A TECHNICAL UPDATE ON CNX-BANK NIFTY—9.12.2024

 

CNX-BANK NIFTY

Open—53634.40--High—53868.50--Low—53160.55--Close—53509.50 on 6.12.2024. 

Support:53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50865.45/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49787.10/49688.80/49654.65/49057.40/48636.45/48292.25/48203.45/48161.75/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:53792.85/53888.30/54247.70/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55740/55827/56135/56255.

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a loss of 94.05 points. The stipulated time to fill the gap it created on 25.11.2024 is over therefore the chances of filling the gap has receded for now but some day it fill the gap for sure(gap point is 51271), which may please be noted. Please note that it is exhibiting huge volatility, which is not good for a steady market.

After 5 days of straight rise it took a breather today, it is showing extraordinary strength for the continuation of the up-move. Please note that moving down if it hold the points of 53370.43 & 52920.42(figure may change) on the closing basis then the up-rally can extend further and in a weak case scenario if it holds the point 51520 & 50891.64 (some figure may change), even then the chances of up-move will be alive, but break & sustained close below 53370.43 & 52920.42 will push it into short & deep corrective mode respectively again for its recent rise, break & sustained close below 51520 will threaten the long term uptrend again, break & sustained close below 50891.64 (figure may change) may end the possibility of continuing the up move for good for a while. Similarly if it moves above 53531.30—53636.75 & 53644.50 and sustain on the closing basis it may retest its all-time high of 54467.35 or may go beyond it also.

The overall chart setup has turned very strong it is above all its short, medium and long term moving averages on the daily, weekly & monthly chart which is a hugely positive sign for the continuation of the up-move and if it sustain above it then the up-move is surely going to extend. Furthermore almost all the important technical indicators are positive now on the daily chart and indicate that it is in the buy mode. The only concerning thing is that it is in the overbought zone, so it may correct any time soon and then may resume the up-move again. So all together indicators are giving positive signal on the daily chart as of now therefore it is likely to move-up in coming days provided it holds the key points as stated in the above paragraph. The long term uptrend is intact as of now. The bias is bullish as of now but be watchful because of the huge volatility.

POSSIBLE MOVE ON THE UPSIDE:-

It is showing great strength and if it moves above 53531.30—53636.75 & 53644.50 and sustain on the closing basis it may retest its all-time high of 54467.35 or may go beyond it also.

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find broad support at (for other support points see the table on the upside) 53370.43----52920.42----52847----52622----52584----52228---52159----52087.65----52055.60----51830-----51731-----51520-----51190----51131----50891.64----50861------50802----50617------50508-----50187------49867-------49654.65----49201.72-----48636.45---48292.25---48203.45---47756(figures may change), it can bounce back from any of these points, but break & sustained close below 53370.43 will push it into short corrective mode for its recent rise, break & sustained close below 52920.42 will push it into deep corrective mode  for its recent rise and thereafter break & sustained close below each point will weaken it, break & sustained close below 51520 will threaten the long term uptrend, break & sustained close below 50891.64 may end the possibility of the up move for a while, break & sustained close below 50802 may trigger fresh fall and thereafter break & close below each point will weaken it further, but the range of 50187----49867----49654 is the last very strong bounce back support range, if it break & sustain below this range on the closing basis, then it may have an accelerated fall. Please note that sustained close below 49867 may potentially end the long term uptrend for the time being and finally if it break the range of 48636.45---48292.25---48203.45---47756 and sustains on the closing basis then the correction could be more painful price-wise & time-wise both, which may please be noted.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative, sell mode is on, there is huge negative divergence and it is moving towards overbought zone. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months. So keep a watch on the price action for further directional indication.

IT IS BUY ON DECLINE MARKERT NOW.;-

It is buy on decline market now till it holds 53370.43 & 52920.42(figure may change) but short trade can also be attempted after a reasonable rise for intraday corrective gain. It could be a risky trade but worth trying.

STRENGTH: -

1. It is in 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 well above its strong pullback threshold point of 50891.64(figure may change), sustained close above this point will help in extending the up-move.

4. All the important technical indicators are positive on the daily chart with buy signal, but in overbought zone as of now.

5. The price action was mixed today.

6 It is above all its short-term moving averages now on the daily chart and the important average range for day is between 52847----52622----52584-----52159----51756----51131-----50802(figure will change every day), sustained close above this range can help it extend the up-move.

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

8. It is above almost all its corrective threshold points except for one at 53636.71----- (figures may change). The other important correction threshold points are at 53500.30--- 53370.43---53331.55---- 52920.42----52487.43--- 52098.30-----52015.06----51549.93---- 51492.11 ---- 50725.73---- 49201.72---45416.49 (figure may change) and if it sustain above these points then it will help in extending the up-move.

WEAKNESS: -

1. 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.

2. Please note that indicators, on the weekly chart are overbought, in sell mode and with huge negative divergence & on the monthly chart, indicating overbought condition and with huge negative divergence.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 53370----53332   with a stop loss of 53100 or can try long trade if it moves above 53686 and maintain for some time , then with a stop loss of 53470 for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 53900---54050 with a stop loss of 54240. 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 -9.12.2024

 

CNX-NIFTY

CLOSED ON-6.12.2024:-24677.80

The possible range for the day is between 24709---24649, if it moves above 24709 and sustain then the upside target for the day could be 24742--24775---24808, if it moves above 24649 and sustain then it can sharply move up further. Similarly break below 24649 can pull it down to 24611---24578---24545 it can bounce back from any of these points but sustained break below 24545 may accelerate the fall further.

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 -9.12.2024

 

CNX- BANK NIFTY

CLOSED ON 6.12.2024:-53509.50

The possible range for the day is between 53686-----53332 if it moves above 53686 and sustains then the upside target for the day could be 53863---54040---54217, if it moves above 54217 and sustain then it can sharply move up further. Similarly break below 53332 can pull it down to 53155---52978----52801 for the day, it can bounce back from any of these points but break below 52801 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-6.12.2024

 

CNX-NIFTY

Open—24539.15—High—24857.75---Low---24295.55---Close----24708.40 on 5.12.2024.

Support:24694.35/24537.60/24498.20/24472.80/24354.55/24141.80/24099.70/24094.20/24073.90/23893.70/23816.15/23667.20/23664/23484.15/23350/23338.70/23263.15/23110.80/22794.70/22775.70/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:24753.15/24854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --   

It opened on a positive note and thereafter had both side moves during the day and finally ended, the day flat with a gain of 240.95 points. Please note that it is exhibiting huge volatility, which is not good for a steady market.

It had 5^th  straight up day today, it is showing good strength for the continuation of the up move, but straight rise in a row makes it vulnerable for correction also, so be watchful. Please note that moving down if it holds the support points at 24625.43---24481.42----24390---24140.85---24131.10(some figure may change daily) then it can extend the up-move. But break & sustained close below 24625.43 will push it into short correction mode for its recent rise, break & sustained close below 24481.42 will push it into deep corrective mode for its recent rise, break & sustained close below 24390 will threaten the long term uptrend again, break & sustained close below 24140.85 & 24131.10 will lose the upside momentum steam for the month of December-2024. Similarly moving up it will face very stiff resistance at 24753.15. Please note that till it moves above 24753.15(it did move decisively above it intraday today but could not close above it) and sustain on the closing basis fear of an abrupt fall will always be there but sustained close above this mark will ensure that it may get back into, the strong up-momentum track again and then the broad upside target could be 24771---25126----25566---25675 and if it moves above 25675 and sustain on the closing basis then it may retest its all-time high of 26277.35 or may go beyond it also. Therefore please note that any rise before it closes above 24753.15 and sustain on the closing basis could be a possible bull trap also, therefore it is suggested to ride the on-going rise with utmost alert and caution.

The overall chart setup has improved, it has made higher top on the line & bar chart, it is above all its short & few medium term moving averages on the daily chart, above almost all short & above all medium term moving averages on the weekly chart and most importantly it is above all its long terms moving average on the daily chart, which is very positive sign for the continuation of the up-move. Furthermore all the important technical indicators are positive now with buy mode and huge positive divergence but in the overbought zone, so all together chart setup & indicators are giving positive signals, therefore it is likely to extend the on-going up-move further provided it holds the key points as mentioned above on the closing basis. The long term uptrend is intact as of now.

POSSIBLE MOVE ON THE UPSIDE:-

Please note that if it holds 24625.43---24481.42----24390---24140.85---24131.10(some figure may change) on the closing basis then it can extend the up-move , but moving up it will face very strong resistance at 24753.15, if it moves above 24753.15 and sustain on the closing basis then it is likely that it will strongly extend the up-move and may get back into the strong up-momentum track again and then the broad upside target could be 24771---25126----25566---25675 and if it moves above 25675 and sustain on the closing basis then it may retest its all-time high of 26277.35 or may go beyond it also.   

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find good support at 24625.43---24481.42----24390---24262-----24140.85---24139----24131.10---23974.50----23893.70----23823-----23729----23706----23607------23584------23489-----23350.15-----23338.70---23263.15------23110.80---22794.70----22775---22281---22165(few figures may change daily). Please note that it can bounce back from any of these points, but break & sustained close below 24625.43 will push it into short correction mode for its recent rise, break & sustained close below 24481.42 will push it into deep corrective mode for its recent rise, break & sustained close below 24390 will threaten the long term uptrend again, break & sustained close below 24140.85 & 24131.10 will lose the upside momentum steam for the month of December-2024, break & sustained close below 23974.50 will end the possibility of continuing the up-move, break & sustained close below 23893.70 will push it back into big correction mode if it sustains below it for a longer period of time then the correction could be more painful price-wise and time-wise both. Thereafter break & close below each point will weaken it further and finally moving down its last strong support range could be in the range of 23607---23489(figure will change daily) and then 23350---23263(figure will change daily), break & sustained close below the range of 23607---23489 may trigger fresh fall and break & sustained close below the range of 23350---23263 may accelerate the fall and may seek much lower levels.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative ,sell mode is on , there is huge negative divergence but the only comforting thing is that it is in oversold zone, so today’s up-move can extend a bit, so watch out. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months. So keep a watch on the price action for further directional indication. The undertone is bearish as of now.  

IT IS BOTH SIDE TRADEABLE MARKET NOW.;-

Both side trades can be attempted depending on the price action for intraday gains. But since it is showing some strength in the chart setup therefore preferably long trade can be tried on decline till it hold key levels as mentioned above..

STRENGTH: -

1. It is in the long-term uptrend.

2. It is far-far above its most 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. All the seven important technical indicators are positive on the daily chart, the buy mode is on, huge positive divergence is there but in overbought zone, so it may correct for a while and then may resume the up-move again.

4. It is above all its short term moving averages on the daily chart and the important average range for the day is between 24350----24279----24255----24207----24174----24119---24050----24041 (figure will change every day), sustained close above this range can help it to extend the up-move.

5. It is way above its strong pullback threshold point of 23974.50(figure may change).

6. It is above its deep correction threshold point of 24481.42 for its recent rise.

7. It is above its key point of 24140.85 & 24131.10 which is essential to keep the up-momentum going in the month of December-2024.

8. The price action was mixed today.

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

WEAKNESS: -.

1. Please note that almost all indicators on the weekly chart are negative indicates oversold condition, sell mode and negative divergence and finally on the monthly chart it indicates overbought condition and negative divergence.    

2. 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.

3. It is into correction deep mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25106.68----25098.32-----25064.27-----24521.63--- (figures may change). The other important correction threshold points are at –24625.43-----24481.42-----23659.18---21848.52 (figure may change) and if it sustain below these points correction will deepen. 

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24625----24570 with a stop loss of 24470 for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 25080—25130 with a stop loss of 25210.  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—6.12.2024

 

CNX-BANK NIFTY

Open—53354.45--High—53888.30--Low—52850.35--Close—53603.55 on 5.12.2024. 

Support:53357.70/53180.75/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51996.65/51750.10/51138.90/51133.20/51000.90/50947.70/50865.45/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49787.10/49688.80/49654.65. 

Resistance:53792.85/54247.70/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55740/55827/56135/56255.

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 336.65 points. The stipulated time to fill the gap it created on 25.11.2024 is over therefore the chances of filling the gap has receded for now but some day it fill the gap for sure(gap point is 51271), which may please be noted. Please note that it is exhibiting huge volatility, which is not good for a steady market.

It had 5^th up day in a row today and it is showing extraordinary strength for continuing the on-going up-move, but straight rise in a row makes it vulnerable for correction also, so be watchful. Please note that moving down if it hold the points of 53531.30---53370.43 & 52920.42(figure may change) then the up-rally can extend further and in a weak case scenario if it holds the point 51487 & 50891.64 (some figure may change), even then the chances of up-move will be alive, but break & sustained close below 53531.30 may lose up-momentum steam, break & sustained close below 53370.43 & 52920.42 will push it into short & deep corrective mode respectively again for its recent rise, break & sustained close below 51487 will threaten the long term uptrend again, break & sustained close below 50891.64 (figure may change) may end the possibility of continuing the up move for good for a while.

The overall chart setup has turned very strong it is above all its short, medium and long term moving averages on the daily, weekly & monthly chart which is a hugely positive sign for the continuation of the up-move and if it sustain above it then the up-move is surely going to extend. Furthermore almost all the important technical indicators are positive now on the daily chart and indicate that it is in the buy mode. The only concerning thing is that it is in the overbought zone, so it may correct any time soon and then may resume the up-move again. So all together indicators are giving positive signal on the daily chart as of now therefore it is likely to move-up in coming days provided it holds the key points as stated in the above paragraph. The long term uptrend is intact as of now. The bias is bullish as of now but be watchful because of the huge volatility.

POSSIBLE MOVE ON THE UPSIDE:-

It is showing great strength and today it closed above its key point of 53531.30 and if it sustains above it on the closing basis, then it could retest its all-time high of 54467.35 or may go beyond it also, but if it fails to sustain above it on the closing basis then it may lose up-momentum steam and may drift down.

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find broad support at (for other support points see the table on the upside) 53531.30---53370.43----52920.42----52635----52546----52347----52235---52087.65----52055.60----52016-----51990---51845-----51696-----51525----51487---51157----51092----50891.64----50828------50764----50617------50474----50472------50154------49834---49830-------49654.65----49201.72-----48636.45---48292.25---48203.45---47756(figures may change), it can bounce back from any of these points, but break & sustained close below 53531.30 may lose up momentum steam, break & sustained close below 53370.43 will push it into short corrective mode for its recent rise, break & sustained close below 52920.42 will push it into deep corrective mode  for its recent rise and thereafter break & sustained close below each point will weaken it, break & sustained close below 51487 will threaten the long term uptrend, break & sustained close below 50891.64 may end the possibility of the up move for a while, break & sustained close below 50764 may trigger fresh fall and thereafter break & close below each point will weaken it further, but the range of 50154----49830----49654 is the last very strong bounce back support range, if it break & sustain below this range on the closing basis, then it may have an accelerated fall. Please note that sustained close below 49830 may potentially end the long term uptrend for the time being and finally if it break the range of 48636.45---48292.25---48203.45---47756 and sustains on the closing basis then the correction could be more painful price-wise & time-wise both, which may please be noted.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative ,sell mode is on , there is huge negative divergence but the only comforting thing is that it is in oversold zone, so today’s up-move can extend a bit, so watch out. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months. So keep a watch on the price action for further directional indication. The undertone is still bearish as of now. 

IT IS BUY ON DECLINE MARKERT NOW.;-

It is buy on decline market now till it holds 53531.30---53370.43 & 52920.42(figure may change) but short trade can also be attempted  after a reasonable rise for intraday corrective gain. It could be a risky trade but worth trying.

STRENGTH: -

1. It is in 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 well above its strong pullback threshold point of 50891.64(figure may change), sustained close above this point will help in extending the up-move.

4. All the important technical indicators are positive on the daily chart with buy signal, but in overbought zone as of now.

5. The price action was positive today.

6 It is above all its short-term moving averages now on the daily chart and the important average range for day is between 52635----52424----52347-----52016-----51990----51696----51092-----50764(figure will change every day), sustained close above this range can help it extend the up-move.

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

8. It is above almost all its corrective threshold points except for one at  53636.71----- (figures may change). The other important correction threshold points are at 53500.30--- 53370.43---53331.55---- 52920.42----52487.43--- 52098.30-----52015.06----51549.93---- 51492.11 ---- 50725.73---- 49201.72---45416.49 (figure may change) and if it sustain above these points then it will help in extending the up-move.

WEAKNESS: -

1. 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.

2. Please note that indicators, on the weekly chart is oversold (so it may rally a bit), but in sell mode and with huge negative divergence & monthly chart, indicating overbought condition and huge negative divergence.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 53530----53370   with a stop loss of 53050 for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 54300---54400 with a stop loss of 54500. 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 -6.12.2024

 

CNX-NIFTY

CLOSED ON-5.12.2024:-24708.40

The possible range for the day is between 24847---24567, if it moves above 24847 and sustain then the upside target for the day could be 24988--25129---25270, if it moves above 25270 and sustain then it can sharply move up further. Similarly break below 24567 can pull it down to 24426---24285---24144 it can bounce back from any of these points but sustained break below 24144 may accelerate the fall further.

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 -6.12.2024

 

CNX- BANK NIFTY

CLOSED ON 5.12.2024:-53603.55

The possible range for the day is between 53861-----53343 if it moves above 53861 and sustains then the upside target for the day could be 54121---54381--54641, if it moves above 54641 and sustain then it can sharply move up further. Similarly break below 53343 can pull it down to 53083---52823----52563 for the day, it can bounce back from any of these points but break below 52563 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-5.12.2024

 

CNX-NIFTY

Open—24488.75—High—24573.20---Low---24366.30---Close----24467.45 on 4.12.2024.

Support:24354.55/24141.80/24099.70/24094.20/24073.90/23893.70/23816.15/23667.20/23664/23484.15/23350/23338.70/23110.80/22794.70/22775.70/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:24472.80/24498.20/24537.60/24573.20/24694.35/24753.15/24854.80/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --   

It opened on a flat to positive note and thereafter it had both side moves during the day and finally ended, the day flat with a small gain of 10.30 points.

It had 4^th up day in a row today and it is showing good strength for the continuation of the up move. Please note that moving down if it holds the support points at 24408.04---24379----24264.03---24140.85---24131.10(some figure may change daily) then it can extend the up-move and even if it break these support points but hold 23974.50 & 23893.70 points then the chances of up-move will be alive. But break & sustained close below 24408.04 will push it into short correction mode for its recent rise, break & sustained close below 24379 will threaten the long term uptrend again, break & sustained close below 24264.03 will push it into deep corrective mode for its recent rise, break & sustained close below 24140.85 & 24131.10 will lose the upside momentum steam for the month of December-2024, break & sustained close below 23974.50 will end the possibility of continuing the up-move and finally break & sustained close below 23893.70 will push it back in the very deep corrective mode again and then it may have an accelerated down move and possibly it may break its recent low of 23263.15 which it made on 21.11.2024 and may seek much lower levels. Similarly moving up from here it will face very stiff resistance at 24538—24694.35 & 24753.15. Please note that till it moves above 24753.15 and sustain on the closing basis fear of an abrupt fall will always be there but sustained close above this mark will ensure that it may get back into, the strong up-momentum track again and may retest its all-time high or may go beyond it also. Therefore please note that any rise before it closes above 24753.15 and sustain on the closing basis could be a possible bull trap also, therefore it is suggested to ride the on-going rise with utmost alert and caution.

The overall chart setup has improved a bit, it has made higher top on the line & bar chart, it is above all its short & few medium term moving averages on the daily chart, above few short & above all medium term moving averages on the weekly and most importantly it is above all its long terms moving average on the daily chart, therefore long term uptrend threat has ended, which is very positive sign for the continuation of the up-move. Furthermore all the important technical indicators are positive now with buy mode and huge positive divergence but in the overbought zone, so all together chart setup & indicators are giving positive signals, therefore it is likely to extend the on-going up-move further provided it holds the key points as mentioned above on the closing basis. The long term uptrend is intact now.

POSSIBLE MOVE ON THE UPSIDE:-

Please note that if it holds 24408.04---24379----24264.03---24140.85---24131.10(some figure may change) on the closing basis then it can extend the up-move and moving up it will face very strong resistance at 24538—24694.35 & 24753.15, if it moves above 24753.15 and sustain on the closing basis then it is likely that it will strongly extend the up-move and may get back into the strong up-momentum track again and may resume the big up-move..

POSSIBLE MOVE ON THE DOWNSIDE:-

Moving down from here it may find good support at 24408.04---24379---24264.03---24140.85---24131.10---24097----23974.50----23893.70----23768-----23696----23651----23572------23531------23458-----23350.15-----23338.70---23263.15------23110.80---22794.70----22775---22281---22165(few figures may change daily). Please note that it can bounce back from any of these points, break & sustained close below 24379 will threaten the long term uptrend again, break & sustained close below 24264.03 will push it into deep correction mode for its recent rise, break & sustained close below 24140.85 & 24131.10 will lose the up-momentum steam for the month of December-2024, break & sustained close below 23974.50 will end the possibility of continuing the up-move, break & sustained close below 23893.70 will push it back into big correction mode if it sustains below it for a longer period of time then the correction could be more painful price-wise and time-wise both. Thereafter break & close below each point will weaken it further and finally moving down its last strong support range could be in the range of 23596---23480(figure will change daily) and then 23350---23263(figure will change daily), break & sustained close below the range of 23596---23480 may trigger fresh fall and break & sustained close below the range of 23350---23263 may accelerate the fall and may seek much lower levels.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative ,sell mode is on , there is huge negative divergence but the only comforting thing is that it is in oversold zone, so today’s up-move can extend a bit, so watch out. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months. So keep a watch on the price action for further directional indication. The undertone is bearish as of now.  

IT IS BOTH SIDE TRADEABLE MARKET NOW.;-

Both side trades can be attempted depending on the price action for intraday gains. But since it is showing some strength in the chart setup therefore preferably long trade can be tried on decline till it hold key levels as mentioned above..

STRENGTH: -

1. It is in the long-term uptrend.

2. It is far-far above its most 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. All the seven important technical indicators are positive on the daily chart, the buy mode is on, huge positive divergence is there but in overbought zone, so it may correct for a while and then may resume the up-move again.

4. It is almost above all its short term moving averages on the daily chart and the important average range for the day is between 24243----24184----24166----24154----24053----24047---24016 (figure will change every day), sustained close above this range can help it to extend the up-move.

5. It is way above its strong pullback threshold point of 23974.50(figure may change).

6. It is above its deep correction threshold point of 24264.03 for its recent rise.

7. It is above its key point of 24140.85 & 24131.10 which is essential to keep the up-momentum going in the month of December-2024.

8. The price action was positive today.

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

WEAKNESS: -.

1. Please note that almost all indicators on the weekly chart are  negative indicates oversold condition, sell mode and negative divergence and finally on the monthly chart it indicates overbought condition and negative divergence.    

2. 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.

3. It is into correction deep mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25106.68----25098.32-----25064.27-----24521.63--- (figures may change). The other important correction threshold points are at –24408.04-----24367.34----24264.03-------24047.39----23659.18---21848.52 (figure may change) and if it sustain below these points correction will deepen. 

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 24415----24380 with a stop loss of 24300 for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 24580—24630 with a stop loss of 24700 or can sell if it moves below 24350 and maintain for some time with a stop loss of 24430.  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