A TECHNICAL UPDATE ON CNX-NIFTY-12.8.2024.

 

CNX-NIFTY

Open-24386.85--High-24419.75—Low--24311.20---Close-24367.50 on 9.8.2024.

Support: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:24419.75/24461.05/24854.80/24999.75/25078.30/25152/25337/25494/25551/26118.

OVERALL VIEW: --

It opened on a big positive note and thereafter had both side moves during the day but finally ended the day with a gain of 250.50 points, It is having a see-saw movement every other day with huge volatility, which is not good sign for a steady market. But it bounced back again and closed way above its pullback threshold points of 24173.27 & 24182.24, which is a positive sign and if it stays above it on the closing basis then the up move can extend. The gap it created on  5.8.2024 is still there and if it makes an effort to fill the gap  in the next 1  trading sessions which is technically possible then it can come up to 24686.85, 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, please note that the stipulated  time for filling the gap of 2.8.2024 has ended on 9.8.2024 (gap figure is -24956.40), which please keep in mind. The technical setup is still weak, furthermore the volatility is still there and the overbought condition on the weekly and monthly chart is also present but it has neutralized on the daily chart to some extent, therefore it seems that it can move in a range or move up for some time and then may go down further may be with in-between short relief rallies. It is already into the correction mode for its recent rise, furthermore it is also below all its short term moving averages and few medium term moving averages on the daily chart. 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 24182.24---24173.27---24074---23992.70---23985.80----23757----23695----23667.10---23627.90---23450---23350---23338.70---23284----23180---23110.80---22732---22178----22040, please note that if it sustains above 24182.24 & 24173.27 on the closing basis then the up move can extend, else it may resume the down move again,  break and close below 23992.70 & 23985.80 may trigger fresh fall, break and close below the range of 23695---23667.10 & 23627.90 may accelerate the fall further and thereafter break and close below each point will weaken it further. Please note that sustained close below 24182.24 & 24173.27 will make the on-going correction more painful price-wise & time-wise both.

Similarly moving up its broad resistance points would be at 24346---24486—24596-----24626-----24799----24841.38----24854.80(some figure may change, for in between resistance points see the table on the up side), it may correct at any of these points but if it moves above  24544 and sustain on the closing basis then it may get into the up momentum track again and finally if it moves above 24854.80 and sustain on the closing basis, then it could retest its all-time high of 25078.30 or may go beyond it also.

Since it is into correction mode therefore it is still sell on the rise market and sell on the price breakdown in general but both side trades can be tried depending on the price action for intraday gains. Please note that since it is into deep correction mode therefore buy trade could be a slightly risky affair.

NOTE: - IF IT HOLDS THE RANGE OF 24182.24---24173.27 ON THE CLOSING BASIS THEN THE UP MOVE CAN EXTEND FURTHER; ELSE IT MAY RESUME THE DOWN MOVE AGAIN. IT IS IN THE LONG TERM UPTREND, BUT IT IS IN CORRECTIVE MODE 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. The price action was positive today.

4. It has made higher top & bottom on the line & bar chart both.

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

WEAKNESS:-.

1. Six out of seven important technical indicators are 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 deep correction mode now as it is below almost all its correction threshold point of 24873.57----24841.33----24670.42 & 24636.50 (figures may change). The other correction threshold point is 24182.24(figure may change) and sustained close below 24182.24 will make the correction deeper and painful.

5. It is below all its short term moving averages on the daily chart and the important range for the day is between 24544----24520----24493----24404---24397----24372(figure will change every day), sustained close below this range can deepen the down move.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24182.24 & 24173.27 with a stop loss of 24100 or if it moves above 24394 and maintain for some time with a stop loss of 24330 for a 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 24470--24500 with a stop loss of 24550 or can sell if it moves below 24300 with a stop loss of 24370 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

         

   

CNX-NIFTY PROBABLE RANGE FOR -12.8.2024.

 

 CNX-NIFTY

CLOSE ON 9.8.2024:-24367.50

The possible range for the day is between 24394----24340, if it moves above 24394 and sustain then the upside target for the day could be 24421---24448---24475, if it moves above 24475 and sustain then it can sharply move up further. Similarly break below 24340 can pull it down to 24313---24286---24259, it can bounce back from any of these points but sustained break below 24259 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

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—12.8.2024

 

2

2

2

CNX-BANK NIFTY

Open—50612.10--High—50707.75--Low—50386.45---Close—50484.50 on 9.8.2024.

Support:50438.20/49974.75/49659.05/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85.                           

Resistance:51133.20/51138.90/51749.45/51957.75/51996.65/52340.25/52547.55/52782.75/52794.95/52817.85/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened on a big positive note and thereafter had both side moves and finally ended the day with a gain of 327.80 points. But the weakness still persists. The gap it created on 5.8.2024 is still there and if it makes an effort to fill the gap in the next 1 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. The technical setup is weak, furthermore the volatility is still there and the overbought condition on the weekly and monthly chart is also present but it has neutralized on the daily chart to some extent, therefore it seems that it may go down further from here may be with in- between short relief rallies. It is already into deep correction mode for its recent rise and also into correction for the earlier rise; furthermore it is below all its short term moving averages on the daily & below few on the weekly chart and also below few medium term moving averages on the daily chart. 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 50292—49800----49717.78----49659----49530----49371----49322-----49167-----49029---48853.755----48636.45---48292.25---48203.45---47795.89----47533.83(figures may change), it may bounce back from any of these points, please note that if it holds 50292(short pullback threshold point) on the closing basis then there is a feeble chance that it can extend the up move, the range of 49400----49373----49232----49063 is a very strong bounce back support range, but sustained break and close below 49373 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. Sustained close below 47533.83 can drag it down to 46077 or lower.

Similarly moving up it will face strong resistance at 50532---50683---51000---51072---51316-51378-----51508---51569-----51553.40---51639.66---51672.60----51708----51804----51945----52340----52485----52618(some figure may change), if it moves above 50532(strong pullback threshold point) and sustain on the closing basis then there will be a strong chance that it can extend the up move if it moves above 51378 & 51639.66 and sustain on the closing basis then it may get into the strong up momentum track again  , else down move may continue.

Since it is into correction mode therefore it is still sell on the rise market and sell on the price breakdown in general but both side trades can be tried depending on the price action for intraday gains. Please note that since it is into deep correction mode therefore buy trade could be a risky affair.

NOTE: - IF IT SUSTAIN ABOVE 50292 ON THE CLOSING BASIS THEN IT CAN POSSIBLY EXTEND THE UP MOVE. BUT TO KEEP THE HOPE OF UP MOMENTUM ALIVE IN THE YEAR 2024 IT HAS TO STAY ABOVE 49373----48636.45---48292.25 & 48203.45 ON THE CLOSING BASIS, ELSE IT MAY WITNESS 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 49373 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. The price action was positive today.

4. One out of seven indicators is positive now, pointing slightly oversold condition, so it may have short relief rally nothing much positive.

5. It is above its feeble pullback threshold point of 50292 (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.

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 & 49878(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. Six 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 51378---51084----50960----50798----50688---50511(figure will change every day), sustained close below this range can deepen the down move.

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

7. It is below its strong pullback threshold point of 50532 (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 50532; but can try long trade if it holds 50438.30 for some time with a stop loss of 50280, however aggressive traders can try long trade on decline near 50292 with a stop loss of 50100 or can try if it moves above 50565 and maintain for some time with a stop loss of 50380 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 50800---50850 with a stop loss of 50950 or can sell if it remains below 50290 with a stop loss of 50540. 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- BANK NIFTY PROBABLE RANGE FOR -12.8.2024.

 

CNX- BANK NIFTY

CLOSE ON 9.8.2024:-50484.50

The possible range for the day is between 50565-----50404, if it moves above 50565 and maintain then the upside target for the day could be 50645---50725---50805, if it moves above 50805 and sustain then it can sharply move up further. Similarly break below 50404 can pull it down to 50324----50244----50164, it can bounce back from any of these points but break below 50164 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-NIFTY PROBABLE RANGE FOR -9.8.2024.

 

 CNX-NIFTY

CLOSE ON 8.8.2024:-24117

The possible range for the day is between 24183----24052, if it moves above 24183 and sustain then the upside target for the day could be 24248---24313---24378, if it moves above 24378 and sustain then it can sharply move up further. Similarly break below 24052 can pull it down to 23987---23922---23857, it can bounce back from any of these points but sustained break below 23857 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 -9.8.2024.

 

CNX- BANK NIFTY

CLOSE ON 8.8.2024:-50156.70

The possible range for the day is between 50308-----50003, if it moves above 50308 and maintain then the upside target for the day could be 50461---50614---50767, if it moves above 50767 and sustain then it can sharply move up further. Similarly break below 50003 can pull it down to 49850----49697----49544, it can bounce back from any of these points but break below 49544 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

         

   

 

A TECHNICAL UPDATE ON CNX-NIFTY-9.8.2024.

 

CNX-NIFTY

Open-24248.55--High-24340.50—Low24079.70---Close-24117 on 8.8.2024.

Support: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:24141.80/24168.85/24210.80/24461.05/24854.80/24999.75/25078.30/25152/25337/25494/25551/26118.

OVERALL VIEW: --

After yesterdays good rise today it opened on a negative note and thereafter had both side moves during the day but finally ended the day with a loss of 180.50 points, so the weakness still persist and after staying just one day above its pullback threshold points of 24173.27 & 24182.24 it fell below it today, which shows gross weakness in it and if it sustains below it down move may continue. The gap it created on 2.8.2024 & 5.8.2024 is still there and if it makes an effort to fill the gap of 2.8.2024 & 5.8.2024 in the next 1 & 1-2 trading sessions which is technically possible then it can come up to 24686.85 & 24956.40, 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. The technical setup is weak, furthermore the volatility is still there and the overbought condition on the weekly and monthly chart is also present but it has neutralized on the daily chart to some extent, therefore it seems that it can move in a range for some time and then may go down further may be with in-between short relief rallies. It is already into deep correction mode for its recent rise, furthermore it is also below all its short term moving averages and few medium term moving averages on the daily chart. 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 24074---23992.70---23985.80----24893.70----23757----23695----23667.10---23627.90---23450---23350---23338.70---23284----23180---23110.80---22732---22178----22040, it may bounce back from any of these points, but break and close below 23992.70 & 23985.80 may trigger fresh fall, break and close below 23893.70 will weaken it  and break and close below the range of 23695---23667.10 & 23627.90 may accelerate the fall and thereafter break and close below each point will weaken it further..

Similarly moving up its broad resistance points would be at 24173.27---24182.24---24346---24486—24596-----24626-----24799----24841.38----24854.80(some figure may change, for in between resistance points see the table on the up side), it may correct at any of these points but if it moves above 24173.27 & 24182.24 and sustain on the closing basis then there will be some hope that it can extend the up move, else down move may continue if it moves above 24596 and sustain on the closing basis then it may get into the up momentum track again and finally if it moves above 24854.80 and sustain on the closing basis, then it could retest its all-time high of 25078.30 or may go beyond it also. Please note that sustained close below 24182.24 will make the on-going correction more painful price-wise & time-wise both.

Since it is into correction mode therefore it is still sell on the rise market and sell on the price breakdown in general but both side trades can be tried depending on the price action for intraday gains. Please note that since it is into deep correction mode therefore buy trade could be a risky affair.

NOTE: - TO KEEP THE HOPE OF UP MOVE ALIVE IT HAS TO MOVE ABOVE 24173.27 & 24182.24 AND SUSTAIN ON THE CLOSING BASIS, ELSE DOWN MOVE MAY CONTINUE AND BREAK BELOW 23992.65---23985 & 23893.70 MAY ACCELERATE THE FALL. IT IS IN THE LONG TERM UPTREND, BUT IN SHORT TERM CORRECTIVE MODE 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. Two out of seven indicators on the daily chart looks slightly oversold, therefore a short up move may happen.

WEAKNESS:-.

1. Five out of seven important technical indicators are 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 deep correction mode now as it is below  all its correction threshold point of 24873.57----24841.33----24670.42----24636.50 &24182.24 (figures may change). Please note that sustained close below 24182.24 will make the correction deeper and painful.

5. It is below all its short term moving averages on the daily chart and the important range for the day is between 24567----24542----24510----24408---24403(figure will change every day), sustained close below this range can deepen the down move.

6. It has broken its recent bottom on the line & bar chart.

7. The price action was mixed today.

TRADING CALL: --

1. Safe traders should avoid long trade till it closes above 24182.24; however aggressive traders can try long trade on decline near or within the range of 23992---23985 with a stop loss of 23880 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 24350--24385 with a stop loss of 24450 or can sell if it moves below 24074 with a stop loss of 24190 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