A TECHNICAL VIEW ON CNX-NIFTY FOR—26.11.2020

 

CNX-NIFTY

 Open—13130--High—13145.85—Low—12833.65---Close-12858.40 on 25.11.2020.

Support:12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/ 11665/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447.         

Resistance:12938.25/12963/13032/13145.85/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

Further to my last post of 23.11.2020 it moved up and hit a new high of 13145.80 today and then slipped down sharply and closed with a huge loss of 196.75 points, which is weak sign. Furthermore it has also broken its first most critical points of 12870 for 26.11.2020 (figures changes every day), if it sustain below 12870 on the closing basis and then breaks the other critical point of 12760 and sustain then it could witness accelerated down move which may please be noted. Its other key points are at 13047.75---12765.80---12590---12430.5---11816(except for 12430.50 other figures can change), since it has broken its first key point of 13047.75 so it has already gotten into very short term correction and if it does not bounce back above it shortly then correction may deepen, sustained break below 12765.80 on the closing basis will push it into short term correction mode, sustained break below 12590 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11816 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking o.k. for the up move but certain technical indicators are showing negative divergence and if that comes into play then it could witness sharp fall and then correction may last for some time, looking at today’s move it seems that further fall is very likely to happen in coming days. It is therefore advised that one should be very alert and cautious in the long trade. So watch out.

Moving down its critical support points at 12765---12730---12590---12530---12430.50---12340---12245---12150---11968---11915---11857---11816.

Moving up its critical resistance points at 12870---12963---13047.75---13145.85---13294---13419---13611—13640.

In view of the above observation for safe traders long trade should be avoided on the decline for the day but can be tried if it moves and maintain above 12920 for some time. But aggressive traders can try long trade on decline at appropriate points or near 12770 but not below it or if it maintains above 12920 for some time. Kindly note that in light of today down move buy on decline trade for the day could be a risky affair mind you. Since it slipped into very short correction mode today and some other technical indicators are also pointing that it may seek lower levels in coming days, therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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

1. Buy if it moves and maintain above 12920 for some time with a stop loss of 12840. It could be a risky trade.

Or

Buy on decline at appropriate points or near 12770 but not below it with a stop loss of 12725. It is for aggressive traders and could be a risky trade.

2. Sell near or within the range of 12970--13020 with a stop loss of 13060. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12770 for some time with a stop loss of 12840. It could be a highly risky trade but worth trying for intraday correction.

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---26.11.2020

 

CNX--BANK NIFTY

Open-30021.90--High-30197.85--Low-29132.30—Close-29199on 25.11.2020

Support:29156.25/29030.90/28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29314/29435.05/29612.55/29784.75/30121.75/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

Further to my last post of 23.11.2020 it moved up and hit a high of 30197.85 today and then slipped down gradually and closed with a huge loss of 540.85 points, which is weak sign. Its benchmark point is 29314 and other key points are at 29816---29609---28643.75---27886.70---26874.60(figures can change). It has broken its first two key points of 29816---29609 decisively therefore it has gotten into very short correction mode for sure and also broken its benchmark point of 29314 also which is a very weak indication and if it does not bounce back above it and sustain on the closing basis then correction may deepen. Please note that sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still o.k. for up move but certain technical indicators are showing negative divergence and if that comes into play then it could witness sharp fall and then correction may last for some time, looking at today’s move it seems that further fall is very likely to happen.  It is therefore advised that one should be very alert and cautious in the long trade. So watch out

Moving down its critical support points at 29198---29030.90---28904---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at 29314---29609---29816---30145.85---30220---30649---30801---30899---30996---31649.

In view of the above observation for safe traders long trade should be avoided on the decline for the day but can be tried if it moves and maintain above 29545 for some time. But aggressive traders can try long trade on decline at appropriate points or near 29020 but not below it or if it maintains above 29314 & 29545for some time. Kindly note that in light of today down move buy on decline trade for the day could be a risky affair mind you. Since it slipped into very short correction mode today and some other technical indicators are also pointing that it may seek lower levels in coming days, therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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

1. Buy on decline at appropriate points or near 29020 but not below it with a stop loss of 28890.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 29314 for some time with a stop loss of 29190. It is for aggressive traders and could be a risky trade. 

Or

Buy if it moves and maintains above 29545 for some time with a stop loss of 29450.   

2. Sell on the rise near or within the range of 29750--29850 with a stop loss of 29925. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29000 for some time with a stop loss of 29150. It could be a highly risky trade but worth trying for corrective move.

Or

Sell if it moves and maintains below 28890 for some time with a stop loss of 29030. It could be a highly risky trade but worth trying for corrective move.

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—23.11.2020

 

CNX-NIFTY

 Open—12813.40--High—12892.45—Low—12730.25---Close-12859.05 on 20.11.2020.

Support:12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/ 11665/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447.         

Resistance:12900/12938.25/12963/13032/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

After yesterdays key reversal it was supposed to go down but it closed today with a gain of 87 plus points, which shows strength, but it is below its first key point of 12880, so it is still in very short correction mode. Furthermore it has three most critical points on the upside at 12770—12900 for 23.11.2020(figures can change every day) & 12963(recent high), it is above its first point of 12770 but it has to cross other two points of 12900 & 12963 and sustain on the closing basis to continue the up momentum , similarly sustained break below 12770 on the closing basis may accelerate the down move. Please note that going down its key points are at 12626---12450.20---12430.50---11676.35, (except for 12430.50 other figures can change), sustained break below 12626 on the closing basis will push it into short term correction mode, sustained break below 12450.20 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11676.35 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good but certain technical indicators are showing negative divergence and if that comes into play then it could witness sharp fall and then correction may last for some time. Therefore it is suggested to avoid long trade till it moves above its recent high of 12963 and sustain on the closing basis or long trade can be tried after reasonable or sharp decline at appropriate points but not below 12430.50.  

Moving down its critical support points at 12818---12770---12730---12690---12626---12607---12450.20---12430.50---12417.70---12280---12249---12132---12080---12025---11872---11820---11676.35.

Moving up its critical resistance points at 12880---12900---12963---13032---13294---13419---13611—13640.

In view of the above observation for safe traders long trade should be avoided on the decline for the day and can only be tried if it moves and maintain above 12940 on the closing basis or if it crosses its recent high of 12963 and sustain. But aggressive traders can try long trade on decline near 12770 or near 12430 but not below it or if it maintains above 12900 for some time. Since no clarity emerged on correction completion in today’s trading session therefore it seems that correction is still on, therefore any type of long trade could be a risky affair for the day, which may please be noted. So, it is suggested to watch the market for next two days for clarity on correction completion before long trade can be attempted. Since it slipped into very short correction mode and some other technical parameters are indicating that it may seek lower levels in coming days and correction may last for few days, therefore short trade can be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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

1. Buy if it moves and maintain above 12900 for some time with a stop loss of 12850.It is for aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 12770 but not below it with a stop loss of 12725. It is for aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 12430 but not below it with a stop loss of 12400. It is for aggressive traders and could be a risky trade.

2. Sell near or within the range of 12900---12940 with a stop loss of 12970. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12770 for some time with a stop loss of 12865. It could be a highly risky trade but worth trying for intraday correction.

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---23.11.2020

 

CNX--BANK NIFTY

Open-28935.75--High-29406.70--Low-28580.90—Close-29236on 20.11.2020

Support:29156.25/29030.90/28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29314/29435.05/29612.55/29784.75/30121.75/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

After yesterday’s sharp fall it bounced back today and closed with a gain of 332.95 points, but it is still below its benchmark point of 29314 and first key point of 29293.50; therefore it is still into very short correction mode, however it is well above its other key points of 28328---27571---26559, (the figures can change), but if it does not bounce back above 29314 and sustain on the closing basis at the earliest and then does not crosses it recent high of 29784.75 or if it fall below from here and break its recent bottom of 28903 on the line chart then correction may deepen in coming days. In this context  please note that sustained break below 28328 on the closing basis will push it into short term correction mode, sustained break below 27571 will push it into medium term correction and most importantly sustained break below 26559 can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good but certain technical indicators are showing negative divergence and if that comes into play then it could witness sharp fall and correction may last for some time, therefore it is suggested to avoid long trade till it moves and sustain above 29314 on the closing basis or try it after reasonable decline where correction completion looks visible. 

Moving down its critical support points at 29030.90---28989---28744---28498---28328---28119---27703.

Moving up its critical resistance points at 29314---29785---29851---30220---30649---30801---30899---30996---31649.

In view of the above observation for safe traders long trade should be avoided on the decline for the day and can only be tried if it moves and maintain above 29314 on the closing basis. But aggressive traders can try long trade on decline near 28903 and then near 28580 but not below it or if it maintains above 29314 for some time. But it seems that correction is still on therefore any type of long trade could be a risky affair for the day which may please be noted. Since it slipped into very short correction and some other technical parameters are indicating that correction may deepen, therefore short trade can be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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

1. Buy on decline at appropriate points or near 28903 but not below it with a stop loss of 28830.It is for aggressive traders and could be highly risky trade.  

Or

Buy on decline at appropriate points or near 28580 but not below it with a stop loss of 28500.It is for aggressive traders and could be highly risky trade. 

Or

Buy if it moves and maintains above 29314 for some time with a stop loss of 29190. It is for aggressive traders and could be highly risky trade. 

2. Sell on the rise near or within the range of 29675--29785 with a stop loss of 29850. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 28903 for some time with a stop loss of 29050. It could be a highly risky trade but worth trying for corrective move.

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—20.11.2020

 

CNX-NIFTY

 Open—12839.50--High—12963—Low—12745.75---Close-12771.60 on 19.11.2020.

Support:12934.05/28818/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/ 11665/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447.         

Resistance: 28818/12885/12934.05/13032/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It has given key reversal today and gone into very short correction and also gone below its most critical point of 12780 for 20.11.2020(this figure will change every day) which is a weak sign and if it remains below 12780 and does not bounce back above 12880 on the closing basis then correction is likely to deepen in coming days. Going down its key points are at 12626---12450.20---12430.50---11676.35, (except for 12430.50 other figures can change), sustained break below 12626 on the closing basis will push it into short term correction mode, sustained break below 12450.20 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11676.35 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good but certain technical indicators are showing negative divergence and if that comes into play then it could witness sharp fall and correction may last for some time, furthermore in view of key reversal today which indicates that the top may be in place at 12963 for the time being, therefore it is suggested to avoid long trade till clarity on correction completion emerges.  

Moving down its critical support points at 12743---12678------12626---12607---12450.20---12430.50---12417.70---12280---12249---12132---12080---12025---11872---11820---11676.35.

Moving up its critical resistance points at 12780---12827---12880---12963---13032---13294---13419---13611—13640.

In view of the above observation for safe traders long trade should be avoided on the decline for the day and can only be tried if it moves and maintain above 12880 on the closing basis. But aggressive traders can try long trade on decline near 12690 or near 12430 but not below it or if it maintains above 12800 for some time, but in light of key reversal today any type of long trade could be a risky trade for the day which may please be noted. Therefore it is suggested to avoid long trade till correction completion looks visible. Since it slipped into very short correction and some other technical parameters are indicating that correction may deepen, therefore short trade can be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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

1. Buy if it moves and maintain above 12800 for some time with a stop loss of 12740.It is for aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 12690 but not below it with a stop loss of 12660. It is for aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 12430 but not below it with a stop loss of 12400. It is for aggressive traders and could be a risky trade.

2. Sell near or within the range of 12880---12940 with a stop loss of 12970. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12745 for some time with a stop loss of 12800. It could be a highly risky trade but worth trying for intraday correction.

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---20.11.2020

 

CNX--BANK NIFTY

Open-29302.60--High-29627.20--Low-28819.55—Close-28903.05on 19.11.2020

Support:28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29030.90/29156.25/29314/29435.05/29612.55/29784.75/30121.75/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

It has decisively broken its benchmark point of 29314 and first key point of 29293.50; therefore it has slipped into very short correction, however it is still above other key points of 28328---27571---26559, (the figures can change), looking at today’s move it seem that if it does not bounce back above 29314 and sustain on the closing basis correction may deepen in coming days. So please note that sustained break below 28328 on the closing basis will push it into short term correction mode, sustained break below 27571 will push it into medium term correction and most importantly sustained break below 26559 can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good but certain technical indicators are showing negative divergence and if that comes into play then it could witness sharp fall and correction may last for some time, therefore it is suggested to avoid long trade till it moves and sustain above 29314 on the closing basis or after reasonable decline where correction completion looks visible.  

Moving down its critical support points at 28744---28498---28328---28119---27703.

Moving up its critical resistance points at 28989---29030.90---29314--29851---30220---30649---30801---30899---30996---31649.

In view of the above observation for safe traders long trade should be avoided on the decline for the day and can only be tried if it moves and maintain above 29314 on the closing basis. But aggressive traders can try long trade on decline near 28328 but not below it or if it maintains above 29031 for some time, but in light of today’s drastic fall any type of long trade could be a risky trade for the day which may please be noted. Since it slipped into very short correction and some other technical parameters are indicating that correction may deepen, therefore short trade can be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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

1. Buy on decline at appropriate points or near 28328 but not below it with a stop loss of 28240.It is for aggressive traders and could be highly risky trade.  

Or

Buy if it moves and maintains above 29031 for some time with a stop loss of 28890. It is for aggressive traders and could be highly risky trade.  

2. Sell on the rise near or within the range of 29314--29400 with a stop loss of 29475. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 28819 for some time with a stop loss of 28920. It could be a highly risky trade but worth trying for corrective move.

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.