A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—1.9.2021

 

CNX--BANK NIFTY

Open-36367.40---High-36552.80--Low—36216.20---Close-36424.60 on 31.8.2021

Support:36248/35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;36455.15/36497/36553/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It moved in a short range today and closed with a small gain of 76.95 points. It is holding its critical point of 36248 which is a positive sign and if it sustains above it on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond it also. Going up to the level of 37708.75 it will face resistance at 36497---36553---36625---36724---36810---37100---37244---37417 points. Similarly moving down its critical support points would be at 36248---36143---36105---35928 (figures may change), but it is suggested to avoid long trade below 36248. Please note that break below 36248 would be an alert sign for long trade, break below 36143 will push it into very short term correction mode and sustained break below 35928 on the closing basis will push it into deep short term correction mode, which may accelerate the fall.

It is important to mention here that its long term technical setup is still good for the uptrend to continue till it holds 34728(figure will change every day) on the closing basis. The short term technical setup has improved as it is holding above its critical point of 36248. Furthermore one very important technical indicator has also turned positive today on the daily chart but still weak on the weekly charts, however if it continues to move up it may turn positive this weekend, so watch out. The short term bias now looks positive as long as it holds 36248 marks on the closing basis.

In view of the above observation, long trade can be tried if it moves above 36555 and maintain for some time or buy on decline near 36248 but not below it.  Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise corrective 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 if it moves above 36553 and maintain for some time with a stop loss of 36360.It is for both the traders.

Or

Buy on decline at appropriate points or near 36248 but not below it with a stop loss of 36050. It is for both the traders.

2. Sell if it moves below 36143 and maintain for some time with a stop loss of 36270. It could be a risky trade but worth trying for intraday gains.

Or

Sell if it does not move above 36553 in first one and half hour of trade even intraday with a stop loss of 36640. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell on the rise near or within the range of 37000---37100 with a stop loss of 37200. It could be a highly 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---1.9.2021

 

CNX-NIFTY

 Open—16947.50--High—17153.50—Low—16915.85---Close-17132.20 on 31.8.2021.

Support:16996/16903/16826/16790/16701.85/16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -17229/17415/17504/17756/19575/20390.                         

 (Bold and underlined figures are most important)

It continued it’s robust up move today also and hit a new all-time high of 17153.50 and closed near the high of the day with a gain of 201.15 points. It is in strong uptrend and exhibiting great strength, but please note that the gap it created on 30.8.2021 is still there and if it makes an effort to fill this gap in next 2-3 days which is technically possible then it could come down to 16722 and if it does not fill this gap in the stipulated time then chances of filling it will fade out for now. Furthermore it has been moving up strait for the last 7 days, therefore there is a strong possibility of it correcting any time soon, so be watchful.  Moving down its critical support points would be at 17064---17014---16970---16903---16766(figures may change) break below 17064 could be an alert point for long trade, break below 17014 can push it into very short term correction mode, sustained break below 16970 & 16903 will weaken it further and break below 16766 will push it into deep short term correction mode. Since it has decisively crossed and closed above it most critical point of 17064(figure will change every day) and if it sustains above it on the closing basis then it could be heading for the upside target of 17229---17415---17504---17756---19575---20390.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term technical outlook is also very strong as of now; therefore further rise is expected to continue off course with in between corrective move from time to time and provided it holds its critical support points mentioned above. The bias is hugely positive as of now but caution should be exercised in long trade with every rise in it.

In view of the above observation, long trade can be tried if it moves above 17154 and maintain for some time or buy on decline at appropriate points or near 17064 but not below it for safe traders. However, aggressive traders can also try long trade on decline at appropriate points or near 16920 but not below it. It is in strong up move but intraday correction will always happen, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the 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.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 17154 and maintain for some time with a stop loss of 17120. It is for both the traders. It could be a risky trade.

Or

Buy on decline near 17064 levels but not below it with a stop loss of 16985. It is for both the traders.

Or

Buy on decline at appropriate points or near 16920 but not below it with a stop loss of 16880. It is for the aggressive traders. It could be a risky trade.

2. Sell on the rise near or within the range of 17230---17250 with a stop loss of 17280. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16903 and maintain for some with a stop loss of 16955. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 17154 in first one and half hour of trade even intraday with a stop loss of 17185 It could be a highly 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—31.8.2021

 

CNX--BANK NIFTY

Open-35781.05---High-36398.45--Low—35721.90---Close-36347.65 on 30.8.2021

Support:36248/35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;36455.15/36497/36615/37100/37232/37708.75/39010/39695.

(Bold and underlined figures are most important) 

It gave a robust up move today and closed with a huge gain of 719.85 points. It finally closed above its critical point of 36248 which is a positive sign and if it sustains above it on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond it also. Going up to the level of 37708.75 it will face resistance at 36497---36615---36724---36810---37100---37244---37417 points. Similarly moving down its critical support points would be at 36248---36105---36025---35859, but it is suggested to avoid long trade below 36248.

It is important to mention here that its long term technical setup is still good for the uptrend to continue till it holds 34700(figure will change every day) on the closing basis. The short term technical setup has improved drastically as it closed above its critical point of 36248 after toiling hard in this area for some time. Furthermore one very important technical indicator has also turned positive today on the daily chart but still weak on the weekly charts, however if it continues to move up it may turn positive this weekend, so watch out. The short term bias now looks positive with today’s move.

In view of the above observation, It is out of corrective mode, so long trade can be tried if it hold 36248 avoid long trade on decline for the day.  However aggressive traders can also try long trade on decline at appropriate points or near 36025 but not below it. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise corrective 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 if it holds 36248 for some time with a stop loss of 36000.It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 36025 but not below it with a stop loss of 35800. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it moves below 35800 and maintain for some time with a stop loss of 36050. It could be a risky trade but worth trying for intraday gains.

Or

Sell on the rise near or within the range of 37100---37250 with a stop loss of 37350 It could be a highly 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---31.8.2021

 

CNX-NIFTY

 Open—16775.85--High—16951.50—Low—16764.85---Close-16931.05 on 30.8.2021.

Support:16903/16826/16790/16701.85/16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16996/17229/17415/17504/17756/19575/20390.              

 (Bold and underlined figures are most important)

It opened with an up gap today and went up further and made a new all-time high of 16951.50 and closed near the high of the day with a robust gain of 225.85 point. It is in strong uptrend and exhibiting great strength, but please note that the gap it created today is still there and if it makes an effort to fill this gap in next 3-4 days which is technically possible then it could come down to 16722. Moving down its critical support points would be at 16886---16816---16765---16612(figures may change) break below 16886 could be an alert point for long trade, break below 16816 can push it into very short term correction mode, sustained break below 16765 will weaken it further and break below 16612 will push it into deep short term correction mode. Moving up the critical resistance points will be at 16980---16996---17050(figures can change).  Please note that if it moves above 17050(figure will change every day) and sustain on the closing basis then it will pick-up fresh up momentum which can take it up to 17229---17415---17504---17756---19575---20390.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term technical outlook is also good as of now; therefore further rise is expected to continue off course with in between corrective move from time to time and provided it holds its critical support points mentioned above. The bias is hugely positive as of now but caution is suggested in long trade with every rise in it.

In view of the above observation, long trade can be tried if it moves above 16952 and maintain for some time or buy on decline at appropriate points or near 16886 but not below it for safe traders. However, aggressive traders can also try long trade on decline at appropriate points or near 16765 but not below it. It is in strong up move but intraday correction will always happen, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the 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.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 16952 and maintain for some time with a stop loss of 16900. It is for both the traders. It could be a risky trade.

Or

Buy on decline near 16886 levels but not below it with a stop loss of 16840. It is for both the traders.

Or

Buy on decline at appropriate points or near 16765 but not below it with a stop loss of 16700. It is for the aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 17025---17050 with a stop loss of 17080. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16880 and maintain for some with a stop loss of 16955. It could be a highly 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---30.8.2021

 

CNX-NIFTY

 Open—16642.55--High—16722.05—Low—16565.20---Close-16705.20 on 27.8.2021.

Support:16701.85/16688/16677/16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16722.05/16790/16826/16903/17229/17415/17504/17756/19575/20390.       

 (Bold and underlined figures are most important)

It is exhibiting good strength and continued it’s up move today also and closed with a gain of 68.30 points. It could move up further from here as long as it holds its critical support points of 16640.40---16590---16523---16454---16436.80---16377(figures may change)  break below 16640.40 can push it into very short term correction mode, sustained break below 16590 will weaken it further and break below 16436.80 will push it into deep short term correction mode and sustained break below 16377(figure will change every day) on the closing basis may drag it down fast and may put the on-going up move in potential danger which may please be noted. Moving up the critical resistance points will be at 16701.85---16722.05---16790---16870---16962---17028(last four figures can change). It seems tough to cross this range as of now, however if it moves above 17028 and sustain on the closing basis then very strong up momentum may begin afresh.   

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term technical outlook is also good as of now, therefore further rise may be ahead in coming days with intermittent corrections provided it holds 16640.40 and 16377(it can change) on the downside on the closing basis. The bias is positive as of now.

In view of the above observation, long trade can be tried if it moves above 16722 and maintain for some time or buy on decline near 16590 but not below it for safe traders. However, aggressive traders can also try long trade on decline at appropriate points or near 16450 and then near 16377 but not below it. It is in good up move but it will face stiff resistance moving up from here, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the 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.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 16722 and maintain for some time with a stop loss of 16680. It is for both the traders.

Or

Buy on decline near 16590 levels but not below it with a stop loss of 16550. It is for both the traders.

Or

Buy on decline at appropriate points or near 16450 but not below it with a stop loss of 16370. It is for the aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 16790---16825 with a stop loss of 16850. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16550 and maintain for some with a stop loss of 16610. It could be a highly 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—30.8.2021

 

CNX--BANK NIFTY

Open-35559.75---High-35727.90--Low—35359.25---Close-35627.80 on 27.8.2021

Support:35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35648/35811/35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It gave a positive close today also but with a meager gain of 10.25 points. It is still into corrective mode and will come out of it only if it moves above 35797 and sustain on the closing basis but if it holds 35172 on the downside then the chances are that it may still come out of corrective mode and may resume up move. But if it breaks below 35172 and sustain then the critical support points would be at 34922---34674(last figure can change). Please note that break below 34922 will push it into deep short term correction mode and most importantly sustained break below 34674(figure will change every day) may put the uptrend in potential danger which may be kept in mind. The other support point would be at 35525---34410---34115---33908. Please note that break below 33908 could accelerate the fall. It is important to mention here that for a steady and strong up momentum, it has to move above 36248 and sustain on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond also. Going up to the level of 37708.75 it will face resistance at 35648---35797---35811---35911---36248---36317---36497---36615---37232---37417 points.  Please note that the Nifty Bank is grossly under performing in comparison with Nifty-50, so be watchful and alert in long trades.

It is important to mention here that its long term technical setup is still good for the uptrend to continue till it holds 34674(figure will change every day) on the closing basis. The short term technical setup has improved a bit but it has to watched for next 2-3 days whether it improves further or not, furthermore certain  very important technical indicator are giving weak indication on the daily and weekly charts which is concerning and it may drag it down from here if these indicators does not improve fast. The short term bias is mixed with a downward tilt as of now.

In view of the above observation, since it is still into very short term correction mode therefore long trade should be avoided till it gives visible indication of correction completion on the downside or can be tried if it closes above 35797 and sustain.  However aggressive traders can try long trade if it moves above 35715 and maintain for some time or on decline at appropriate points or near 35172 but not below it. Since it is still in corrective mode and has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise corrective 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 if it moves above 35715 and maintain for some time with a stop loss of 35560.It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 35172 but not below it with a stop loss of 35000. It is for the aggressive traders and could be a highly risky trade but worth trying.

2. Sell if it moves below 35530 and maintain for some time with a stop loss of 35640. It could be a risky trade but worth trying for intraday gains.

Or

Sell on the rise near or within the range of 36150---36250 with a stop loss of 36350 It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 35910 in first one and half hour of trade even intraday with a stop loss of 36020. It could be a risky trade but worth trying for intraday gains.

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.