A TECHNICAL UPDATE ON CNX-BANK NIFTY—29.9.2023

 

CNX-BANK NIFTY

Open---44700.35---High—44756.80---Low---44248.20---Close—44300.95 on 28.9.2023.

Support:-44279.40/44254/44207.25/44151.80/ 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44459.25/44498.60/44539/44547.80/44795/44949.60/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.           

 (Bold and underlined figures are most important)

It opened with an up gap but could not move much higher and sustain and then slipped down    and finally ended the day with a loss of 287.35 points.  It was already into deep short term correction mode for its recent rise and today it slipped into medium term correction mode. It is below some of its short & medium term moving averages on the daily and below some short term moving averages on the weekly chart also, all together it is a very weak sign and indicates that further fall may be ahead with short relief rallies. Please note that for the reasonable or good pullback up move it has to move above 44685(figure may change) and sustain on the closing basis, else the down move may continue,  but to get into strong up momentum track it has to close above 45070---45816 & 45885(figures may change) and sustain on the closing basis. However, if it manages to hold the range of 44254---44151.80 it can still bounce back but break below this range could be highly concerning. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 but today it made higher high & low and if it continues to make this in next few days then the trend could reverse, else further downside is wide open, so watch out the price action. It is into deep short & medium term correction mode now but the long term trend is still up.  

Kindly note that moving down from here the key support points could be 44254---44151.80(figure may change)   if it holds 44254 & 44151.80 on the closing basis then the hope of  up move will still  be alive ,but break below 44151.80 on the closing basis may dampen the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 44046----43600----43446---43345.95 Break below 44046(figure will change every day) will threaten the long term uptrend. It is important to mention here that sustained break below 43345.95 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted.

 Moving up from here it may face resistance at 44539---44628---44658---44685---44704---44995—45011---45118---45259---45311---45507----45671---45725---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

IMPORTANT NOTE: -- It is into short correction mode now, therefore it is sell on the rise market now till it closes above 45816 and sustain, therefore long trade could be risky thing till correction is on and it can get out of corrective mode if it closes above 45814, but long trade can be tried intraday at critical support points for pullback gains only. Long trade below 44151 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44685 at least. But aggressive traders can try long trade on decline near or within the range of 44254—44151.80 with a stop loss of 44000.

 2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into deep short correction mode now, therefore short trade can be attempted but with extreme caution and care 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 44550---44650 with a stop loss of 44750 or sell if it moves below 44151 with a stop loss of 44350.

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—29.9.2023

 

CNX-NIFTY

 Open-19761.80---High—19766.65--Low-19492.10--Close-19523.55 on 28.9.2023.

Support: 19491.50/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19523.60/19563.10/19584.45/19615.95/19645.50/19657.50/ 19795.60/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45/20245/20285/20390/20467/20500/20568/20760.

 (Bold and underlined figures are most important)

 It opened with an up gap but could not move much further and steadily moved down and in the late afternoon plunged down sharply and finally ended the day with a loss of 192.90 points. It is already into short term correction mode for its recent rise. It is below some of its short and medium term moving averages on the daily chart and below some short term averages on the weekly chart also which is a weak sign and indicates that further fall may be ahead with in between short relief rallies. It did closed shade above its pullback threshold point (19712) yesterday but could not sustain it today, this indicates weak undertone. Please note that to get into pullback mode again it has to close above 19665(figure may change) and sustain on the closing basis then there is a hope that the up move may extend, else down move may continue. But to get into strong up momentum track it has to close above 19838 & 19991.85 and then above 20077(this figure may change) and sustain on the closing basis. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023, yesterday it showed some improvement in price action but today it was terribly bad as it closed below its previous day’s low. It is therefore suggested to keep an eye on the price action and look for higher highs & lows for at least 2-3 days then the trend may reverse, else down move can continue, so watch out price action. It is into short correction mode now but the long term trend is up.

Kindly note that moving down from here its strong support points would be 19492.10---19451---19421(figure may change) break below 19421 will push it into deep medium term corrective mode and it may slide down further and then the next strong support range would be between 19300—19255---19234---19223.60. It is important to mention here that sustained break below 19223.60 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted

Moving up from here it may face resistance at 19608---19665---19698---19723---19771---19811---19838---19857---19944---19986.73---19991.85---20050----20077---20201---20222.45(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

IMPORTANT NOTE: - It is into short correction mode, therefore it is sell on the rise market now till it closes above 19991.85 and sustain. Please note that long trade could be risky affair till correction is on but can be tried intraday at critical support points for pullback gains only. It can get out of correction once it closes above 19986.73 and sustain. Long trade below 19492 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above its pullback threshold point of 19665 at least and sustains. But aggressive traders can try long trade on sharp decline near or within the range of 19300---19230 with a stop loss of 19180.  

2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into correction mode, therefore short trade can be attempted but with extreme caution and care 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 19670---19720 with a stop loss of 19770 or sell if it moves below19490 with a stop loss of 19540.

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. 

 for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

INTRA-DAY TRADING CALLS FOR 28.9.2023

 

TRADING CALLS 

1. DR.REDDYS LAB.

Sell below-5480, S/L-5500, Target-5449/5428/5363. 

2. INDUSIND BANK.

Buy above 1440, S/L-1430, Target—1450/1462/1476. 

3. HDFC BANK.

Sell if it remains below-1532, S/L-1545, Target-1515/1489/1470/1448. 

4. GRASIM.

Sell if it remains below-1923, S/L-1935, Target-1901/1889/1870. 

5. INFOSYS.

Buy above-1470, S/L-1460, Target-1476/1485/1493/1506. 

PLEASE NOTE THAT INTRADAY TRADES ARE HIGHLY RISKY TRADES. 

IMPORTANT: - Please note that these are intraday calls valid for the day only and does not reflect the overall trend of the stock. 

                                Note: Price stated here is of spot market.  

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.                        

 

 Contact me for strategic guidance to enter and exit the trade

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

                       

 

 

 

       

 

 

 

 

                                               

                            

                     

  

 

                    

                            

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—28.9.2023

 

CNX-BANK NIFTY

Open---44465.90---High—44668---Low---44182.50---Close—44588.30 on 27.9.2023.

Support:-44547.80/44539/44498.60/44459.25/44279.40/44254/44207.25/44151.80/ 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44539/44547.80/44795/44949.60/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.           

 (Bold and underlined figures are most important)

It opened with a down gap and went down further but recovered in the late afternoon and finally ended the day with a meager loss of 35.90 points.  It is already into deep short term correction mode for its recent rise. It is below some of its short & medium term moving averages on the daily and below some short term moving averages on the weekly chart also, which is a weak sign and indicates that further fall may be ahead with short relief rallies. Please note that for the reasonable or good pullback up move it has to move above 44685(figure may change) and sustain on the closing basis, else the down move may continue,  but to get into strong up momentum track it has to close above 45175---45816 & 45885(figures may change) and sustain on the closing basis. However, if it manages to hold 44548.90 (figure may change) on the closing basis then the hope of an up may be alive, else it may slip down to it next strong support range of 44254---44151.80(it did test this range today but bounced back) and break below this range could be highly concerning. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 and it is still weak. It is therefore suggested to keep an eye on the price action and if it starts to make higher highs & low then the trend could reverse, else further downside is open, so watch out the price action. It is into deep short correction mode now but the long term trend is up.  

Kindly note that moving down from here the key support points could be 44548.90---44539---44254---44151.80(figure may change)  break below 44539 will push it into deep long term corrective mode but if it holds 44254 & 44151.80 on the closing basis then the hope of  up move will still  be alive ,but break below 44151.80 on the closing basis may dampen the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 44032----43600----43446---43345.95 Break below 44032(figure will change every day) will threaten the long term uptrend.

 Moving up from here it may face resistance at 44628---44658---44685---44704---44995—45011---45118---45259---45311---45507----45671---45725---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

IMPORTANT NOTE: -- It is into short correction mode now, therefore it is sell on the rise market now till it closes above 45816 and sustain, therefore long trade could be risky thing till correction is on and it can get out of corrective mode if it closes above 45814, but long trade can be tried intraday at critical support points for pullback gains only. Long trade below 44539 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44685 at least. But aggressive traders can try long trade on decline if it holds 44548.90 levels for some time with a stop loss of 44400 or on further decline near or within the range of 44254—44151.80 with a stop loss of 44000.

 2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into deep short correction mode now, therefore short trade can be attempted but with extreme caution and care 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 44850---44950 with a stop loss of 45130 or sell if it moves below 44539 with a stop loss of 44700.

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—28.9.2023

 

CNX-NIFTY

 Open-19637.05---High—19730.70--Low-19554--Close-19716.45 on 27.9.2023.

Support: 19657.50/19645.50/ 19615.95/19584.45/19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19795.60/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45/20245/20285/20390/20467/20500/20568/20760.

 (Bold and underlined figures are most important)

 It opened on a negative note and then moved down further but in 2^nd half it sharply bounced back and finally ended the day with a gain of 51.75 points. It is already into short term correction mode for its recent rise. It is below some of its short and medium term moving averages on the daily chart which is a weak sign and indicates that further fall may be ahead with in between short relief rallies. But the good point is that it just closed above its pullback threshold point of 19712(figure may change) and if it hold this point on the closing basis up move can extend, else it may resume the down move again. Please note that to get into strong up momentum track it has to close above 19838 & 19991.85 and then above 20089(this figure may change) and sustain on the closing basis. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 but today it showed marked improvement it did breached previous day’s low during the day but closed above previous day’s high which is a positive sign and hopefully it can continue the up move on 28.9.2023 too. It is therefore suggested to keep an eye on the price action and look for higher highs & lows then the trend could reverse, else down move can resume, so watch out price action. It is into short correction mode now but the long term trend is up.

Moving up from here it may face resistance at 19811---19838---19841---19888---19967---19986.73---19991.85---20065----20089---20201---20222.45(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

Kindly note that moving down from here its strong support points would be 19712----19657.50---19605---19451---19421(figure may change) close below 19712 may dampen the possibility of a pullback up move, break and close below 19657.50 could be a weak sign and fall may accelerate and break below 19421 will push it into deep medium term corrective mode and it may slide down further and then the next strong support range would be between 19300—19255---19234---19223.60.

IMPORTANT NOTE: - It is into short correction mode now, therefore it is sell on the rise market now till it closes above 19991.85 and sustain, but pullback mode is on today so be alert and careful in the short trade because if it holds 19712 then the up move can extend. Please note that long trade could be risky affair till correction is on but can be tried intraday at critical support points for pullback gains only. Long trade below 19657.50 could be a risky bet for the day.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19731 and maintain for some time with a stop loss of 19650.  

2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into correction mode now but pullback mode is on, therefore short trade can be attempted but with extreme caution and care 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 19850---19880 with a stop loss of 19930 or sell if it moves below 19650 with a stop loss of 19720.

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. 

 for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com