A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—28.10.2021

 

CNX--BANK NIFTY

Open—41234.55---High—41347--Low—40750---Close—40874.35 on 27.10.2021.

Support:40855/40680/40498/40291/40011.15/39292.80/38377.25/38112.75/37708.75/37315.20/36876.35. 

Resistance: -41173/41811/41830/41965/42036/42222/42808/43050/43248/45178.

(Bold and underlined figures are most important)

It opened on a flat note and moved in a very short range for a long time but finally closed below its first critical point of 41231 with a loss of 363.95 points. It has slipped into very short term correction mode today which is concerning and if it remains below it down move may accelerate. However as long as it holds its most critical support range of 40483—40211---39907(figure will increase every day) it seems that there is no major threat to the on-going up move and it may continue it off course with intermittent corrections. Moving up from here it will face resistance at 41811---41830---41965---42036---42222---42808---43050, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Similarly moving down its critical support points could be at 40661---40578---40490---40175---40009---39960 (figure may change), it may bounce back from any of these points,  it has slipped into very short term correction mode today, break below the range of 40661---40578---40490 will push it into short term correction mode, break below 40175 will weaken it further and sustained break 39960 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator is also positive as of now, so it may continue the up move with an accelerated pace in coming days with in between down correction.  But I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above, since it slipped into correction mode therefore safe traders can try long trade only if it closes above 41240 or if it gives visible indication of correction completion at the lower levels. However, aggressive traders can try long trade on decline at appropriate points or near the range of 40661---40578---40490 but not below it for pullback gains. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious and alert in the long trade at this point of time.   It is in the long term uptrend but in correction mode now, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong uptrend.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline at appropriate points or near or within the range of 40661---40578---40490 but not below it with a stop loss of 40200. It is for the aggressive traders and could be a risky trade.

2. Sell near if it does not move above 41240 in first one and half hour of trade with a stop loss of 41400. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 40250 and maintain for some time with a stop loss of 40500. It could be a risky trade but worth trying for intraday gains.

Or

Sell if it moves below 40750 and maintain for some time with a stop loss of 40900. It is for the aggressive traders and 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-NIFTY FOR---28.10.2021

 

CNX-NIFTY

 Open—18295.85--High—18342.05—Low—18167.90---Close-18210.95 on 27.10.2021.

Support:18118.60/18034.35/17968.50/17947.75/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.                                                                                                                                                           

Resistance: -18332.70/18604.50/18778/18817/18950/19505/19549/19575/19639/20390.09/20405/20656.           

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and moved in a range for quite some time but in the late afternoon it slipped down and closed with a loss of 57.45 points. Today’s price pattern showed some weakness, furthermore it is still into very short term correction mode ,therefore further fall cannot be ruled out, but as long as it holds  its critical point of 18118.60 on the closing basis it may still try to move up . Please note that to get out of corrective mode it has to close above 18332.70 and sustain else down move may continue. It is important to mention here that till it holds the range of 18026---17950---17850(figures will increase every day) there is no major threat to the on-going up move, which may please be noted. Moving down its critical support points could be at 18118.60---18078.55---18028---17875---17860---17775---17724---17452(figure may change), it is still into very short term correction mode now, break below 18118.60 will weaken it, break below 18078.55---18028 will push it into short term correction mode, break below 17860 will push it into deep short term correction mode, break below 17775 will weaken it further and finally sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18286.50---18302.75---18332.70---18362---18407---18454---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also 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 is still into very short term correction mode therefore further fall cannot be ruled out if it remains in the corrective mode. Furthermore please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall in coming days. It is therefore suggested to be extra alert and cautious in long trade till correction completion sign emerges.

In view of the above, it is still into correction mode therefore safe traders can try long trade only if it closes above its critical points 18332.70 or if it gives visible indication of correction completion at the lower levels. However, aggressive traders can try long trade if it moves above 18270 and maintain for some time or can try buy on decline near 18118.60 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in long term uptrend as of 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.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 18270 and maintain for some time with a stop loss of 18200. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near 18118.60 but not below it with a stop loss of 18090. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 18340---18360 with a stop loss of 18390. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 18270 in first one and half hour of trade with a stop loss of 18300. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18114 and maintain for some time with a stop loss of 18170. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18210 and maintain for some time with a stop loss of 18240. 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—27.10.2021

 

CNX--BANK NIFTY

Open—41057.75---High—41367.25--Low—40829.15---Close—41238.30 on 26.10.2021.

Support:41173/40855/40680/40498/40291/40011.15/39292.80/38377.25/38112.75/37708.75/37315.20/36876.35. 

Resistance: -41811/41830/41965/42036/42222/42808/43050/43248/45178.

(Bold and underlined figures are most important)

It opened on a negative note and moved in a short range but finally closed above its first critical point of 41231 therefore out of corrective mode with a meager gain of 45.90 points. It is showing good strength for the continuation of the up move.  Furthermore as long as it holds its most critical support range and the range for the day will be 40430—40161---39850(figure will increase every day) the strong up momentum is expected to continue off course with intermittent corrections. Moving up from here it will face resistance at 41811---41830---41965---42036---42222---42808---43050, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Similarly moving down its critical support points could be at 41231---40661---40578---40490---40175---40009---39960 (figure may change), it may bounce back from any of these points, break below 41231 will push it into very short term correction mode, break below the range of 40661---40578---40490 will push it into short term correction mode, break below 40175 will weaken it further and sustained break 39960 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator is also positive as of now, so it may continue the up move with an accelerated pace in coming days with in between down correction.  But I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above, long trade can be tried if it holds 41231 level for some time and maintain for some time or buy on decline at appropriate points or near the range of 40661---40578---40490 but not below it. It is in the long term uptrend but correction always happens, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong uptrend.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline at appropriate points or near or within the range of 40661---40578---40490 but not below it with a stop loss of 40250. It is for both the traders and could be a risky trade.

Or

Buy if it holds above 41231 and maintain for some time with a stop loss of 41000. It is for both the traders and could be a risky trade.

2. Sell near if it does not move above 41370 in first one and half hour of trade with a stop loss of 41470. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell near if it does not move above 41830 in first one and half hour of trade with a stop loss of 42000. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 41000 and maintain for some time with a stop loss of 41250. 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-NIFTY FOR---27.10.2021

 

CNX-NIFTY

 Open—18154.50--High—18310.45—Low—18099.30---Close-18268.40 on 26.10.2021.

Support:18118.60/18034.35/17968.50/17947.75/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.                                                                                                                                                           

Resistance: -18332.70/18604.50/18778/18817/18950/19505/19549/19575/19639/20390.09/20405/20656.           

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and closed with a gain of 143 points today. It is still into very short term correction mode but since it closed above its first critical point of 18118.60 yesterday, so as expected it gave a decent pullback move today and if it holds this point on the closing basis then the chance are that it could cross the correction completion threshold point of 18332.70 in coming days and will come out of it. Furthermore if it moves above 18477.30 and sustain on the closing basis then it could resume the up move and may possibly retest its all-time high of 18604.45 or may go beyond it also. Similarly break below 18118.60 will weaken it again. But as long as it holds the range of 18002---17925---17830(figures will increase every day) there is no major threat to the on-going up move, which may please be noted. Moving down its critical support points could be at 18118.60---18078.55---18028---17875---17860---17775---17724---17452(figure may change), it is still into very short term correction mode now, break below 18118.60 will weaken it, break below 18078.55---18028 will push it into short term correction mode, break below 17860 will push it into deep short term correction mode, break below 17775 will weaken it further and finally sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18285.80---18302.75---18332.70---18360---18407---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also 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. Despite todays up move it is still into very short term correction mode therefore further fall cannot be ruled out if it remains below its critical points as mentioned above. Furthermore please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall in coming days. It is therefore suggested to be extra alert and cautious in long trade till correction completion sign emerges.

In view of the above, it is still into correction mode therefore safe traders can try long trade only if it closes above its critical points 18332.70 or if it gives visible indication of correction completion at the lower levels. However, aggressive traders can try long trade if it moves above 18287 and maintain for some time or can try buy on decline near 18118.60 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong long term uptrend as of 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.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 18287 and maintain for some time with a stop loss of 18200. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near 18118.60 but not below it with a stop loss of 18090. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 18330---18360 with a stop loss of 18390. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18114 and maintain for some time with a stop loss of 18170. 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---26.10.2021

 

CNX-NIFTY

 Open—18229.50--High—18241.40—Low—17968.50---Close-18125.40 on 25.10.2021.

Support:18034.35/17968.50/17947.75/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.  

Resistance: -18332.70/18604.50/18778/18817/18950/19505/19549/19575/19639/20390.09/20405/20656.           

 (Bold and underlined figures are most important)

It opened on a positive note and after 4 days fall it could manage to close with a meager gain of 10.50 points today. It is still into very short term correction mode and to come out of it, it has to move above 18332.70 and sustain on the closing basis, here please note that if it remains above 18118.60(figure may change) on the closing basis then chances are that it could stage a pullback rally and can make an effort to come out of the corrective mode and may resume the up move again, else correction may deepen and may continue for some time. But as long as it holds the range of 17970---17894---17798(figures will increase every day) chances of resuming the up momentum will always be there. Moving down its critical support points could be at 18078.55---18028---17875---17860---17775---17724---17452(figure may change), it is already into very short term correction mode now, break below 18078.55---18028 will push it into short term correction mode break below 17860 will push it into deep short term correction mode, break below 17775 will weaken it further and finally sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18240---18285.80---18302.75---18332.70---18360---18407---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also 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 is in very short term correction mode now therefore further fall cannot be ruled out if it remains below its critical points as mentioned above. Furthermore please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall in coming days. It is therefore suggested to be extra alert and cautious in long trade till correction completion sign emerges.

In view of the above, it is still into correction mode therefore safe traders can try long trade only if it closes above its critical points 18332.70 or if it gives visible indication of correction completion at the lower levels. However, aggressive traders can  try long trade if it holds 18118.60 for some time or can try buy on decline near or within the range of 18078.55---18048---18028 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong long term uptrend as of 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.

TRADING STRATEGY (Suggested)

1. Buy if it holds 18118.60 for some time with a stop loss of 18070. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near or within the range of 18078—18048---18028 but not below it with a stop loss of 17950. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 18250---18300 with a stop loss of 18340. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18028 and maintain for some time with a stop loss of 18090. 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—26.10.2021

 

CNX--BANK NIFTY

Open—40961.25---High—41829.60--Low—40508.10---Close—41192.40 on 25.10.2021.

Support:41173/40855/40680/40498/40291/40011.15/39292.80/38377.25/38112.75/37708.75/37315.20/36876.35. 

Resistance: -41811/40830/41965/42036/42222/42808/43050/43248/45178.

(Bold and underlined figures are most important)

It continued the robust up move today and hit a new all-time high of 41829.60 and closed with a whopping gain of 868.75 points. It is showing extra ordinary strength for the continuation of the up move. But it is below its first critical point of 41231 therefore technically it is into very short term correction mode , however as long as it holds its most critical support range and the range for the day will be 40353—40088---39769(figure will increase every day) the strong up momentum is expected to continue off course with intermittent corrections. Moving up from here it will face resistance at 41811---41830---41965---42036---42222---42808---43050, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Similarly moving down its critical support points could be at 40661---40578---40490---40175---40009---39960 (figure may change), it may bounce back from any of these points, but it is below its very short term correction threshold point of 41230 which is slightly concerning, break below the range of 40661---40578---40490 will push it into short term correction mode, break below 40175 will weaken it further and sustained break 39960 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator is also positive as of now, so it may continue the up move with an accelerated pace in coming days with in between down correction.  But I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above, long trade can be tried if it moves above 41231 and maintain for some time or buy on decline at appropriate points or near the range of 40661---40578---40490 but not below it. It is in the long term uptrend but correction always happens, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong uptrend.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline at appropriate points or near or within the range of 40661---40578---40490 but not below it with a stop loss of 40250. It is for both the traders and could be a risky trade.

Or

Buy if it moves above 41230 and maintain for some time with a stop loss of 41000. It is for both the traders and could be a risky trade.

2. Sell near if it does not move above 41830 in first one and half hour of trade with a stop loss of 42000. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it remains below 41230 for some time with a stop loss of 41400. 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.