A TECHNICAL VIEW ON CNX-NIFTY FOR -8.5.2020

CNX-NIFTY

Open-9234.05--High-9277.85—Low-9175.90—Close-9199.05 on 7.5.2020

Support:9180/9141/9116.50/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

Resistance:9270.90/9299/9327.85/9390.31/9468.75/9685.55/9687.55.

 (Bold and underlined figures are most important)                                                                       

It closed below the previous day’s close today, hence it has made lower top at 9270.90 and also broken recent bottom of 9205.60 after a long time and closed at 9199.05, so made a lower bottom also. It thereby confirms that now the down move should gather momentum. But it is important to mention here that now a close above 9270.90 and then above 9327.85 & 9390.31 could again reverse this process and it may start moving up again. Therefore one should be alert in short trade if it closes above 9270.90&9327.85 and sustain, but one should think of long trade only if it closes above 9390.31 and sustain. So, short trade on the rise and on price breakdown would be the best option as of now.

Moving down it will find good support in the range of 9090---9038 and then 8909—8801---8672, please note that sustained break below 9038 on the closing basis will further accelerate the fall.

TRADING STARTAGY      

1. Sell on the rise in the range of 9270---9327.85---9390.31 but not  

    above 9390.31 with a stop loss of above 9430. Kindly note that the   

    self defined stop losses can be applied by the traders but the authentic

    stop loss would  be 9430 only.

Or

    Sell below 9175 with a stop loss of above 9260. This is a short stop

    loss It could be triggered but one has to maintain short position again

    below 9175  for the day.

Remark: - The long term trend is down. Since it has made lower top & bottom the down move should accelerate now. In view of the above observation long trade is a complete avoid till it closes above 9390.31 and sustain. Only short trade should be attempted as suggested above. The long term bias is bearish.    

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 favourable 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.

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR- 8.5.2020

CNX--BANK NIFTY

Open-19536.05--High-19757.25--Low-19332.15—Close-19491.80 on 7.5.2020

Support:19271.75/19200.08/19051.95/18860/18703.45/18300/18100/17854/17340/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:19655/19769/19847.65/19881/19934/20010/20220/20514.75/20586.22/21122.10/21348.15/21462.40.

 (Bold and underlined figures are most important)

It closed below its previous day’s close today i.e. at 19491.80; hence it has made a lower top at 19694.55 ,  but it is yet to break the recent bottom of 19271.75 , therefore a close below 19271.75 is required to confirm that it is making lower top & bottom and for down move to gather momentum. Please note that till it happens there is a reasonable possibility that it could start moving up again and if it closes above 19694.55 and then above 20010 and sustain then it may resume the up momentum again. The overall technical parameters are weak; therefore long trade should be avoided now and only be tried if it closes above 20010 and sustain. So, short trade on the rise and on price breakdown would be the best option as of now.

 Moving down it will find good support in the range of 18860--- 18703---18309---18100---17850---17286.40---17143. It is very important to mention here that it has been closing below its critical & important point of 20010 for last four days and if it sustain below it for few more days then it could retest or break its recent bottom of 16116.25 made on 24.3.2020 in coming days.

TRADING STARTAGY      

1. Sell on the rise in the range of 19850---20010---20300 with a stop    loss of above 20400. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20400 only.

Or

Sell near but below 19850 with a stop loss of above 20010.

Remark: - The long term trend is down. It is almost confirmed that the pullback rally has exhausted and down move has begun but a close below 19271.75 is important as of now for the fall to accelerate. In view of the above observation long trade is a complete avoid till it closes above 20010 and sustain. Only short trade should be attempted as suggested above. The long term bias is bearish.    

  

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 favourable  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.

A TECHNICAL VIEW ON CNX--BANK NIFTY- 7.5.2020

CNX--BANK NIFTY

Open-19302.45--High-19806.60--Low-18941—Close-19694.55 on 6.5.2020

Support:19586/19200.08/19051.95/18864/18703.45/18309/18100/17854/17340/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:19769/19847.65/20010/20220/20514.75/20586.22/21122.10/21348.15/21462.40.

 (Bold and underlined figures are most important)   

 It opened on a flat to positive note today at 19302.45 and went down to make a low of 18941 then it bounced back and made a high of 19806.60 and closed above the previous day’s close at 19694.55.

                                                                   

 It is on an extreme weak footing technically, as it is well below its short, medium and long term moving averages on the daily and weekly chart; furthermore it has broken its previous bottom of 19586.65 & 19409.35 on the line chart and bottom of 19051.95 on the bar chart. So it seems that the pullback rally top is almost confirmed at 21967 but to accelerate the fall it needs to close below 19271.75 as of now. Short term bias is also bearish therefore long trade should be completely avoided and sell on the rise strategy should be adopted.

Moving down it will find good support in the range of 18864--- 18703---18309---18100---17850---17286.40---17143. It is very important to mention here that it has been giving whip saw around its critical level of 20010 but closed below it for last three days and if it sustain below it for another 2-3 days then it could retest or break its recent bottom of 16116.25 made on 24.3.2020 in coming days. Similarly a sustained close above 20010 for few days would show some strength for up move else it is terribly weak.  

TRADING STARTAGY      

1. Sell on the rise in the range of 19850---20010---20300 with a stop    loss of above 20450. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20450 only.

Or

Sell below 19850 with a stop loss of above 20010.

Remark: - The long term trend is down. It is almost confirmed that the pullback rally has exhausted and down move has begun but a close below 19271.75 is important as of now to accelerate the fall. In view of the above observation long trade is a complete avoid till it closes above 20010 and sustain. Only short trade should be attempted as suggested above. The long term bias is bearish.    

  

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 favourable  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.

A TECHNICAL VIEW ON CNX-NIFTY FOR -7.5.2020

CNX-NIFTY

Open-9226.80--High-9346.90—Low-9116.50—Close-9270.90 on 6.5.2020

Support:9262/9241/9227/9205.60/9116.50/9090/9038.90/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

Resistance:9299/9327.85/9390.31/9468.75/9685.55/9687.55.

 (Bold and underlined figures are most important)                                                                       

It opened flat to positive today at 9226.80 and went down to make a low of 9116.50 then it bounced back and made a high of 9346.90 and closed above the previous day’s close at 9270.90.

It has been closing below its most critical point of 9327.85 & 9390.31 for last three days, which is a weak sign, but since it is still making higher top& bottom on the line chart therefore a close below 9205.60 is required as of now to confirm and trigger the down move convincingly. Please note that sustained close above the critical & important point of 9327.85 & 9390.31 can still take it higher, so be watchful in short trade if it closes above these points and sustain. Since relief rally top seems to be in place therefore long trade should be completely avoided. Short trade would be a better and safe option now.

Moving down it will find good support in the range of 9090---9038 and then 8909—8801---8672, please note that sustained break below 9038 on the closing basis will accelerate the fall.

TRADING STARTAGY      

1. Sell on the rise in the range of 9250---9327.85---9390.31 but not  

    above 9390.31 with a stop loss of above 9475. Kindly note that the   

    self defined stop losses can be applied by the traders but the authentic

    stop loss would  be 9460 only.

Or

    Sell below 9250 with a stop loss of above 9280. This is a short stop

    loss It could be triggered but one has to maintain short position again

    below 9250  for the day.

Remark: - The long term trend is down. It is almost confirmed that the pullback rally has exhausted and down move has begun but a close below 9205.60 is important as of now to accelerate the fall. In view of the above observation long trade is a complete avoid till it closes above 9327.85 & 9390.31. Only short trade should be attempted as suggested above. The long term bias is bearish.    

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 favourable 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.

A TECHNICAL VIEW ON CNX--BANK NIFTY- 6.5.2020

CNX--BANK NIFTY

Open-20147.30--High-20223.15--Low-19212.35—Close-19271.75 on 5.5.2020

Support:19200.08/19051.95/18858/18703.45/18312/18100/17859/17340/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:19695/19847.65/20010/20191.92/20514.75/20586.22/21122.10/21348.15/21462.40.

 (Bold and underlined figures are most important)                                                                       

After yesterdays huge fall of almost 1800 points it fell today also by 472 points and closed near the low of the day at 19271.75. It is exhibiting tremendous weakness as it has broken its short, medium and long term moving averages decisively on the daily and weekly chart both, furthermore it also broke its recent bottom of 19586.65 & 19409.35 on the line chart. Therefore it seems that the pullback rally top is already in place at 21967 and now the down move should intensify further. Therefore it is suggested to avoid long trade completely till it closes above its critical point of 20010 and sustain on the closing basis for few days. It is strongly suggested to attempt short trade on the rise at appropriate points as of now.

Moving down it will find good support in the range of 18703---18312---18100---17850---17286.40. It is very important to mention here that it has been giving whip saw around its critical level of 20010 but closed below it for last two days and if it sustain below it for another 3-4 days then it could retest or break its recent bottom of 16116.25 made on 24.3.2020 in coming days. It seems very likely to happen at this point of time.

 TRADING STARTAGY      

1. Sell on the rise in the range of 19850---20010---20270 with a stop    loss of above 20590. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20590 only.

Or

Sell below 19850 with a stop loss of above 20010.

Or

Sell below 19200 with a stop loss of above 19320

Remark: - The long term trend is down. It is almost confirmed that the pullback rally has exhausted and the down move should accelerate now. Therefore long trade is a complete avoid till it closes above 20010 and sustain for few days. Only short trade should be attempted now as suggested above. The long term bias is hugely bearish.    

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 favourable  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.

A TECHNICAL VIEW ON CNX-NIFTY FOR -6.5.2020

CNX-NIFTY

Open-9429.40--High-9450.90—Low-9190.95—Close-9205.60 on 5.5.2020

Support:9141.30/9090/9038.90/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

Resistance:9239/9257/9264/9327.85/9390.31/9468.75/9685.55/9687.55.

 (Bold and underlined figures are most important) 

                                                                      

It opened at 9429.40 today well above the previous day’s close and made intraday high of 9450.90 but could not sustain at the upper level and made a low of 9190.75 and closed the day near the low at 9205.60. It was a weak closing today.  

It is important to mention here that it did traded above the critical point of 9327.85 & 9390.31 for the reasonable time period today but closed well below it, which indicates gross weakness, therefore it seems that the pullback rally top is already in place at 9889.05 and down move should intensify now, however in between short up rally cannot be ruled out. Therefore it is suggested to avoid long trade completely till it closes above its critical points as mentioned above. It is strongly suggested to attempt short trade on the rise at appropriate points as of now.

Moving down it will find good support in the range of 9090---9038 and then 8909—8801---8672, please note that sustained break below 9038 on the closing basis will accelerate the fall.

TRADING STARTAGY      

1. Sell on the rise  in the range of 9250---9327.85---9390.31 but not  

    above 9390.31 with a stop loss of above 9475. Kindly note that the   

    self defined stop losses can be applied by the traders but the authentic

    stop loss would  be 9475 only.

Or

    Sell below 9190 with a stop loss of above 9270.

Remark: - The long term trend is down. It is almost confirmed that the pullback rally has exhausted and the down move should accelerate now. Therefore long trade is a complete avoid till it closes above 9327.85 & 9390.31. Only short trade should be attempted as suggested above. The long term bias is bearish.    

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 favourable 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.

A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVG INDEX- 5.5.2020

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 23749.76 ON 4.5.2020.

                                                                           

SUPPORT:23655/23645.30/23627.65/23531.31/23408/23344/23009.06/22941.88/22638.47/22262.24/21712.53/21600/21447.85/20893.41/20735/20553/20379/19845/19677.94.

RESISTANCE:24040.58/24120.78/24264.52/24490.37/24764.77/24965.77/25208/25372.70/25402.83/25507/25743.46.

(Underlined & bold figures are very important)

It topped out at 29568.57 on 12.2.2020 and then corrected sharply and made a bottom at 18213.65 on 23.3.2020 thereafter it rallied up again and made recent top at 24764.77 on 29.4.2020.

It is important to narrate here that from the top of 29568.57 it fell by 11354.92 points or by 38.40% and it took 28 days to make a bottom at 18213.65(both days inclusive) and then it rallied up again and made recent top at 24764.77(both days inclusive) it retraced by 6551.12 points or by 57.69% of the entire fall and took 27 days in this process. Since its fall and rise took almost same time i.e. 28 days & 27 days respectively and the up rally was quite decent and was very near to the Fibonacci retracement point of 61.80% i.e.25230.99, therefore it seems that price wise and time wise the pullback rally has possibly exhausted at 24764.77, if it is so then it has to fulfil certain condition in coming days which are mentioned hereunder:-

1. Sustained close below 23692.41 & 23655 is required; else it may still claw back to 24764.77 or above.

2. Sustained break below 23218.71 on the closing basis required to confirm that the pullback rally has exhausted and down move will begin.

   

Apart from the above conditions it is imperative to note that sustained break below 22638.41 on the closing basis will trigger sharp fall. Furthermore sustained break below 20893.41 on the closing basis will potentially indicate that it could retest or break the recent major bottom of 18213.65, which may please be noted.  

REMARKS: -The long term trend is down. The pullback rally seems to have exhausted so the down move should begin now provided the above mentioned condition are met. Therefore one should be cautious in both side trades as of now. The long term bias is bearish.

Kindly note that make your cost your stop loss in favourable  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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.