A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—30.4.2021

 

CNX--BANK NIFTY

Open-33901.60--High-34287--Low—33304.60--Close-33714.50 on 29.4.2021

Support:33625/33306.80/32842.30/32613.10/32465.45/32415.15/32347.20/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;33990.80/34287/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It opened with an up gap and went further up and hit an intraday high of 34287 but could not sustain at the higher level and corrected sharply and hit a  low of 33304.60 for the day and closed with a meager loss of 8.30 points. It is still into short term correction mode ,however it is improving on the technical chart as it is well above its short ,medium and long term averages and way  above its short term downtrend trend-line also which is very positive sign for the continuation of the up move. It is important to mention here that its major downtrend line is placed at 34230(this figure will decrease every day) for the day, it did went very close to this line today but retreated from there ,but the way it is exhibiting strength it is very likely at this point of time that it may give an upside breakout  from this line in coming days and if it  does and sustain above  it then it may head for a big rise which may please be noted. It did showed huge volatility during the day but looking at the current technical setup further rise seems quite possible  from here as of now but intermittent down move also may happen. I would like to give a word of caution here that is had huge rise in the last few days and it took a breather today, but if it fails to give an upside breakout from its major downtrend line in next few days, then it may witness a vertical or moderate fall because weekly technical indicators are still indicating weakness. So be careful in the long trade at this juncture. 

Critical Support points are at :--33625---33371---33195.43---32804---32613.10--32465---32240---32130---31889---31606.

Critical Resistance points are at :--34057---34230---34287---34919---35430---35985---36248.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but the way it is showing strength and if it continues like this for few days then it could resume the strong up momentum again provided it clears the hurdle mentioned above . Similarly moving down its important points would be at-33625 & 33371. It is suggested to get alerted in long trade below 33625 and avoid long trade below 33371 for sure for the day. Please note that from here on bias seems moderately positive as of now.

In view of the above observation  long trade can be tried on decline if it holds 33371 levels but not below it or if it moves  above 33725 and sustain for some time. Since it is still into short term  corrective mode  therefore short trade can also be tried after the reasonable rise  or can be tried on the price breakdown for taking advantage of the down move.

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(Suggested)

1. Buy on decline if it manages to hold 33371 but not below it with a stop loss of 33270.   

Or

Buy if it moves above 33725 and maintain for some time  with a stop loss of 33600.

2. Sell on the rise near or within the range of 34250---34300 with a stop loss of 34350. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it maintains below 33270 for some time with a stop loss of 33380. It could be a risky trade but worth trying for intraday gain.

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.

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-30.4.2021

 

CNX-NIFTY

 Open—14979--High—15044.35—Low—14814.45---Close-14894.90 on 29.4.2021.

Support:14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471. 

 (Bold and underlined figures are most important)

It opened with a big up gap and went further up and hit an intraday high of 15044.35 but could not sustain at upper level and corrected sharply and hit a  low of 14814.45 for the day but recovered and closed with a gain of 30.35 points. Please note that it is still into  short term correction mode but it is improving on the technical chart as it is well above its short ,medium and long term averages and well above its long term rising trend-line and short down trend-line also, which is  hugely positive sign for the continuation of the up move. Its short term down trend-line and major rising trend-line is placed at 14700(this figure will decrease every day) & 14636(this figure will increase every day) respectively  and it will act as a strong support for it for the day and the other critical support would be at 14833.60. It is important to mention here that its major downtrend line is placed at 15180(this figure will decrease every day) for the day and the way it is exhibiting strength it is very much likely at this point of time that it may give an upside breakout  from this line in coming days and if it  does and sustain above  it then it may head for a big rise which may please be noted. It did showed huge volatility during the day but looking at the current technical setup further rise seems quite possible  from here as of now but intermittent down move can happen. I would like to give a word of caution here that is has been vertically rising for the last few days , furthermore if it fails to give an upside breakout from its major downtrend line in next few days, then it may witness a vertical or moderate fall  because weekly technical indicators are still indicating weakness. So be careful in the long trade at this juncture.

Critical Support points are at :--14833.60---14700---14636---14588---14454.

Critical Resistance points are at :--14943---15051---15130---15176---15180.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but the way it is showing strength and if it continues like this for few days then it could resume the strong up momentum again provided it moves above 15176 and sustain on the closing basis . Please note that from here bias seems moderately positive as of now.

In view of the above observation  for safe traders long trade can be tried on decline  near 14833 but not below it  or  if it moves above 14915 and sustain above it for some time. However aggressive traders can try buy on decline at appropriate points  or near  14636 but not below it ,here please note that buying below 14700  could be a risky trade mind you. Since it is still into short term corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried on the price breakdown for taking advantage of the down move

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(Suggested)

1. Buy on decline near 14833 but not below it with a stop loss of 14790. It is for safe  and aggressive traders both.   

Or

Buy if it moves above 14915 and maintain for some time with a stop loss of 14870.

Or

Buy on decline at appropriate points with self defined stop loss or near 14636 but not below it with a stop loss of 14590. It is for aggressive traders and could be a risky trade.   

2. Sell on the rise near or within the range of 15050---15110 with a stop loss of 15130. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it maintains below 14790 for some time with a stop loss of 14840. It could be a risky trade but worth trying for intraday gain.

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.

 

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—29.4.2021

 

CNX--BANK NIFTY

Open-32865.50--High-33777.30--Low—32840.30--Close-33722.30 on 28.4.2021

Support:33306.80/32842.30/32613.10/32465.45/32415.15/32347.20/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;33990.80/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It continued the upsurge for the 3^rd strait day and closed with a robust gain of 987.45 points.

It has moved above its medium term correction mode threshold point of 33625 today which is very positive sign but it is still into short term correction mode ,however it is improving on the technical chart as it is well above its short ,medium and long term averages and way  above its short term downtrend trend-line also all these developments are hugely positive sign for the continuation of the up move. It is important to mention here that its major downtrend line is placed at 34340(this figure will decrease every day) for the day and the way it is exhibiting strength it is very likely at this point of time that it may give an upside breakout  from this line in coming days and if it  does and sustain above  it then it may head for a big rise which may please be noted. Looking at the current technical setup further rise seems quite possible  from here as of now but intermittent down move also may happen. I would like to give a word of caution here that is has been vertically rising for the last three days ,so be alert also, it may have a vertical fall too because weekly technical indicators are still indicating weakness. So be careful in the long trade at this juncture.

Critical Support points are at :--33625---33195---32982---32613.10--32465---32240---32130---31889---31606.

Critical Resistance points are at :--34057---34340---34919---35430---35985---36248.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but the way it is showing strength and if it continues like this for few days then it could resume the strong up momentum again provided it clears the hurdle mentioned above and sustain above it . Similarly moving down its important point for the day would be at-33625 & 32982. Please note that from here on bias seems moderately positive as of now.

In view of the above observation for safe traders long trade can be tried if it holds 33625 levels or can buy if it moves above 33780 and sustain for some time. However aggressive traders can try buy on decline at appropriate points or near 32982 but not below it or can buy if it moves above 33780 and sustain for some time. Since it is still into short term  corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried on the price breakdown for taking advantage of the down move.

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(Suggested)

1. Buy on decline if it manages to hold 33625 but not below it with a stop loss of 33500.   

Or

Buy if it moves above 33780 and maintain for some time  with a stop loss of 33600.

Or

Buy on decline at appropriate points of near 32982 but not below it with a stop loss of 32830. It is for aggrressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 34350---34450 with a stop loss of 34550. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it maintains below 32830 for some time with a stop loss of 33000. It could be a risky trade but worth trying for intraday gain.

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.

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-29.4.2021

 

CNX-NIFTY

 Open—14710.50--High—14890.25—Low—14694.95---Close-14864.55 on 28.4.2021.

Support:14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.         

 (Bold and underlined figures are most important)

It continued the upsurge for the 3^rd strait day and closed with a robust gain of 211.50 points. Please note that it is still into deep short term correction mode but it is improving on the technical chart as it is well above its short ,medium and long term averages and  above it long term rising trend-line also and today it has given upside breakout from its short down trend-line all these developments are hugely positive sign for the continuation of the up move. Its short term down trend-line and major rising trend-line is placed at 14727(this figure will decrease every day) & 14620(this figure will increase every day) respectively and it will act as a strong support for it for the day. Please get alert in long trade below 14727 and exit trade if it indicates to close below 14620. It is important to mention here that its major downtrend line is placed at 15185(this figure will decrease every day) for the day and the way it is exhibiting strength it is very likely at this point of time that it may give an upside breakout  from this line in coming days and if it  does and sustain above  it then it may head for a big rise which may please be noted. Looking at the current technical setup further rise seems quite possible  from here as of now but intermittent down move also may happen. I would like to give a word of caution here that is has been vertically rising for the last three days ,so be alert also, it may have a vertical fall too because weekly technical indicators are still indicating weakness. So be careful in the long trade at this juncture.

Critical Support points are at :--14727---14620---14588---14454.

Critical Resistance points are at :--14943---15130---15176---15185.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but the way it is showing strength and if it continues like this for few days then it could resume the strong up momentum again provided it clears the hurdle mentioned above . Please note that from here bias seems moderately positive as of now.

In view of the above observation  for safe traders long trade can be tried on decline  at appropriate points or near 14727 but not below it or can buy if it moves above 14891 and sustain for some time. However aggressive traders can buy on decline near 14620 but not below it but this could be a risky trade mind you. Since it is still into deep corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried on the price breakdown for taking advantage of the down move

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(Suggested)

1. Buy on decline at appropriate points or near 14727 but not below it with a stop loss of 14680. It is for safe  and aggressive traders both.   

Or

Buy if it moves above 14891 and maintain for some time with a stop loss of 14850.

Or

Buy on decline at appropriate points or near 14620 but not below it with a stop loss of 14590. It is for aggressive traders and could be a risky trade.   

2. Sell on the rise near or within the range of 15000---15050 with a stop loss of 15080. It could be a risky trade but worth trying for intraday gain.

Sell if it maintains below 14590 for some time with a stop loss of 14640. It could be a risky trade but worth trying for intraday gain.

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.

 

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—28.4.2021

 

CNX--BANK NIFTY

Open-32228.95--High-32807.10--Low—32152.95--Close-32735.35 on 27.4.2021

Support:32613.10/32465.45/32415.15/32347.20/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32842.30/33306.80/33990.80/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It continued its up move today and closed with a good gain of 460.20 points. It is still into medium term correction mode but the good thing is that it has moved above its long term correction mode threshold point of 32613.10 and also above its short term moving averages which is a very positive sign. Please note that as long as it holds the range of 32613.10—32465—32415---32240---32130 it could continue the up move but sustained break below 32613.10 could again kick off the down move but it will accelerate down move only if it sustains below 32130 level on the closing basis. looking at the current setup further rise seems quite possible as of now.

Critical Support points are at :--32613.10---32465---32240---32130---31889---31606.

Critical Resistance points are at :--32847---33058---33196---33511---34057.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but it seems that it is gaining some strength and may move up further provided it holds its most critical point of 32613.10 on the closing basis. Please note that as of now the bias seems to be positive.

In view of the above observation for safe traders long trade can be tried on decline near but not below 32613.10 or can buy if it moves above 32810 and sustain for some time. However aggressive traders can try buy on decline at appropriate points or near 32240 but not below it or can buy if it moves above 32810 and sustain for some time. Since it is still into medium term  corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried on the price breakdown for taking advantage of the down move.

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(Suggested)

1. Buy on decline if it manages to hold 32613.10 but not below it with a stop loss of 32450.   

Or

Buy if it moves above 32810 and maintain for some time  with a stop loss of 32700.

Or

Buy on decline at appropriate points of near 32240 but not below it with a stop loss of 32100. It is for aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 33350---33450 with a stop loss of 33550. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it maintains below 32100 for some time with a stop loss of 32250. It could be a risky trade but worth trying for intraday gain.

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.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.