A TECHNICAL UPDATE ON CNX-BANK NIFTY —8.5.2023

 

CNX-BANK NIFTY

Open---43110.65----High----43588----Low---42582.20---Close---42661.20 on 5.5.2023.

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.

Resistance:42716.80/42740/42880/42948/42986.45/43038.25/43044.07/43081/43339.15/43483.45/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80/44461/44592.                       

 (Bold and underlined figures are most important)

It reacted to the world market cues and corrected today and closed with a huge loss of 1024.25 points. It exhibited volatility and the price action was terribly weak and most importantly it closed decisively below its critical range of 43044---43038.25---42986.45 which is highly concerning for the continuation of the up move. Please note that it is down but not out of the up move race as yet because except for one all important technical indicators are positive on the daily, weekly and monthly chart, furthermore except for few short term averages it is above all short, medium and long term moving average on the daily, weekly and monthly chart, therefore despite today’s big fall it stand a good chance that it may bounce back above the aforesaid critical range in next 1-2 trading session else the on-going up move may be in trouble.

Moving down from here its critical support points would be at 42582--- 42555.15---42530----42317---42233---41962.35---41671.20. These are the important and critical support points and it can bounce back from any of these points. It has gotten into very short, short and medium correction phase for its recent rise as it is below its threshold point of 43583---43320 & 42686, break below 42555.15 & 42530 will push it into deep corrective mode again for the past major gains and for its recent gains and this could be very concerning and may trigger a fresh fall.

Moving up it will face stiff resistance at 42845----42986.45----43038.25----43044---43079---43515.65---43578.40---43583---43614.45---43739.80----44151.80----44461---44592---45525---45658---46268---.The on-going rally can correct at any of these points or earlier also and then may resume the up move again or it may exhaust also for a while. Please note that to put it back on the up track it has to close above 43044 and sustain on the closing basis.

In view of the above observation, for safe traders long trade should be avoided till it closes above 43044, however, aggressive traders can try long trade if it holds the range of 42582---42530 for some time but not below it with a short stop loss of 42400 this could be a risky trade for the day, but worth trying for pullback gains. Since it gotten into correction phase today for its recent rise short trade can also be attempted on the reasonable rise or on price breakdown for intraday gains. So, one can go short below 42530 with a stop loss of 42700 for intraday gains. The short, medium and long term technical setup is still looking good but today’s price action has given a jolt. So watch out for a day or two for clear direction. The long term bias is still bullish. 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 favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—5.5.2023

 

CNX-NIFTY

 Open-18081--High—18267.45--Low-18066.70---Close-18255.80 on 4.5.2023.

Support: 18210.15/18183.75/18141/18132/18124.80/18114.65/18105.30/18016/18013/17992/17972.20/17959.20/17916.80/17812/17800/17795.55/17774.25/17761.40/17719.75/ 17680/17641/17597.95/17594/ 17574.05/17553.95.

Resistance:  18265.25/18350.95/18362.60/18442.15/18473.35/18476---18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As anticipated it bounced back today itself and closed with a decent gain of 165.95 points. It decisively closed above its important and critical range of 18131.70—18124.80---18114.65--18105.30 which is an extremely positive sign and will provide great strength for the continuation of the up move but with intermittent correction.

Moving up from here it will face stiff resistance at 18265.25---18362.60---18402---18476. It can correct at any of these points or earlier also and then may resume the up move again or may exhaust for a while, so be vigilant at the critical points. Please note that if it moves above 18362.60 and sustain on the closing basis then it will be out of all corrective modes and may get extra strength to move up faster 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 during correction its critical support points would be at 18214---18201.65---18131.70---18124.80---18105.30—18065----18042---18032---18013----17948---17928---17900---17881---17861---17854. These are the important and critical support points and it can bounce back from any of these points. But break below 18214 will push it into  common correction for its most recent gain and it may last a day or two, break below the range of 18131.70---18105.30 will indicate fatigue and exhaustion for the up move, break below 18099 will push it into short correction for its recent gain, break below 18042 could be  very concerning, break below 17948 & 17928 will push it into medium & deep correction for its recent rise and finally sustained break below the range of 17900---17854 on the closing basis will put the on-going up move in jeopardy and it may head downward. It is important to mention here that looking at today’s move it is most likely to hold its critical range of 18131.70---18105.30 and continue with the up move, but if it breaks this range now then it could be highly concerning.

In view of the above observation, it  is a buy on decline market, therefore  long trade can  be tried if it moves above 18270 and maintain for some time with a short stop loss of 18220 or can buy on decline at appropriate points or near or within the range of 18131.70---18090 with a stop loss of 18020. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate stiff resistance points or on price breakdown for the intraday gains but with due caution because it is in the strong up momentum now.  The short, medium and long term technical setup is looking good now and it is likely to move up further, provided it holds the key support point 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

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —5.5.2023

 

CNX-BANK NIFTY

Open---43236.10----High----43739.80----Low---43213.95---Close---43685.45 on 4.5.2023.

Support: 43614.65/43578.40/43515.05/43498.05/43483.45/43339.15/43081/43044.07/43038.25/42986.45/42948/42880/42740/42716.80/42622.75/42555.15/42202.55/ - 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.

Resistance: 43853.40/44151.80/44461/44592.                     

 (Bold and underlined figures are most important)

As anticipated it bounced back today itself and closed with a decent gain of 372.75 points. Technically it is exhibiting extraordinary strength and now within the vicinity of its all-time high of 44151.80 and in all likelihood it is going to retest it or may establish a new high in the coming days.

Moving up from here this rally can extend to 43730----44151.80----44461---44592---45525---45658---46268---.The on-going rally can correct at any of these points or earlier also and then may resume the up move again or it may exhaust also for a while. The bias is hugely bullish as of now.

Moving down its critical support points would be at 43614.45---43583---43578.40---43515.65---43320---43044---43038.25---42986.45---42686----42555.15---42530. These are the important and critical support points and it can bounce back from any of these points. But break below 43583 will push it into very common correction for its recent rise and it may last a day or two, break below 43320 will push into short correction for its recent rise, sustained break below the range of 43044---43038.25---42986.45 will indicate fatigue and exhaustion for the on-going up move and may put the uptrend in jeopardy, break below 42686 will push it into medium correction for its recent rise, break below 42555.15 & 42530 will push it into deep corrective mode again for the past major gains and its recent gains and this could be very concerning. Please note that for the continuation of the up move it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else the on-going up move may be in trouble.

In view of the above observation, long trade can be tried if it moves above 43740 and maintain for some time with a short stop loss of 43600 or can buy on decline at appropriate points or near or within the range of 43395--43312 but not below it with a stop loss of 43180. However, aggressive traders can also try long trade on decline near or within the range of 43044---42986 but not below it with a stop loss of 42800 this could be a risky trade but worth trying. Please note that it is in the uptrend 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 short, medium and long term technical setup is highly bullish as of now. Therefore it is a buy on decline market till it holds its key points and range 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—4.5.2023

 

CNX-NIFTY

 Open-18113.80--High—18116.35--Low-18042.40---Close-18089.85 on 3.5.2023.

Support: 18016/18013/17992/17972.20/17959.20/17916.80/17812/17800/17795.55/17774.25/17761.40/17719.75/ 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:  18105.30/18114.65/18124.80/18132/18141/18183.75/18210.15/18265.25/18350.95/18362.60/18442.15/18473.35/18604.45/16696.10/18887.60.

 (Bold and underlined figures are most important)

As envisaged after 6 days of straight rise it corrected today and ended the day with a loss of 57.80 points and this correction may possibly end in next 1 to 2 trading sessions. Although it closed below its most critical range of 18131.70—18124.80---18114.65--18105.30 but as long as it holds its range of 17900---17850 there is no major threat to the on-going uptrend. But please note that it will get into strong up momentum track only if it moves above 18131.70 and sustain on the closing basis and as of now it seems that it can bounce back above it in next 1-2 trading session and resume the up move again as the overall technical setup looks on firm footing as of now and indicates further rise ahead. Therefore it is a buy on decline market till is holds the range of 17900---17850. Please note that sustained break below this range could be concerning for the continuation of the up move.

Moving up from here it will face stiff resistance at the 18105.30---18114.65---18124.80---18131.70—18201.25---18265.25---18362.60---18402---18476. It can correct at any of these points or earlier and then may resume the up move again or may exhaust for a while, so be vigilant at the critical points. Please note that sustained close above 18131.70 will put it on strong up momentum track, it is still into the moderate deep corrective mode for earlier major gains and if it moves above 18362.60 and sustain on the closing basis then it will be out of all corrective modes and may get extra strength to move up faster 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 during correction its critical support points would be at 18131.70---18124.80---18105.30—18065----18032---18013----17900---17881---17861---17846. These are the important and critical support points and it can bounce back from any of these points. Break below 18032 will push it into short correction for its recent rise and finally sustained break below the range of 17900---17850 will put the on-going up move in jeopardy and it may head downward.

In view of the above observation, it corrected today but it is still a buy on decline market, therefore for safe traders long trade can only be tried if it moves above 18131.70 and sustain on the closing basis else avoid. But aggressive traders can try buy on decline at appropriate points or near or within the range of 17900---17850 with a stop loss of 17780, it could be a risky trade but worth trying. Since it is still into deep corrective mode therefore short trade can also be tried on the rise at appropriate stiff resistance points or on price breakdown for the intraday gains but with due caution because it is in the strong up momentum now.  The long term bias is showing marked improvement and chart setup is also looking good, short & medium term technical setup is nicely poised now and likely to move up further, provided it holds the key support point 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

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY —4.5.2023

 

CNX-BANK NIFTY

Open---43154.85----High----43354.95----Low---43078.15---Close---43312.70 on 3.5.2023.

Support: 43081/43044.07/43038.25/42986.45/42948/42880/42740/42716.80/42622.75/42555.15/42202.55/ - 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.

Resistance: 43339.15/43483.45/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                   

 (Bold and underlined figures are most important)

As envisaged after 6 days of straight rise it corrected today and ended the day with a meagre loss of 39.40 points. It is exhibiting extraordinary strength so this corrective move may possibly end in next 1 to 2 trading sessions and it may resume the up move again. The overall technical setup is on the firm footing; therefore it is likely to continue the up move in coming days. It is important to mention here that the uptrend has no threat till it holds the range of 43044---43038.25----42986.45 on the closing basis (it did came near the upper band of this range today but bounced back) and if it does so then it is likely to retest its all-time high of 44151.80 or may go beyond it also in coming days.

Moving up from here this rally can extend to 43515.65---43578.40---43614.45---43730----44151.80----44461---44592---45525---45658---46268---.The on-going rally can correct at any of these points or earlier also and then may resume the up move again or it may exhaust also for a while. The bias is hugely bullish as of now.

Moving down its critical support points would be at 43125---43044---43038.25---42986.45---42845---42694----42555.15---42490----42334, break below 43125 will push it into very short correction for its recent rise, sustained break below the range of 43044---43038.25---42986.45 will indicate fatigue and exhaustion for the on-going up move and may put the uptrend in jeopardy, break below 42845 will push it into deep short correction mode for its recent rise, break below 42555.15 will push it into deep corrective mode again for the past major gains and this could be concerning, break below 42490 & 42334(figure may change) will push it into  medium and deep correction mode for its recent rise. I once again reiterate that for the continuation of the up move it has to sustain above the range of 43044---43038.25---42986.45 on the closing basis, else the on-going up move may be in trouble.

In view of the above observation, long trade can be tried if it moves above 43395 and maintain for some time with a short stop loss of 43200 or can buy on decline at appropriate points or near or within the range of 43044--42987 but not below it with a stop loss of 42790. Please note that it is in the uptrend 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 short, medium and long term technical setup is bullish as of now. Therefore it is a buy on decline market till it holds its key range 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.