next 4-5 trading sessions which is technically possible then it can come up to 24956, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for the time being but one day if will fill the gap for sure, which please keep in mind. As envisaged after 5 days of straight rise it had a down day today and it slipped into correction mode for its recent rise as it closed below its few correction threshold points and other key points of 24873.57----24854.57---24841.33---24779.23 & 24774, it also fell below its few short term moving averages placed at 24790----24742(figure will change daily) with weak price action, which is a bad sign for the continuation of the up move. Furthermore it is important to mention here that the vertical rise, wild swings and volatility and most importantly few important technical indicators are still negative on the daily chart and few indicators on the weekly & monthly chart are negative and is also indicating overbought condition, which is still a concern and can drag it down sharply in the coming days and today’s fall was a teaser of that. Although it is below it first lair of key support points but it can still bounce back if it manages to hold these points 24701---24682----24670.42---24636.50---24588 & 24548(few figures will change daily) please note that break below each point will deepen correction and break and close below 24548 may accelerate that fall.

It is very important to mention here that the last crucial bounce back range is between 24854.80---24779.23----24670.42----24636.59----24384.30----24275&24182.24(figures may change), please note that if it moves above 24779.23 & 24854.80 and sustain on the closing basis then the up can extend, similarly moving down it can bounce back from any of the above points but  break and sustained close below 24182.24 may make the correction much deep and it could be more painful time-wise and value-wise both, which please keep in the back of your mind.

Since it is into correction mode therefore it is still sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - TO KEEP THE UP MOMENTUM ALIVE IN THE MONTH OF AUGUST-2024 IT HAS TO MOVE AND SUSTAIN ABOVE 24951.15----24999.75 & 25030.95 ON THE CLOSING BASIS. IT IS IN THE LONG TERM UPTREND AS OF NOW BUT SHORT TERM CORRECTION IS ON NOW.   

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. One out of seven important technical indicators is positive on the daily chart.

5. It is below few of its short term moving averages but majorly above the others on the daily chart and the important range is between 24790----24742----24701----24682---24588----24548(figure will change every day), sustained break below this range can trigger fresh down move again.

6. Its higher top & bottom on the line & bar chart is intact as of now.

WEAKNESS:-.

1. Six out of seven important technical indicators have turned negative on the daily chart    

2. 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.

4. It is into correction mode now as it is below some of its correction threshold point of 24873.57 & 24841.33. The other important correction threshold points are at ---24670.42----24636.50 & 24182.24(figures may change). Please note that break below each point will make the correction deeper.

5. The price action was very weak today.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24410----24385 with a stop loss of 24330 for possible pullback gains, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. 

2. Short trade can be tried on the rise near or within the range of 24790--24830 with a stop loss of 24880 or can sell if it moves below 24676 with a stop loss of 24765 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—5.8.2024

 

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CNX-BANK NIFTY

Open—51172.25--High—51608.70--Low—51087.85---Close—51350.15 on 2.8.2024.

Support:51138.90/51133.20/50438.30/49974.75/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85.                           

Resistance:51749.45/51957/51996.65/52340.25/52547.55/52782.75/52794.95/52817.85/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a loss of 213.85 points. It is still into deep correction mode for its recent rise as it is well below  all its correction threshold points of 53036.49----52834.06---52454.47---52167.20----51891.39---51853.33 & 51639.66 .Furthermore it is also below all its short term moving averages and few medium term moving averages on the daily chart and also below some key points which are placed at 52029---51996.65----51957---51713---51694---51580---51494---51432( some figures will change daily) for the day and finally  almost all  the important technical indicators are negative on the daily chart  & few indicators are also weak on the weekly & monthly chart, and volatility  and wild swings is also a concern, therefore all together it is still showing gross weakness and overbought condition and it is pointing that it may be heading for a big fall in coming days. But the good thing is that it is still above its pullback threshold point of 50994.45(short) & 51127.28(deep)(figure may change) and two other important points of 51138.90----51133.20 & 50818.69 and if it sustains above these points and price action improves then the chances of continuation of the up move will be alive, else it may head down further. The price action was very weak today. Please note that it will gain strong foothold for the continuation of the up move if it moves above 51639.66 and  sustains on the closing basis, but it will gain good strength only if it moves above 52040 (figure will change daily) and sustain on the closing basis. Please note that chances of the continuation of the up move will be alive till it holds 51127.28---50994.45 & 50818.69 on the closing basis, else it may start to drift down, which please note.  It is important to mention here that moving down the next key support point will be at 49242(figure will change daily, for in between support points please look at the above mentioned support points) break below it will threaten the long term uptrend and finally sustained break and close below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and it could be sharp in the intensity and then the correction could be painful time-wise and price-wise both. Since it is into correction mode therefore it is still sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - TO KEEP THE UP MOMENTUM ALIVE IN THE MONTH OF AUGUST-2024 IT HAS TO MOVE AND SUSTAIN ABOVE 51534. & 51672.60 ON THE CLOSING BASIS AND TO KEEP THE HOPE ALIVE FOR THE CONTINUATION OF THE UP IT HAS TO HOLD ABOVE 51138.90---51133.20---51127.28---50994.45 & 50818.69 ON THE CLOSING BASIS, ELSE IT MAY HEAD DOWN FURTHER, IF IT FAILS TO GIVE SHARP AND SUSTAINABLE BOUNCE BACK AND MOVES ABOVE FEW OF ITS CRITICAL POINTS IN A SHORTEST POSSIBLE TIME THEN IT MAY BEGIN TO SLIDE DOWN FURTHER. THE LONG TERM UPTREND IS STILL INTACT BUT SHORT TERM TREND IS BEARISH AS OF NOW.

  STRENGTH:-

1. It is in the long term uptrend, but break below 49242 will threaten 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. It is above its pullback threshold point of 50994.45 & 51127.28(figure may change). Please note that if it sustains above it on the closing basis then it could possibly move ahead further, else down move may continue.

4. Three out of seven indicators are positive on the daily chart.

WEAKNESS:-

1. It is already into deep correction mode now as it is below all its important correction threshold point of 53036.49---- 52834.06----52454.47---52167.20---51891.39---51853.33 & 51639.66(figure may change), which is a very weak sign.                                                        

2. 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.

4. Five out of seven important technical indicators are negative on the daily chart now.

5. It is below  all its short term moving averages now on the daily chart and the important average range for today is between 52040---51953----51713----51694----51580---51494---51432(figure will change every day), sustained break below this range can trigger big down move.

6. It still has lower top & bottom on the line & bar chart.

7. The price action was very weak today.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of   51145----51000 with a stop loss of 50790 or can buy if it moves above 51570 and maintain for some time with a stop loss of 51330 for possible pullback gains, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. 

2. Short trade can be tried on the rise near or within the range of 51650---51750 with a stop loss of 51900 or can sell if it moves below 50860 with a stop loss of 51145. 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 -5.8.2024.

 

 CNX-NIFTY

CLOSE ON 2.8.2024:-24717.70

The possible range for the day is between 24759----24676, if it moves above 24759 and sustain then the upside target for the day could be 24800---24841---24882, if it moves above 24882 and sustain then it can sharply move up further. Similarly break below 24676 can pull it down to 24635---24594---24553, it can bounce back from any of these points but sustained break below 24553 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 -5.8.2024.

 

CNX- BANK NIFTY

CLOSE ON 2.8.2024:-51350.15

The possible range for the day is between 51481-----51220, if it moves above 51481 and maintain then the upside target for the day could be 51611---51741---51871, if it moves above 51871 and sustain then it can sharply move up further. Similarly break below 51220 can pull it down to 51090----50960----50830, it can bounce back from any of these points but break below 50830 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