A TECHNICAL VIEW ON CNX-BANK NIFTY FOR THE WEEK-2.5.2022-6.5.2022

 

CNX-BANK NIFTY

Open—36474.05---High—36718.80---Low—35978.95---Close—36088.15 on 29.4.2022.

Support:35926.30/35761.13/35696/35585.20/35511.40/35481.70/35327.90/35016.30/34817.50/34233/34018.45/33908/32415.25/32376.50/32155.55/31906.55. 

Resistance:36151.95/36298.35/36373.60/37264.45/37319.05/37346.80/36651.85/36827.60/37581.05/37708.75/37891.90/37988.60/38112.75/38377.25/38461.70/38765.85/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

The week under review from 25.4.2020—29.4.2022, was volatile and it moved in a range of 1200 points during the week and ended the week at but midpoint below half of its critical points range of 36827.60---36373.60---36298.35---35761.13---35585.20---35481.70 which is concerning but it is still holding the other half of the range 35761.13---35585.20---35481.70 which is slightly comforting. It is important to mention here that it has penetrated down its long term moving averages range of 37320---35830 also which is highly concerning, but still holding on to the lower end of it, therefore if it manages to hold the range of 35830----35481.70 range then it may still stage a bounce back but it will gain strength only if it move above 37320 and sustain on the closing basis. Similarly sustained break below 35825 on the closing basis could put the long term uptrend in potential danger and may end it also and sustained break below 35481.70 may accelerate the fall, which may please be noted.

It is into medium term corrective mode now, furthermore certain important technical indicators have also turned weak on the daily & weekly chart and most importantly one important technical indicator has turned weak on the monthly chart also , which is highly concerning. The indicators are exhibiting tremendous weakness as of now, therefore further fall looks inevitable and it may drag it down to 35400 levels or below. Please note that moving down if it holds 34439 levels then there is a possibility of a bounce back from there else down move will continue with in between short relief rallies, so be alert and careful particularly in the long trade. The long term uptrend is threatened now and short & medium term trend is down as of now.

In view of the above observation safe traders should avoid long trade till correction completion sign emerges. However, aggressive traders can try long trade near or within the range 35585---35480 and then near 34439 but not below it with a stop loss of 35200 and 34200 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Since it is in corrective mode long trade could be a risky affair, therefore one should be very vigilant and cautious in the long trade. It is suggested to avoid long trade now and adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gets out of corrective mode. The bias is negative 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.

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 THE WEEK-2.5.2022—6.5.2022

 

CNX-NIFTY

 Open—17329.25--High—17377.65—Low—17053.25---Close-17102.55 on 29.4.2022.

Support:17043/17003.90/16891.70/16836.80/16824.70/16815.90/16809.61/16782.40/16410.20/16376.05/16203.25/16162.55/15962---15914/15671.45/15578/15513/15450.90.                                                                                        

Resistance: -17216/17326/17354.05/17387.15/17414.70/17452.90/17559/17600/17613/17639/17704/17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.

 (Bold and underlined figures are most important)

The week under review from 25.4.2020—29.4.2022 was  very volatile and it had wild swing both ways, it tried to move above some of its critical points but could not, similarly it went down near the lower end of the long term moving averages but bounced back  from the expected range of 16900---16735(see my earlier post) but finally it closed well below its critical points of 17560---17465---17414.70---17387.15---17354.05 , which shows gross weakness in it, furthermore it has penetrated down its long term moving averages range of 17465---16735 also but still reasonably above its lower end , if it manages to hold this range then it may still  stage a bounce back but it will give indication of improvement if it moves above 17354.05 &17387.15 and will gain strength only if it move above 17465 & 17560 and sustain on the closing basis. Similarly sustained break below 16735 on the closing basis could put the long term uptrend in potential danger and may end it also, which may please be noted.

It is into medium term corrective mode now and it can come out of it, if it moves above 17538 but it will pick up strong up momentum only above 17860, chances of moving even above 17538 looks bleak at this point of time, furthermore certain important technical indicators are weak on the daily & weekly chart, which is highly concerning. The indicators are exhibiting tremendous weakness as of now, therefore further fall looks inevitable and it may drag it down to16650 levels or below. Please note that moving down if it holds 16364 levels then there is a possibility of a bounce back else down move will continue with in between short relief rallies, so be alert and careful particularly in the long trade. The long term uptrend is threatened now and short & medium term trend is down as of now.

In view of the above observation safe traders should avoid long trade till correction completion sign emerges. However, aggressive traders can try long trade near or within the range 16825---16735 and then near 16364 but not below it with a stop loss of 16630 and 16250 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Since it is in corrective mode long trade could be a risky affair, therefore one should be very vigilant and cautious in the long trade. It is suggested to adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gets out of corrective mode. The bias is negative 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.

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 THE WEEK-25.4.2022-29.4.2022

 

CNX-BANK NIFTY

Open—36514.15---High—36578.95---Low—35991.50---Close—36044.75 on 22.4.2022.

Support:35926.30/35696/35585.20/35481.70/35327.90/35016.30/34817.50/34233/34018.45/33908/32415.25/32376.50/32155.55/31906.55. 

Resistance:36151.95/36298.35/36373.60/37264.45/37319.05/37346.80/36651.85/36827.60/37581.05/37708.75/37891.90/37988.60/38112.75/38377.25/38461.70/38765.85/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

The week under review from 18.4.2020—22.4.2022, it moved in a range of 1200 points during the week but closed near the lower end of the week and breaking half of its critical points range of 36827.60---36373.60---36298.35---35761.13---35585.20---35481.70 which is concerning but it is still holding the other half of the range 35761.13---35585.20---35481.70 which is slightly comforting. It is important to mention here that it has penetrated down its long term moving averages range of 37350---35825 also which is highly concerning, but still holding on to the lower end of it, therefore if it manages to hold the range of 35825----35481.70 range then it may still stage a bounce back but it will gain strength only if it move above 37350 and sustain on the closing basis. Similarly sustained break below 35825 on the closing basis could put the long term uptrend in potential danger and may end it also and sustained break below 35481.70 may accelerate the fall, which may please be noted.

It is into medium term corrective mode now, furthermore certain important technical indicators have also turned weak on the daily & weekly chart and most importantly if it does not give sharp bounce back from here and sustain then it may turn weak on the monthly chart also this month end, which would be highly concerning. The indicators are exhibiting tremendous weakness as of now, therefore further fall looks inevitable and it may drag it down to 35400 levels or below. Please note that moving down if it holds 34439 levels then there is a possibility of a bounce back from there else down move will continue with in between short relief rallies, so be alert and careful particularly in the long trade. The long term uptrend is threatened now and short & medium term trend is down as of now.

In view of the above observation safe traders should avoid long trade till correction completion sign emerges. However, aggressive traders can try long trade near or within the range 35585---35400 and then near 34439 but not below it with a stop loss of 35200 and 34200 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Since it is in corrective mode long trade could be a risky affair, therefore one should be very vigilant and cautious in the long trade. It is suggested to avoid long trade now and adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gets out of corrective mode. The bias is negative 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.

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 THE WEEK-25.4.2022—29.4.2022

 

CNX-NIFTY

 Open—17242.75--High—17315.30—Low—17149.20---Close-17171.95 on 22.4.2022.

Support:17043/17003.90/16891.70/16836.80/16824.70/16815.90/16809.61/16782.40/16410.20/16376.05/16203.25/16162.55/15962---15914/15671.45/15578/15513/15450.90.                                                                                        

Resistance: -17216/17326/17354.05/17387.15/17452.90/17559/17600/17613/17639/17704/17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.

 (Bold and underlined figures are most important)

The week under review from 18.4.2020—22.4.2022 was  very volatile and it bounced back  from the expected range of 16900---16700(see my last post) but finally it closed well below its critical points of 17560---17464.75---17436.90---17387.15---17354.05, which shows gross weakness in it, furthermore it has penetrated its long term moving averages range of 17465---16725 also but still holding on to the lower end of it, if it manages to hold this range then it may still  stage a bounce back but it will gain strength only if it move above 17465 & 17560 and sustain on the closing basis. Similarly sustained break below 16725 on the closing basis could put the long term uptrend in potential danger and may end it also, which may please be noted.

It is into medium term corrective mode now and it can come out of it, if it moves above 17313---17538 but it will pick up momentum only above 17860, chances of moving even above 17313 looks bleak at this point of time, furthermore certain important technical indicators have also turned weak on the daily & weekly chart and most importantly if it does not give sharp bounce back from here and sustain then it may turn weak on the monthly chart also this month end, which would be highly concerning. The indicators are exhibiting tremendous weakness as of now, therefore further fall looks inevitable and it may drag it down 16650 levels or below. Please note that moving down if it holds 16364 levels then there is a possibility of a bounce back else down move will continue with in between short relief rallies, so be alert and careful particularly in the long trade. The long term uptrend is threatened now and short & medium term trend is down as of now.

In view of the above observation safe traders should avoid long trade till correction completion sign emerges. However, aggressive traders can try long trade near or within the range 16825---16725 and then near 16364 but not below it with a stop loss of 16640 and 16270 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Since it is in corrective mode long trade could be a risky affair, therefore one should be very vigilant and cautious in the long trade. It is suggested to adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gets out of corrective mode. The bias is negative 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.

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-18.4.2022-22.4.2022

 

CNX-BANK NIFTY

Open—37407.40---High—37988.60---Low—37408.20---Close—37463.40 on 13.4.2022.

Support:37346.80/37319.05/37264.45/36827.60/36651.85/36373.60/36298.35/36151.95/35696/35585.20/35481.70/35327.90/35016.30/34817.50/34233/34018.45. 

Resistance:37581.05/37708.75/37891.90/37988.60/38112.75/38377.25/38461.70/38765.85/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

The week under review from 11.4.2020—13.4.2022 was a truncated week and it closed near the low of the week but still well above its critical points of 36827.60---36373.60---36298.35---35761.13---35585.20---35481.70 which is a positive sign and as long as it holds these points there is a possibility that it may resume the steady up move. But sustained break below any of these points could be concerning and finally sustained break below 35481.70 could put the long term uptrend in the potential danger. The technical setup looks o.k. as of now, therefore if it holds the above critical points it is likely to move up, moving up from here it will face stiff resistance at 37971---38134---38765.85---38855.50---39197---39424.85---39547---39895, please note that the rally may end at any of the above stated points or earlier also, but if it moves above 37709 on the closing basis then it may get the required strength and it may pick up momentum, however it seems that the up journey from here may not be that smooth as of now. Lastly and most importantly if it moves above 39895 and sustain on the closing basis then it is likely that it could retest its all-time high of 41829.60 or may move higher. 

It is into very short term corrective mode and can come out of it if it moves above 37881 and sustain on the closing basis but if it moves below 37205.77 and sustain then it could get into deep corrective mode which could be concerning and can drag it down. But the technical indicators are still positive on the daily chart and showing improvement on the weekly chart and some has turned positive also, which indicates that it may continue the up move, off course with intermittent correction and provided it holds the above mentioned critical points. The long term uptrend is still intact but it is in very short term correction mode now.  

In view of the above observation for safe traders long trade can be tried if it moves above 37881 and maintain for some time or if it holds 37265 levels for some time with a self defined stop loss. But the aggressive traders can try long trade on decline also near the critical points as mentioned above with self defined stop losses, but long trade below 37205.77 could be a risky affair which may be kept in mind. Please trail your stop loss in case of profitable trade to avoid losses. As it is in the corrective mode therefore one should be very vigilant and cautious in the long trade. Since it is in corrective mode, therefore short trade can also be tried on the reasonable rise at appropriate points or on the price breakdown with self defined stop losses for a possible intraday corrective gain. The short term bias is negative 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.

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.