A TECHNICAL UPDATE ON CNX-NIFTY—26.4.2023

 

CNX-NIFTY

 Open-17761.55--High—17807.45--Low-17716.85---Close-17769.25 on 25.4.2023.

Support: 17774.25/17761.40/17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95/17529.90/ 17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17175/17166/17161/17058/17044/17035/16950/16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance:  17761.40/ 17774.25/17795.55/17800/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

It continued the up move today and closed with a small gain of 25.85 points. It is showing reasonable strength and indicates further up move may be ahead in coming days. However please note that it is still into deep corrective mode therefore moving up from here it will face stiff resistance at 17797---17801---17810---17838---17863---17920---18013---18106---18132---18362.60---18402---18476. It can correct at any of these points or earlier and may resume the up move again or may exhaust the rally also, but if it moves above 17838(figure may change every day) and sustain on the closing basis then it will gain good strength for the continuation of the up move and finally if it moves above 18132 and sustain on the closing basis then it will be on the fast up momentum track and possibly will get out of the all corrective mode also, the complete correction completion points are 18013 & 18362.60  and finally if it moves above 18476 and sustain on the closing basis then it could retest its all-time high of 18887.60 or may go beyond it also, which please note. The bias is bullish as of now.   

Similarly moving down its critical support points would be at 17766----17707.55---17639---17619--- 17553.95----17439(figure will change every day) ---17315. As you know that it is already into deep corrective mode for a long time, break below 17707.55 may indicate slight fatigue, break below 17639 &17619(figures may change) will push it into short & medium correction for its recent rise, break below 17553.95 may trigger fresh fall, break below 17442 will potentially threaten the long term uptrend and may accelerate the fall and finally break below 17315 will end the possibility of the major pullback up move hope for good and fall may continue with in between short relief rallies. Therefore 17315 is the last key support point as of now.

In view of the above observation, for safe traders long trade can be tried if it moves above 17810 and maintain for some time with a short stop loss of 17740 avoid buy on decline for the day. However aggressive traders can also try buy on decline near or within the range of 17639---17619 but not below it with a stop loss of 17535, please note that this trade could be a risky affair for the day, but worth trying. Since it is still into deep corrective mode and also in correction for its recent rise therefore short trade can also be tried on the rise at appropriate points or on price breakdown for the intraday gains.  The long term bias is showing some improvement but it is still having a bearish tinge at this point of time, short term technical setup is nicely poised now and likely to move up further, provided it holds the key support points. Do not trade without proper stop loss.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —26.4.2023

 

CNX-BANK NIFTY

Open-42731.60-High-42865.55-Low-42601.50-Close-42678.50 on 25.4.2023.

Support:42622.75/42555.15/42202.55/ - 42078.90/42015.65/41979.10/41877/41840.15/41829.60/41791.95/41729/41677.65/41671.20/41643.90/41569.45/41335/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It opened with an up gap went up further and finally ended the day with a meagre gain of 42.75 points. The price action was slightly weak today as it retreated back from upper level, therefore chances are that it may correct for a day or two, but it is still exhibiting good strength and likely to move up further from here in coming days as it is out of all corrective mode and if manages to hold 42555.15 levels on the closing basis, then this rally can definitely extend to 42845---42987---43044.. The on-going rally can correct at any of these points or earlier also (it did hit an intraday high of 42865.55 today and corrected) and then may resume the up move again or may exhaust also for a while also. But it is important to mention here that if it moves above 43044 and sustain on the closing basis then it will be on the strong up momentum track and it can retest its all-time high of 44151.80 or may go beyond it also, which please note. The bias is bullish as of now.

Moving down its critical support points would be at 42652.39---42604---42555.15---42245---42015----41962---41840---41829----41799---41746---41494 , break below 42652.39(figure may change) will push it into very short correction for the recent rise and it may last a day or two at max, break below 42604 will be an alert sign for the  up move exhaustion for a while, break below 42555.15 will push it into deep corrective mode again and this could be concerning, break below 42361---42018 & 41862(figure may change) will push it into short, medium and deep correction for its recent rise and finally sustained break below 41494(figure will change every day) on the closing basis will threaten the uptrend. Please note that to continue the up move it has to maintain above 41962 and in worst case scenario it has to sustain above the range of 41840—41829 & 41799 on the closing basis, else it may lose upside steam and may head downward.

In view of the above observation, for safe traders long trade can be tried if it holds 42653 for some time with a stop loss of 42500 or can buy on decline near 42555.15 but not below it with a stop loss of 42450. However, aggressive traders can also try buy on decline near 42270 but not below it with a stop loss of 42090 it could be a risky trade mind you but worth trying. Please note that it is out of corrective mode now therefore avoid short trade in general but it can be tried at critical resistance point with strict short stop loss for intraday gains, but be alert and cautious in short trade at this point of time. The long term technical setup is showing marked improvement and chart structure is also looking good as of now; short term technical setup is strong and indicates that it may rally further with intermittent correction provided it holds the key points on decline as mentioned above. Do not trade without proper stop loss.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—25.4.2023

 

CNX-NIFTY

 Open-17707.55--High—17754.50--Low-17612.50---Close-17743.50 on 24.4.2023.

Support: 17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95/17529.90/ 17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17175/17166/17161/17058/17044/17035/16950/16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance:  17761.40/ 17774.25/17795.55/17800/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As it sustained the downtrend line upside breakout despite giving whip-saw for 5 days around it, therefore as anticipated it bounced back sharply today and closed way above its downtrend line with a gain of 119.35 points. It is showing reasonable strength now and indicates further up move ahead. However please note that it is still into deep corrective mode therefore moving up from here it will face stiff resistance at 17766---17797---17801---17835---17863---17920---18013---18106---18132. It can correct at any of these points or earlier and may resume the up move again or may exhaust the rally also, but if it moves above 17835(figure may change every day) and sustain on the closing basis then it will gain good strength for the continuation of the up move and finally if it moves above 18132 and sustain on the closing basis then it will be on the fast up momentum track, which please note. The bias is bullish as of now.   

Similarly moving down its critical support points would be at 17707.55---17639---17619--- 17553.95----17439(figure will change every day) ---17315. As you know that it is already into deep corrective mode for a long time, break below 17639 &17619(figures may change) will push it into short & medium correction for its recent rise, break below 17553.95 may trigger fresh fall, break below 17439 will potentially threaten the long term uptrend and may accelerate the fall and finally break below 17315 will end the possibility of the major pullback up move hope for good and fall may continue with in between short relief rallies. Therefore 17315 is the last key support point as of now.

In view of the above observation, for safe traders long trade can be tried if it moves above 17756 and maintain for some time with a short stop loss of 17680, but the authentic stop loss would be 17610, however aggressive traders can also try buy on decline near or within the range of 17639---17619 but not below it with a stop loss of 17535, please note that this trade be a risky affair for the day. Since it is still into deep corrective mode and also in correction for its recent rise therefore short trade can also be tried on the rise at appropriate points or on price breakdown for the intraday gains.  The long term bias is showing some improvement but it is still having a bearish tinge at this point of time, short term technical setup is nicely poised now and likely to move up further, provided it holds the key support points. Do not trade without proper stop loss.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —25.4.2023

 

CNX-BANK NIFTY

Open-42469.95-High-42714.15-Low-42269.10-Close-42635.75 on 24.4.2023.

Support:42622.75/42555.15/42202.55/ - 42078.90/42015.65/41979.10/41877/41840.15/41829.60/41791.95/41729/41677.65/41671.20/41643.90/41569.45/41335/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

After a day’s correction as envisaged it bounced back sharply and ended the day with a decent gain of 517.75 points. Furthermore it closed above its key points of 42555.15 & 42604 therefore it has come out of all corrective mode and given breakout from the weekly range also, which is very positive sign for the up move to continue and if it holds 42555.15 levels on the closing basis, then this rally can definitely extend to 42845---42987---43044.  The on-going rally can correct at any of these points or earlier also and then may resume the up move again or may exhaust also for a while also. But it is important to mention here that if it moves above 43044 and sustain on the closing basis then it will be on the strong up momentum track and it can retest its all-time high of 44151.80 or may go beyond it also, which please note.

Moving down its critical support points would be at 42604---42555.15---42245----41902---41840---41829----41799---41746---41472 , sustained break below 42604 will be an alert sign for the  up move, break below 42555.15 will push it into deep corrective mode again, break below 42245---41902 & 41746(figure may change) will push it into short, medium and deep correction for its recent rise and finally sustained break below 41472(figure will change every day) on the closing basis will threaten the uptrend. Please note that to continue the up move it has to sustain above this range of 41840—41829 & 41799 on the closing basis, else it may lose upside steam and may head downward.

In view of the above observation, for safe traders long trade can be tried if it moves above 42715 and maintain for some time with a stop loss of 42500 or can buy on decline near or within the range of 42604---42555.15 but not below it with a stop loss of 42430. However, aggressive traders can also try buy on decline near 42270 but not below it with a stop loss of 42090 it could be a risky trade mind you but worth trying. Please note that it is out of corrective mode now therefore avoid short trade in general but it can be tried at critical resistance point with strict short stop loss for intraday gains, but be alert and cautious in short trade at this point of time. The long term technical setup is showing marked improvement and chart structure is also looking good as of now; short term technical setup is strong and indicates that it may rally further with intermittent correction provided it holds the key points on decline as mentioned above. Do not trade without proper stop loss.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—24.4.2023

 

CNX-NIFTY

 Open-17639.75--High—17663.20--Low-17553.95---Close-17624.05 on 21.4.2023.

Support:  17597.95/17594/ 17574.05/17553.95/17529.90/ 17493.55/17484/17452.90/17421.80/17405.55/17353.40/17342.10/17326.10/17306/17255.20/17175/17166/17161/17058/17044/17035/16950/16888/16850.15/16836—833---828.35---809/16747.70/16438.75/16410.20.

Resistance:  17641/17574.05/17594/17597.95/17641/17680/17719.75/ 17761.40/ 17774.25/17795.55/17800/17812/17916.80/17959.20/17972.20/17992/18016/18105.30/18114.65/18132/18141/18183.75/18210.15/18265.25/18350.95/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

It has been giving whip-saw around its downtrend line for the last 5 days but has sustained the upside breakout and it is reasonably above the downtrend line now which is placed at 17553 (figure will scale down every day) for the day, it is in a way  a positive and good sign for the up to resume but at the same time it is concerning also because had it have the strong strength it should not have hovered around the downtrend line for so long and should have staged a sharp recovery by now, therefore it is suggested to keep a balanced view now because chances are that it may move in a either side direction. Please note that its broad range for the week starting from 24.4.2023 is between 17863---17766---17691---17553. It is at make or break juncture now and looking at the overall technical setup as of now it seems that it still has the fair possibility to resume the up move again if it manages to hold 17553, but sustained break below 17553 on the closing basis will dampen or may end the up move and down journey may begin. So be watchful now.

Moving down further its other critical support points would be at 17437(figure will change every day) ---17315. Please note that it was already into deep corrective mode, it has also gotten into short correction mode for its recent rise as it is below its threshold point of 17639, break below 17619 will push it into deep correction for its recent rise, break below 17437 will potentially threaten the long term uptrend and may accelerate the fall and finally break below 17315 will end the possibility of the major pullback up move hope for good and fall may continue with in between short relief rallies. Therefore 17315 is the last key support point. Please note that to get back into the up grove it has to move above 17639---17766---17800----17835---17863 and sustain on the closing basis, else the up rally may possibly exhaust and it may start to drift down.

In view of the above observation, be alert and cautious in the long trade at this point of time, but for safe traders it can only be tried if it maintains above 17641 for some time with a stop very short loss of 17600, but the authentic stop loss would be below 17553, but aggressive traders can try buy on decline also near 17553 but not below it with a stop loss of 17510, please note that buy on decline could be a risky affair for the day. Since it is still into deep corrective mode and also in correction for its recent rise therefore short trade can also be tried on the rise at appropriate points or on price breakdown, short trade can be tried if it moves below 17553 and maintain for some time with a stop loss of 17630 for the intraday gains.  The long term bias is showing some improvement but it is still having a bearish tone at this point of time, short term technical setup is evenly poised now and as mentioned above it is at make or breaks juncture, so watch out for a clear direction with the help of above observation. Do not trade without proper stop loss.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —24.4.2023

 

CNX-BANK NIFTY

Open-42252.55-High-42382.15-Low-41962.35-Close-42118 on 21.4.2023.

Support: - 42078.90/42015.65/41979.10/41877/41840.15/41829.60/41791.95/41729/41677.65/41671.20/41643.90/41569.45/41335/41318.60/41157.90/41095.10/40839/40819.15/40288.90/40269/40201.60/39868.85/39600.25/ 39513/39491/39419.80/39335/39273.75/39197.20/39258.25/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It corrected again today and closed with a loss of 151.50 points, after a long time it has broken its recent bottom of 42154 on the line chart, which is a slightly weak sign, but despite it the overall technical setup is still looking good and showing strength and indicates that it may continue the up move provided it holds the key points as mentioned below. Please note that its broad range for the week starting from 24.4.2023 is between 42604---42555---41840---41829---41799 and breakout on the either side will decide further direction for it.

It is still into deep corrective mode and also in short correction for its recent rise, but the major pullback up move is also on and if the rally continues it may get out of the corrective mode also. The complete correction completion point is 42555.15. Please note that if it moves above 42555.15 & 42604 and sustain on the closing basis then this rally can extend to 42845---42815--42987---43044. The on-going rally can correct at any of these points or earlier also and then may resume the up move again or may exhaust also for a while also. It is important to mention here that if it moves above 43044 and sustain on the closing basis then it will be on the strong up momentum track and it can retest its all-time high of 44151.80 or may go beyond it also.

Moving down its critical support points would be at 41840----41829----41818---41799---41662---41605---41451---41352 , sustained break below 41840—41829 &41799 will be an alert sign for the exhaustion of the up move, break below 41790(figure will change every day) which is rising channel support for the day will be a very weak sign for the up move to continue, break below 41662(figure may change) will push it into deep correction for its recent rise, and finally sustained break below 41451 on the closing basis will threaten the uptrend and break below 41352(many important support points are clustered at this point)  may drag it down further and faster. Please note that to continue the up move it has to sustain above this range 41829—41840 & 41799 on the closing basis, else it may lose upside steam and may head downward.

In view of the above observation, for safe traders it is suggested that long trade can only be tried if it moves above 42280 and maintain for some time with a stop loss of 42070, avoid buy on decline for the day. However, aggressive traders can also try buy on decline near or within the range of 41840---829---799 but not below it with a stop loss of 41600, it could be a risky trade but worth trying. Since it is still into deep corrective mode and also in short correction for its recent rise, therefore short trade can also be tried on the rise at appropriate points or on price breakdown for intraday gains. The long term bias is showing marked improvement and chart structure is also looking fairly good as of now; short term technical setup is strong and indicates that it may rally for some time with intermittent correction provided it holds the key points on decline as mentioned above. Do not trade without proper stop loss.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.