A TECHNICAL UPDATE ON CNX-NIFTY—28.7.2023

 

CNX-NIFTY

 Open-19850.90--High—19867.55-Low-19611.85--Close-19659.90 on 27.7.2023.

Support: 19639/19608/19584/19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 19663/19674/19748/ 19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened with an up gap and thereafter slightly went up further but could not sustain and steadily moved down and closed below the low of the previous day with a loss of 118.40 points. Please note that it has given key reversal today, it is already into correction mode, it has fallen below some of its short term moving averages also, it made lower top & bottom on the line & bar chart after a long time and four out of five important technical indicators are negative now, therefore all together it is very concerning and pointing that it can go down sharply from here in coming days.  It is important to mention here that if it fails to stage a sharp recovery in next 4-5 trading sessions and closes above some of its critical points as mentioned below and sustain above it for the continuation of the up move, else the correction will deepen further. The short term chart setup and parameters are weak now but it is still in the strong long term uptrend and it is buying on decline market in general as of now. But in view of volatility, key reversal, negative technical indicators and correction mode it is suggested to defer buying on decline for some time till visible sign of correction completion emerges because correction can get ugly also at times, so watch out. 

Moving down from here its support points could be at 19653—19631—19619---19615----19603----19570---19536---19513---19441---19417---19385---19372---19356---19327---19323----19303.60—19300----19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It is already in the correction mode and break below each support point will weaken it further, break below 19619 & 19603 may accelerate the fall, break below 19513 could lose the upside steam, break below the range of 19385---19372---019356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

Similarly moving up from here it may face resistance at 19674---19696----19830---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again. Please note that 19696(figure may change) is its pullback threshold point and if it closes above it and sustains then chances are that it could move up further to 19752---19798---19844---19900---19914, possible rally can fizzle out at any of these points or earlier, but if it closes above 19914 and sustains then the possibility is it could retest its all-time high of 19991.85 or may go beyond it also.  It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up momentum again.   

IMPORTANT NOTE:-Long trade below 19603 could be a risky bet for the day.

TRADING TIPS:--

1. For safe trader’s it is suggested to avoid long trade till it closes above 19780 or correction completion sign emerges. However, aggressive traders can also try long trade if it moves above 19725 and maintain for some time with a stop loss of 19650 or can buy on decline near or within the range of 19619---19603 and then 19513----19441 but not below it with a stop loss of 19550 & 19370. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode and other parameters are also weak, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19840----19880 with a stop loss of 19930 or sell if it moves below 19603 with a stop loss of 19675 .It could be a risky trade mind you but worth trying.

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—27.7.2023

 

CNX-BANK NIFTY

Open---45935.15---High—46096.60---Low---45804.70---Close—46062.35 on 26.7.2023.

Support:-45940/45925/45845/5658/45655.50/45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:- 46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.        

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and finally ended the day near the high of the day with a gain of 217.35 points. It has come out of the correction mode today and all the five important technical indicators are positive now, which is an extremely positive sign. Furthermore the overall long term technical setup is very strong for the continuation of the up move but volatility is a slight concern. However it is in the strong long term uptrend and it is buying on decline market in general as of now.

Moving up from here it may face resistance at 46187---46220---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again. Please note that if it closes above 46220 and sustains then it may retest its all-time high of 46369.50 or may go beyond it also.     

Moving  down further from here its good support points could be at 45940---45799---45697----45655.50---45656----45570----45475---45410.85---45327---45281.30---45038---44958---44825---44787---44747—44695---44539----44151.80(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. Kindly note that break below 45940 will push it back in the correction mode and thereafter break below each support point will weaken it further,  but please note that as long as it holds 45799(figure may change) which is its pullback threshold point  then the chance of the up move will be alive, else it may trigger fall, break below 45570 will be an alert point, sustained break below 45423—45245 & 45170 may accelerate the fall, break below 44956 could be highly concerning, break below 44539 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.

IMPORTANT NOTE:-Long trade below 45799 could be a risky bet for the day.

TRADING TIPS:--

1. Long trade can be tried if it moves above 46135 and maintain for some time with a stop loss of 46050 or can buy on decline near 45845 but not below it with a stop loss of 45750. However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 45423----45265 and not below it with a stop loss of 45100. It could be a risky trade but worth trying.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. However, short trade can also be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 46320---46360 with a stop loss of 46460 or sell if it moves below 45799 with a strict stop loss of 45960 It could be a highly risky trade but worth trying for intraday 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 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—27.7.2023

 

CNX-NIFTY

 Open-19733.35--High—19825.60-Low-19716.70--Close-19778.30 on 26.7.2023.

Support: 19748/19674/19663/19639/19608/19584/19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance:  19830/19925/19970.50/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened on a very positive note and went up further and finally ended the day with a gain of 97.70 points. Although it staged a good bounce back today but it is still short corrective mode. Furthermore four out of five important technical indicators have turned negative, which indicates further fall may be ahead and this is highly concerning. However the good point is that it closed above its pullback threshold point of 19705(figure can change) and if it holds this point on the closing basis then the chances are that this rally could move further to 19804---19848---19903---19917 please note that this pullback rally can exhaust at any of these points or earlier also but if it moves above 19917 and sustain then it could retest its all-time high of 19991.85 or may go beyond it also, else it may drift down and break below 19672—19619.40 & 19615.95 may trigger fall and it can have an accelerated down move.

It is in the strong long term uptrend and it is buying on decline market in general, but it is into short corrective mode now and almost all important technical indicators are negative, so the chances of going down from here still looks imminent till it gets out of the corrective mode, therefore one should be slightly alert and cautious in the long trades at this point of time because how the correction will culminate has to be seen because sometime it may get ugly also.

Moving down from here its support points could be at 19672---19653—19631—19619---19615----19570---19536---19497---19417---19385---19372---19356---19327---19323----19303.60—19300----19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It is already in the correction mode and break below each support point will weaken it further, break below 19562 will weaken it for the on-going week, break below 19497 could lose the upside steam, break below the range of 19385---19372---019356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

Similarly moving up from here it may face resistance at 19830---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again. It will get out of corrective mode if it closes above 19830 and sustains and then it is expected to pick up momentum again.   

IMPORTANT NOTE:-Long trade below 19672 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can only be tried if it moves above 19830 and maintain for some time with a stop loss of 19740 or can buy on decline near 19672 but not below it with stop loss of 19650. However, aggressive traders can also try long trade on decline near or within the range of 19619---19590 and then 19498----19385 but not below it with a stop loss of 19545 & 19350. It could be a risky trade but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19860----19890 with a stop loss of 19930 or sell if it moves below 19670 with a stop loss of 19750 .It could be a risky trade mind you but worth trying.

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—26.7.2023

 

CNX-BANK NIFTY

Open---46154.70---High—46156.10---Low---45622.85---Close—45845 on 25.7.2023.

Support:-45658/45655.50/45525/45416/45210/45179/44958/44939/44812/44787.10/ 44747.35/44592/44508.40/44498.60/44459.25/44360/44266/44220.10/44151.80/44095.25/43874.05/43706.15/43614.65/43598.20/43397.50/43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance:-45925/45940/ 46268/46340/46369.50/47448/47575/47808/48229/48685/49040/49240/49525.          

 (Bold and underlined figures are most important)

It opened on a very strong positive note but could not move further and slipped down and hit a low of 45622.85 for the day and finally ended the day with a loss of 78.05 points. It is into short correction mode now. Please note that this correction may not last for more than next 2-3 trading sessions at the maximum and it may resume the up move again, but if it last beyond that then it could be disturbing and break below 45655.50 & 45410 will indicate significant weakness and can drag it down further, so be watchful.  The overall long term technical setup is very strong for the continuation of the up move but volatility is a slight concern. It is in the strong long term uptrend and it is buying on decline market in general as of now but as it is into correction mode now , therefore one should be slightly alert and cautious in the long trades at this point of time because how correction will culminate has to be seen because at times it can take ugly turn also. The long term bias is highly bullish as of now.

Moving  down further from here its good support points could be at 45799---45697----45655.50---45656----45570----45475---45410.85---45327---45281.30---45038---44958---44825---44787---44747—44695---44539----44151.80(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again. It slipped into correction mode today and now break below each support point will weaken it further, but please note that  it closed above its pullback threshold point of 45799(figure can change) and if it sustains above it then the chances are that it can have pullback up move which could take it to 45908---45996---46084---46193---46220 please note that the rally can exhaust at any of these points or earlier also but if it moves above 46220 and sustain then it could retest its all-time high of 46369.50 or may go beyond it also, else it may keep drifting down. break below 45570 will be an alert point, sustain break below 45410.85 may trigger fresh fall, sustained break below 45393—45168 & 45070 may accelerate the fall, break below 44865 could be highly concerning, break below 44539 will get it into deep and long corrective mode and finally it may lose upside steam for a while if it fall below 44151.80 and sustain on the closing basis.

Similarly moving up from here it may face resistance at 45940---45980---46268---46340---46364---46369.50---47448---47980 it may correct at any of these points and then may resume the up move again. Please note that if it closes above 45940 and sustains then it will get out of corrective mode and may try to pick up momentum again.     

IMPORTANT NOTE:-Long trade below 45410 could be a risky bet for the day.

TRADING TIPS:--

1. Long trade can be tried if it holds 45799 for some time with a stop loss of 45700 or can buy on decline near or within the range of 45622---45570 with a stop loss of 45400  . However, aggressive traders can try long trade on sharp decline at appropriate points or near or within the range of 45168----45070 and not below it with a stop loss of 44920. It could be a risky trade but worth trying.

2. It is in the long term uptrend therefore short trade in general could be a risky affair. But it is into short correction mode now; therefore short trade can also be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 46250---46300 with a stop loss of 46425 or sell if it moves below 45799 with a strict stop loss of 45960 It could be a highly risky trade but worth trying for intraday 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 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—26.7.2023

 

CNX-NIFTY

 Open-19729.35--High—19729.35-Low-19615.95--Close-19680.60 on 25.7.2023.

Support: 19674/19663/19639/19608/19584/19535/19523.60/ 19498/19450/19303.60/ 19300/19275/19246.50/19234.40/19201.70/19189/19138/ 19104/19035/18991/18887.60/18886.60/18881.45/18794.10/18864.70/18778/18696.10/18660.65/18604.45/ 18555.40/18531.60/18464.55/18458.90/18350.95/18265.25/18210.25/18202.40/18201.25/18134.75/18131.70/18114.65/18105.30/18060.40/18042.40/17959.20

Resistance: 19748/ 19830/19925/19991.85/20160//20236/20278/20390/20719/20944.

 (Bold and underlined figures are most important)

It opened on a very positive note but could not build up gains on it and moved in a range and finally ended the day with a meagre gain of 8.25 points. It is in short corrective mode now. Furthermore four out of five important technical indicators have turned negative, which indicates further fall may be ahead and this is highly concerning. Please note that considering its overall strength the on-going correction should not last for more than next 1-2 trading sessions at the maximum and resume the up move again, but if it last beyond that then it could be disturbing and sustained break below each point 19619---19562---19468 & 19384 will indicate significant weakness, so be watchful. It is in the strong long term uptrend and it is buying on decline market in general as of now but it is into short corrective mode now and almost important technical indicators are negative, so chances of going down from here also looks imminent, therefore one should be slightly alert and cautious in the long trades at this point of time because how the correction will culminate has to be seen because it can get ugly also at times. The long term bias is still very bullish as of now.

Moving down from here its support points could be at 19674---19653—19631—19619---19570---19536---19468---19417---19385---19372---19356---19327---19323----19303.60—19300----19245----18887.60(figures may change), it may bounce back from any of these points and resume the up move again. It is already in the correction mode and break below each support point will weaken it further, break below 19619 will be an alert point, break below 19562 will weaken it for the on-going week, break below 19468 could lose the upside steam, break below the range of 19385---19372---019356---19327---19323---19303.60---19300 may trigger fresh fall and break below 19245 will get it into deep and long corrective mode and finally break below 18887.60 may accelerate the fall.. 

Similarly moving up from here it may face resistance at 19705---19830---19925---19991.85---20160---20236---20390---20719 it may correct at any of these points and then may resume the up move again. Please note that 19705(figure may change) is a pullback threshold point and if it closes above it and sustains then chances are that it can have pullback up rally which could take it to 19760---19804---19848---19903---19917 please note that rally can exhaust at any of these points or earlier also but if it moves above 19917 and sustain then it could retest its all-time high of 19991.85 or may go beyond it also, else it may keep drifting down. It will get out of corrective mode if it closes above 19830 and sustains.   

IMPORTANT NOTE:-Long trade below 19672 could be a risky bet for the day.

TRADING TIPS:--

1. For safe traders long trade can only be tried if it moves above 19707 and maintain for some time with a stop loss of 19650 and avoid buy on decline for the day. However, aggressive traders can also try long trade on decline near or within the range of 19619---19580 and then 19470----19385 but not below it with a stop loss of 19545 & 19320. It could be a risky trade mind you but worth trying.

2. It is in the strong uptrend therefore short trade in general could be a risky affair but as it is into correction mode, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19800----19830 with a stop loss of 19870 or sell if it moves below 19670 with a stop loss of 19750 .It could be a risky trade mind you but worth trying.

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.