A TECHNICAL UPDATE ON MCX-SILVER-31.7.2020

 

 

 MCX-SILVER

 

 Closed at Rs.62507=00 on 30-7-2020

 

SUPPORT:62428/62400/60450/59942/59306/58999/57947/57713/56738.

 

RESISTANCE:63930/64404/64986/65405/65723/66764/67382/69889/70371/73117/73600/75300/76108/82525.

 

Critical Points Moving Up:-62575---65405---67560---73600.

 

Critical Points Moving Down:-59490---56998---54505---51421---50660.

 

(Bold figures are very important)

It is looking reasonably o.k. on the technical chart but exhibiting much lesser strength in comparison with the MCX-Gold. It made a recent bottom of 46436 on 15.6.2020 and in 31 trading session it almost moved vertically up and made a high of 67560 on 28.7.2020 and then started correcting. Its critical and important points as of now are 62575 & 65405 and it has closed below 62575 today and if it sustain below it on the closing basis then down move may accelerate and moving down it will find support at 59942---59490---56998---54505---51421---50660 levels and it may bounce back from any of these points and may resume the up move again so watch out. But please note that to resume the strong up momentum again it has to move above 65405 and sustain on the closing basis then it could take it to its all time high of 73600 which it made on 25.4.2011 or beyond, but it would face stiff resistance at various point on way to it. The up journey looks tough at this point of time but the overall chart setup indicate further up move ahead in coming days provided it clears the above mentioned important points. 

In view of the above observation, the trend is up but since it is correcting and below its critical point of 62575 now therefore avoid long trade because if it maintains below it then it may slip down further and one may get it much cheaper, so try long trade only after a reasonable or sharp decline with the help of above mentioned support points or try if it maintains above 62575 on the closing basis. I once again repeat that it will pick up strong up momentum only if it moves and sustain above 65405 on the closing else it will move sideways with slightly downward bias.

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 DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --31.7.2020

CNX-NIFTY

Open-11254.30--High-11299.95—Low-11084.95—Close-11102.15 on 30.7.20203

Support:11118/11108/11098.70/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11157.67/11171.55/11239.80/11270/11341.40/11348/11429.85/11446.42.

Critical Points moving down:-11044---10952---10860---10746---10718.

Critical Points or range moving up: -11157.67---11171.55---11239.80---11270---11341.40---11446.62.

 (Bold and underlined figures are most important)

As envisaged it gave downside breakout from the range of 11157---11270  (see my post for 30.7.2020)  today therefore it seems that it has slipped into the correction mode and if it sustain below 11157.67 on the closing basis then correction could deepen and it may last for few days. Looking at last 3-4 days trading session chances of down move accelerating seems pretty bright. Moving down it may find support at 11113--- 11044---10952---10860---10746---10718 levels, it may bounce back from any of these point but if it breaks 10718 levels and sustain on the closing basis then it could go down to 10560 levels or below. Similarly moving up it has three critical resistance points at 11157.67---11240---11270 and to regain the up momentum again it has to move above all these points and sustain on the closing basis but looking at today’s breakdown, it seems an uphill task as of now.

In view of the above observation, since correction has begun today, therefore long trade should be avoided till it gives visible indication of a bottom formation at the lower level or try it if it clears the critical points of 11157.67---11240---11270 and sustain on the closing basis, because then only it will pick up strong up momentum. It is therefore suggested to have patience and do not be in a hurry to initiate long trade in anticipation or on whim and fancy till clarity on bottom formation emerges otherwise it can trap the traders miserably. Since correction is on therefore sell on the rise strategy should be adopted as of now or sell on the price breakdown for taking advantage of the corrective move or may be a possible rally breakdown advantage. Avoid long trade completely as of now.

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.

TRADING STRATEGY

1. Sell if it moves below 11080 with a stop loss of 11170 for a target of 11044---10952—10860.

Or

Sell on the rise near or within the range of 11190---11240---11300 with a stop loss of 11360.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --31.7.2020

CNX--BANK NIFTY

Open-22195.05--High-22252.60--Low-21580.15—Close-21646.85 on 30.7.2020

Support:21580.15/21512.29/21462.40./21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:21768/21807.40/21861/21967/21965//22119.35/22222.58/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 21861---22120---22377--- 22418---22479.55---22695.

Critical Points moving down:-21580.15---21542----21464---21027.

(Bold and underlined figures are most important)

As envisaged it broke the recent bottom of 21611.40(see my post for 30.7.2020) and made new low of 21580.15 today. It is terribly weak on the technical charts on almost all major parameters therefore it seems that further fall is ahead. Moving down it will find support at 21580---21543---21464 levels and sustained break below 21464 on the closing basis may take it down to 21000 levels or below. Some of the technical indicators have given strong negative divergence which indicates that the steep fall cannot be ruled out and it may seek much lower levels in coming days.

Since it is in strong corrective mode, it is therefore suggested to avoid long trade completely till it gives strong and visible indication of a bottom formation at the lower levels. Therefore it is advised to have patience and not to be in a hurry to try long trade in anticipation or on whim and fancy till clarity on bottom formation emerges otherwise it can trap the traders miserably. Since correction is on therefore sell on the rise strategy should be adopted as of now or sell on the price breakdown for taking advantage of the down move. Avoid long trade completely as of now.

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.

TRADING STRATEGY

2. Sell if it moves below 21580 with a stop loss of 21720 for a target of 21464----21340---21027----20926.

Or

Sell on the rise near or within the range of 22150--22250 with a stop loss of 22360.

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 DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL UPDATE ON MCX-GOLD –30.7.2020

 

 

MCX-GOLD

 Closed at 53187 on 29-7-2020

SUPPORT:52262/51591/51512/51402/51208/50553/50375/49961/49838/49740/49507/49359/49075/48925/48832/48706/48587/48315/48030.

RESISTANCE: 53435/55202/55576/55698.

Critical Points Moving Up:-53435---55202---55698.

Critical Points Moving Down:-52292---51607---51054---50501—49816---49647.

(Bold figures are very important)

It is exhibiting tremendous strength on the technical chart and it is scaling new height every day. It is looking highly bullish but it had a straight rise for 9 days therefore it is vulnerable for a correction also, but as long as it holds 52315 (it may change) levels as of now on the closing basis the up momentum may continue after short correction from the current market price, but if it breaks 52315(it may change) level on the closing basis then it could slip into a slightly deep correction. Moving down it will find support at 51626---51069---50512---49823---49653 levels and it could bounce back from any of these point but if it break 49647 level and sustain on the closing basis then correction could further deepen. Looking at the overall technical setup deep correction is less likely at this point of time. It is in the strong uptrend now but moving up it will face stiff resistance at 53435---55202---55698 levels but sustained break above 55698 on the closing basis can take it to much higher levels. Please note that the range of 53435---55698 is a tough range but once it clears this range it could be unstoppable.

In view of the above observation, it seems that  correction looks imminent, therefore it is suggested to wait and try to buy on decline but not below 52315 as of now because then you may get it cheaper or buy on momentum if it moves and maintain above 53435. Buying is strongly recommended on reasonable or sharp decline as of now.

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.                        

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --30.7.2020

CNX-NIFTY

Open-11276.90--High-11341.40—Low-11149.75—Close-11202.85 on 29.7.20203

Support:11171.55/11118/11108/11098.70/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11239.80/11270/11341.40/11348/11429.85/11446.42/11495.20/11597.25.

Critical Points moving down:-11171.55---11157.67---11056.

Critical Points or range moving up: -11239.80---11270---11446.62---11597.25.

 (Bold and underlined figures are most important)

It crossed its recent double top of 11238.10 & 11239.80 and critical point of 11270 with speed yesterday and with similar speed it has decisively broken these levels today which certainly showing fatigue at the higher levels, furthermore it had a rise for six straight week, therefore correction was imminent (see my post for 29.7.2020) and it happened today and if it slips below 11157.67 and sustain on the closing basis then correction may continue for some time and down move may accelerate else it could bounce back from here also. Moving down it may find support at 11113--- 11044---10952---10860---10746---10718 levels. Please note that staying below the double top of 11238.10 & 11239.80 and critical point of 11270 is not a good sign for the up momentum.

In view of the above observation the range for now is 11157---11270 and breakout on the either side of the range will decide  which way it will head, but in light of today’s move it seems that chances of break down is quite possible. It is therefore suggested to avoid long trade till it moves and sustain above 11270 on the closing basis. However aggressive traders if they wish can try long trade near 11157 but not below it, but it could be a highly risky trade mind you. Since it indicated weakness today therefore short trade can also be attempted on the rise in the appropriate range or on the price breakdown for taking advantage of possible corrective move or may be a rally breakdown. Safe traders should avoid long trade today. 

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously. So be extra alert and watchful in long trade.

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.

TRADING STRATEGY

1. Buy on decline near but not below 11157 with a stop loss of 11100. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it does not move above 11240 in first two hours of trade with a stop loss of 11300.

Or

Sell on the rise near or within the range of 11270---11330 with a stop loss of 11360.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --30.7.2020

CNX--BANK NIFTY

Open-22075--High-22346.40--Low-21906.35—Close-22076.60 on 29.7.2020

Support:21989/21967/21861/21807.40/21768/21512.29/21462.40./21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:22119.35/22222.58/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 22222.58--- 22418---22479.55---22600---22834---22892.

Critical Points moving down:-21989---21861---21611---21542----21464.

(Bold and underlined figures are most important)

It did break its important point of 21989 (see my post for 29-7-2020) intraday but managed to close above it. It is looking weak on the technical chart as it has made lower top and bottom on the line chart, well below its short term moving averages on the daily chart and far below its long term moving averages on the daily and weekly chart both which indicates gross weakness. Therefore it seems that the bottom of 21611.40 it made on 28.7.2020 may not be lasting and may be taken out in coming days. The overall setup looks weak.

In view of the above observation, it on a weak technical footing, so correction may still deepen, therefore long trade should be avoided till it gives strong indication of a reasonably strong bottom formation. As it is respecting its important point of 21989 so, aggressive traders if they wish to can try long trade above 21989, but it could be a risky trade. Since  It seem on a sticky note therefore short trade should be attempted on the rise or on the price breakdown for taking advantage of the down move. It is important to mention here that sustained break below 21989 on the closing basis can take it down to 21861---21611---21543---21464 levels which may please be noted. Safe traders should avoid long trade today. 

 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.

TRADING STRATEGY

1. Buy on decline near but not below 21989 if it holds it for some time with stop loss of 21900. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it maintain below 21989 with a stop loss of 22120.

Or

Sell if it moves and maintain below 21848 with a stop loss of 22000.

Or

Sell on the rise near or within the range of 22450---22580 with a stop loss of 22650.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL UPDATE ON GOLD IN $ TERMS -29-7-2020

                                          GOLD IN $ TERMS

Gold closed at $1959.51 on 28.-7-2020

SUPPORT:$1954.52/1936.44/1923.70/1919.97/1912.64/1904/1886.34/1863/1836/1829.

 

RESISTANCE: -$ 1981.22/2024/2074/2109.82/2162.60/2196.86/2259.21.

                                   

(Bold figures are very important)

It is exhibiting tremendous strength on the technical chart and most importantly it has given upside breakout from its previous all time high of $1923.70(made on 6-9-2011) after more than 106 months and sustaining above it which indicates extreme bullishness. It is in the uncharted territory now therefore it is likely to forge ahead in coming days / week and months with intermittent down correction. As of now it critical points are $1936.44 & 1923.70 and as long as it holds these points up momentum may continue and if it moves above its recent high of $1981.22 the up move may accelerate. Similarly sustained break below $1923.70 on the closing basis may see some down correction in it and moving down it will find support at $1908—1886—1863—1836---1829 and it could strongly bounce back from any of these points to resume the up momentum again, but sustained break below $1829 on the closing basis may take it down much lower. Please note that after the recent major upside breakout after such a long time steep or deep correction is less likely but short correction may happen because it had a straight rise for 8 days.

It is in the strong uptrend therefore buy on decline is suggested with caution and care.

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.                        

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --29.7.2020

 CNX-NIFTY

Open-11154.10--High-11317.75—Low-11151.40—Close-11300.55 on 28.7.20203

 Support:11270/11239.80/11171.55/11118/11108/11098.70/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11317.75/11348/11429.85/11446.42/11495.20/11597.25.

Critical Points moving down:-11270---11239.80---11171.55---11056.

Critical Points or range moving up: - 11446.62---11597.25.

 (Bold and underlined figures are most important)

It crossed its double top of 11238.10 & 11239.80 and critical point of 11270 today which is a good sign and indicate strength and if it holds the level of 11270 on the closing basis then it could move up to 11447 level and sustain close above it can take it near to its all time high of 12430.50 or beyond, however moving up it can have intermittent corrective move also which may please be noted.

Today's robust up move cleared the recent major hurdle for it therefore it is expected that the up momentum should continue. It is therefore suggested to try long trade on decline but not below 11240 or if it moves and maintain above 11318 for some time. It is important to mention here that since the ongoing week is the 7^th week of rise as of now therefore it is still highly vulnerable for correction and if it falls below 11238 and sustain then it could correct but the deep correction will begin only if it moves below 11139.61 and sustain on the closing basis as of now. It is therefore   suggested to attempt short trade also on the price breakdown for taking advantage of possible corrective move or may be a rally breakdown. 

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously. So be extra alert and watchful in long trade.

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.

TRADING STRATEGY

1. Buy on decline near but not below 11240 with a stop loss of 11200.

Or

Buy if it moves and maintain above 11318 with a stop loss of 11250.

2. Sell if it moves and maintain below 11238 for some time with a stop loss of 11300.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --29.7.2020

CNX--BANK NIFTY

Open-21940.15--High-22233--Low-21611.40—Close-22105.20 on 28.7.2020

Support:21989/21967/21861/21807.40/21768/21512.29/21462.40./21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:22119.35/22222.58/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 22222.58--- 22418---22479.55---22600---22834---22892.

Critical Points moving down:-21989---21861---21611---21542----21464.

(Bold and underlined figures are most important)

It opened on a positive note at 21940.15 and went down and made a low of 21611.40 but in the late afternoon it started moving up and made a high of 22233 and closed at 22105.20 with a gain of 256.44 points. It closed by more than 490 point up from the low of the day; therefore it seems that the ongoing down move may be over and a bottom may be in place at 21611.40 for the time being and if it is so then it should not break the level of 21989 on the closing basis.

In view of the above observation long trade can be tried on decline but not below 21989 for sure or if it moves and maintain above 22188 for some time. Please note that if it moves below 21989 and sustain for some time then short trade should also be attempted because then the corrective mode may resume again.

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.

TRADING STRATEGY

1. Buy on decline near but not below 21989 if it holds it for some time with stop loss of 21830.

Or

Buy if it moves and maintain above 22188 for some time with a stop loss of 22090.

2. Sell if it maintain below 21989 with a stop loss of 22120.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --28.7.2020

CNX-NIFTY

Open-11225--High-11225—Low-11087.85—Close-11131.80 on 27.7.20203

 Support:11118/11108/11098.70/11080/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11134/11171.55/11239.80/11270/11311.60/11348/11446.42/11495.20.

Critical Points moving down:-11080.05---11056---10981---10894---10847.85---10813.10.

Critical Points or range moving up: - 11239.80---11270---11446.62.

 (Bold and underlined figures are most important)

It opened on a positive note at 11225 and the open was the high also, but it slipped down immediately and made a low of 11087.85 after some time and finally closed with a loss of 62.35 points. It failed to cross its recent double top of 11238.10 & 11239.80 for the second consecutive day which shows sign of fatigue, furthermore last week was the sixth straight week of rise therefore it is in a highly vulnerable zone for correction and last but not the least it has broken its recent bottom of 11132.60 on the line chart today which indicate that it might have slipped into correction. But it would slip into real correction mode once it breaks 11080 levels and sustain below it on the closing basis, then the down slide may accelerate. Moving down it will find support at 10981---10894---10821---10722---10698 levels and any of these levels could be the possible correction completion points also. Similarly it  will resume up momentum only if it moves and sustain above 11270 on the losing basis therefore till either side breakout happens it may oscillate in the range of 11270---11080.    

In view of the above observation, it is moving in a range of 11270—11080 but since it has broken its recent bottom of 11132.60 on the line chart therefore it seems that the correction may have begun therefore for safe traders long trade should be avoided for now and can be tried once it closes above its double top of 11239.80 or if it closes above its critical point of 11270. However aggressive traders can try long trade near 11080 but not below it, but it could be a risky trade. Since correction looks imminent, so it is better to avoid long trade now instead short trade can be attempted on the rise at appropriate points or on the price breakdown for taking advantage of the correction or a possible rally breakdown. It is strongly suggested that traders should watch the market now and wait for the either side breakout to happen and then take a trading call.

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously. So be extra alert and watchful in long trade.

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.

TRADING STRATEGY

1.Buy on decline near but not below 11080 with a stop loss of 11050. It could be a risky trade.

2. Sell on the rise near or within the range of 11270---11300 with a stop loss of 11340. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 11050 for some time with a stop loss of 11120.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --28.7.2020

CNX--BANK NIFTY

Open-22664.80--High-22668.05--Low-21801.35—Close-21848.75 on 27.7.2020

Support:21807.40/21768/21512.29/21462.40./21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:21861/21967/22119.35/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 22134.11--- 22377---22479.55---22695.92---23080.60---23211.35.

Critical Points moving down:-21542.77---21464.15---21027.85.

(Bold and underlined figures are most important)

As mentioned in my post for 27.7.2020 that it has slipped into correction mode on 24^th July -2020 as it closed below its most critical point of 22696 & 22670 and the correction may continue for some time. It continued the down move today also and finally closed near the low of the day with a colossal loss of 813.30 points. Today’s fall indicate that further fall is ahead and moving down it will find support at 21542---21464 levels. It may take support at any of these levels and can bounce back, but sustained break below 21464 can take it down to 21027 or may be much lower levels which may please be noted.

In view of the above observation, correction is on therefore long trade should be avoided till it gives visible indication of correction completion.  It is therefore suggested to adopt sell on the rise strategy or sell on the price breakdown till the ongoing correction subside.

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.

TRADING STRATEGY

1. Sell on the rise near or within the range of 22280---22430 with a stop loss of 22530. It could be a risky trade but worth trying.

Or

Sell if it maintain below 21800 with a stop loss of 21930.

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.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.