A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—27.8.2021

 

CNX--BANK NIFTY

Open-35485.95---High-35785.80--Low—35411.80---Close-35617.55 on 26.8.2021

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 with a meager gain of 31.30 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. But if it breaks below 35172 and sustain then the critical support points would be at 34922---34635---34653(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 34653(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 34653(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 3-4 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 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. Please note that long trade below 35400 could be a risky affair for the day. 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 35520 and maintain for some time with a stop loss of 35630. 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.

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---27.8.2021

 

CNX-NIFTY

 Open—16627.95--High—16683.70—Low—16603.40---Close-16636.90 on 26.8.2021.

Support: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: -16677/16688/16701.85/16712.45/16790/16826/16903/17229/17415/17504/17756/19575/20390.     

 (Bold and underlined figures are most important)

It moved in a range and closed flat with a meager gain of 2.25 points. It could move up further from here as long as it holds its critical support points of 16633---16582.65---16515---16429.50---16367(figures may change)  break below 16633 can push it into very short term correction mode, sustained break below 16582.70 will weaken it further and break below 16429.50 will push it into deep short term correction mode and sustained break below 16367(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 the resistance points will be at 16701.85---16712.45---16855---16945---17012(last three figures will change every day). It seems tough to cross this range as of now, however if it moves above 17012 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 still 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 16633 and 16367(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 holds 16633 for some time or buy on decline near 16582 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 16367 but not below it. Since it is still below 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 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 holds 16633 for some time with a stop loss of 16570. It is for both the traders.

Or

Buy on decline near 16582 levels but not below it with a stop loss of 16540. 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 16400. It is for the aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 16700---16730 with a stop loss of 16755. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16582 and maintain for some with a stop loss of 16645. 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---26.8.2021

 

CNX-NIFTY

 Open—16654--High—16712.45—Low—16629.80---Close-16634.65 on 25.8.2021.

Support: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: -16677/16688/16701.85/17415/17504/19575/20390.         

 (Bold and underlined figures are most important)

It continued the up move and hit a new all-time high of 16712.24 today but could not sustain at the higher level and closed with a meager gain of 10.05 points. Please note that it could move up further from here provided it holds the following points 16633---16582.65---16508---16429.50---16358(figures may change)  break below 16633 can push it into very short term correction mode, sustained break below 16582.70 will weaken it further and break below 16429.50 will push it into deep short term correction mode and sustained break below 16349(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---16712.45---16821---16912---16980(last three figures will change every day). It seems tough to cross this range as of now, however if it moves above 16980 and sustain on the closing basis then very strong up momentum may begin.   

It is important to mention here that its long term technical setup is still 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 16633 and 16358(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 holds 16633 for some time or buy on decline near 16582 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 16360 but not below it. Since it is still below 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 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 holds 16633 for some time with a stop loss of 16570. It is for both the traders.

Or

Buy on decline near 16582 levels but not below it with a stop loss of 16540. 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 16350. It is for the aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 16700---16725 with a stop loss of 16755. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16582 and maintain for some with a stop loss of 16645. 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—26.8.2021

 

CNX--BANK NIFTY

Open-35768.85---High-35910.10--Low—35499.65---Close-35586.25 on 25.8.2021

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) 

After yesterdays robust gain it corrected today and closed with a loss of 125.85 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 come out of corrective mode. But if it breaks below 35172 and sustain then the critical support points would be at 34922---34635---34631(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 34631(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 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 34631(figure will change every day). The short term technical setup has improved a bit today, so watch out for next 1-2 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 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.  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. Please note that long trade in a weak market could be a risky affair. 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 35500.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 35500 and maintain for some time with a stop loss of 35610. 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 moves below 35000 and maintain for some time with a stop loss of 35200. 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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—25.8.2021

 

CNX--BANK NIFTY

Open-35424.20---High-35427.40--Low—34817.50---Close-35124.40 on 24.8.2021

Support: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;35811/35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It continued the pullback rally today also and closed with a good gain of 587.70 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 chances are that it may come out of corrective mode. But if it breaks below 35172 and sustain then the critical support points would be at 34922---34635---34608(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 34608(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 35797---35811---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 34608(figure will change every day). The short term technical setup has improved a bit today, so watch out for next 1-2 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. The short term bias is mixed with 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.  However aggressive traders can try long trade if it moves above 35797 and maintain for some time or on decline at appropriate points or near 35172 but not below it. Please note that long trade in a weak market could be a risky affair. 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 35797 and maintain for some time with a stop loss of 35600.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 35000 and maintain for some time with a stop loss of 35100. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36200---36300 with a stop loss of 36475 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---25.8.2021

 

CNX-NIFTY

 Open—16561.40--High—16647.10—Low—16495.30---Close-16624.60 on 24.8.2021.

Support: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: -16677/16688/16701.85/17415/17504/19575/20390.         

 (Bold and underlined figures are most important)

It continued it’s up move today and closed with a gain of 128.15 points. Please note that it is out of corrective mode now as it closed above the threshold point of 16575 which is a positive sign and if it moves above 16637 and sustain on the closing basis then it could retest its all-time high of 16701.85 or may go beyond also. But moving up the critical resistance points will be at 16701.85---16821---16912---16980(last three figures will change every day). It seems tough to cross this range as of now, however if it moves above 16980 and sustain on the closing basis then very strong up momentum may begin.   Similarly break below 16575 can push it back again into very short term correction mode and moving down its critical support points would be 16501---16428---16421.40---16349(figures may change) break below 16501 will weaken it, sustained break below 16421.40 will push it into deep short term correction mode and sustained break below 16349(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.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. It has came out of correction mode, so 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 moves above 16637 and sustain and holds 16349(it can change) on  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 15637 and maintain for some time or buy on decline near 16575 but not below it for safe traders. However aggressive traders can also try long trade on decline at appropriate points or near 16450 but not below it. Since it is still below 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 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 16637 and maintain for some time with a stop loss of 16580. It is for both the traders.

Or

Buy on decline or if it holds 16575 levels but not below it with a stop loss of 16530. 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 16400. It is for the aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 16675---16700 with a stop loss of 16730. 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.