A TECHNICAL VIEW ON CNX-NIFTY FOR---5.6.2020

CNX-NIFTY

 

Open-10054.25--High-10123.85—Low-9944.25—Close-10029.10 on 4.6.2020

 Support: 10004/ 9970.80/9944.40/9889.05/9700/9685.55/9600/9580/9475/9390.31/9327.85/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

Resistance:-10047/10137.85/10178.95/10276.20/10333.85/10417.80/10490.95/10551.20/10557.70/10637.15/10670.25/10782.60/10941.20.

(Bold and underlined figures are most important)  

 As expected it gave both side swings today and made a high of 10123.85 and a low of 9944.25 and ended the day at 10029.10 with a loss of 32.45 points. It did break it’s both the critical points of 9970.80 & 9944.40 intraday but managed to closed above it. It filled the gap it created yesterday but the gap of 1.6.2020 is still there (see my post for 4.6.2020) so chances of it coming down to 9600 level in next 2-3 days cannot be ruled out. 

As envisaged it corrected today but as long as it sustain above its critical points of 9970.80 & 9944.40 on the closing basis deep correction may not happen and it may start moving up again  after some consolidation above these points. As you are already aware, that since it has sustained above 9970.80 for the last three days, so the upside is open up to 10551 levels (see my earlier post). But for moving up from here to the targeted point of 10551 it has to sail through a series of long term moving averages on the daily and weekly chart which are placed at 10047---130---180---240---360---390---450---490 for 5.6.2020, after hitting up to 3^rd average on 3.6.2020 it is below all the averages now, which is a weak sign. This range is a tough hurdle and looks difficult to cross easily and if it fails to move above some of the averages in next few days and sustain on the closing basis then it will give potential indication that it could break the critical point of 9970.80 & 9944.40 and then correction may accelerate.

In view of the above observation the bias is up now but looking at the series of resistance ahead it can move either way, therefore long trade should be avoided till it move above some of the averages on the closing basis, however buy on decline can be tried but with extreme caution and care because it has moved up vertically by more than 1350 points Intraday in just six days of trading. Similarly instinctive short trade should be avoided but it should definitely be tried at critical juncture or on price breakdown. Since it is stuck between strong support and resistance range now, so it will give opportunity for both side trades depending on the price movement.

TRADING STRATEGY 

1. Buy on decline near but not below 9944.40 with a stop loss of 9840. 

Or

     Buy if it maintains above 10062 for some time with a stop loss of 9990.

2. Sell on the rise near or within the range of 10150----10220 with a stop loss of 10250.

Or

Sell if it maintains below 9944 for some time with a stop loss of above 9990.

Remark: - The long term trend is down. Short term trend is up but it corrected today and stuck between strong support and resistance range now, so it may give opportunity for the both side trades. You can structure your trade as suggested above. The short term bias is up but 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-- 5.6.2020

CNX--BANK NIFTY

Open-20932.35--High-21141.80--Low-20316.20—Close-20390.45 on 4.6.2020

 

Support:20324/20184.10/20122.25/20010/19852/19728.90/19586/19515/19455.55/19358.05/19051/19010/18941/18703.45/18252.43/18100/17938/17719/17606/17311.25/17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

 

Resistance:20530.45/20554.11/20820/20995/21122.10/21348.15/21462.40/21619.55/21670/21967/22380/22418.

 

 (Bold and underlined figures are most important)

It opened up on a flat note at 20932.35 and made a high of 21141.80 and then slipped down steadily and made a low of 20316.20 and ended the day near the lower band at 20390.45 with a loss of 550.25 points. It completely lacked strength today. Furthermore it is terribly weak technically in comparison with CNX-Nifty. Please note that it has filled the gap it created yesterday but the gap of 1.6.2020 is still there (see my post for 4.6.2020) so chances of it coming down to 19358 levels in next 2-3 days cannot be ruled out.

 As envisaged it corrected today but as it is well above its benchmark point of 20010 for the last three days, so the upside up to 22418 is open(see my earlier post) as long as it sustain above this benchmark point on the closing basis. But moving up it has two more critical points at 20530.45 & 20554.11 and host of other resistance points too at regular intervals therefore up journey may not be smooth and will face huge hurdle.

In view of the above observation the short term bias is still up but today’s move was disturbing so further downside from here cannot be ruled out. It is therefore suggested to avoid long trade till it moves above its critical points of 20530.45 & 20554.11 and sustain for some time, however buy on decline can be tried but with extreme caution and care because it has moved up vertically by more than 4500 points Intraday in just seven days of trading and going down it may end the rally abruptly also therefore extreme caution is required. Similarly instinctive short trade should be avoided but it should definitely be tried at critical juncture or on price breakdown.

TRADING STRATEGY 

1. Buy on decline near but not below 20010 with a stop loss of 19900.

 Or

    Buy if it maintains above 20555 for some time with a stop loss of 20380.

2. Sell on the rise near or within the range of 20960---21300 with a stop loss of 21400.

Or

Sell if it maintains below 20530 for some time with a stop loss of 20680.

Remark: - The long term trend is down. Short term trend is up but today’s down move was concerning therefore long trade should be avoided by the safe trades for the day, but aggressive trader can try as suggested above. Short trade should definitely be attempted as suggested above. The short term bias is up, but 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---4.6.2020

CNX-NIFTY

 

Open-10108.30--High-10176.20—Low-10035.55—Close-10061.55 on 3.6.2020

 Support: 10047/10004/ 9970.80/9944.40/9889.05/9700/9685.55/9600/9580/9475/9390.31/9327.85/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

Resistance:-10137.85/10178.95/10276.20/10333.85/10417.80/10490.95/10551.20/10557.70/10637.15/10670.25/10782.60/10941.20.

(Bold and underlined figures are most important)  

 

It opened up with a huge up gap at 10108.30 and went up further and made a high of 10176.20 than in the late afternoon it went down and made a low of 10035.55 and ended the day near the low at 10061.55. It closed on a weak note from the daily price pattern point of view, so chances are that correction may set in. 

Although it is still looking good for further up move on the chart but today’s price setup is slightly concerning, secondly the up gap it created today and on 1.6.2020 is still there and if it makes an effort to fill the gap in next 3-4 days, which is technically possible then it can come down to 9995 & 9598.85 levels, furthermore it has been vertically moving up and today was the sixth day of rise in a row so if it corrects from here then it may have vertical fall too and most importantly it did try to sail through the long term moving averages(see my post for 3.6.2020,Long term moving averages at 10050—10117---10188---10237---10351---10465---10500) but could not go beyond the 3^rd level and  closed just above the 1^st  level of 10050. However it may try again today to cross these averages, so watch out. It may be volatile today and can swing both ways.   

In view of the above observation and looking at today’s price pattern correction looks imminent and can happen any time soon. It is therefore suggested to avoid long trade at this juncture and wait for a reasonable correction to try long trade. So, short trade should be a better strategy for the day if price pattern permits.

TRADING STRATEGY 

1. Avoid long trade today.

2. Sell on the rise near or within the range of 10150----10200 with a stop loss of 10250.

Or

Sell if it maintain below 10035 with a stop loss of above 10110.

Remark: - The long term trend is down. Short term trend is up but correction looks imminent, therefore long trade should be completely avoided for the day. Short trade should definitely be attempted as suggested above. The short term bias is up, which may not last long. 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-- 4.6.2020

CNX--BANK NIFTY

Open-20966.60--High-21619.55--Low-20822—Close-20940.70 on 2.6.2020

 

Support:20907.55/20820/20680/20530.45/20324/20184.10/20122.25/20010/19852/19728.90/19586/19515/19455.55/19358.05/19051/19010/18941/18703.45/18252.43/18100/17938/17719/17606/17311.25/17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

 

Resistance:20995/21122.10/21348.15/21462.40/21619.55/21670/21967/22380/22418.

 

 (Bold and underlined figures are most important)

It opened up with a huge up gap at 20966.60 and went up further and made a high of 21619.55 than in the late afternoon it went down and made a low of 20822 and ended the day near the low at 20940.70. It closed on a weak note from the daily price movement perspective, so correction may set in. 

Although it is still looking good on the chart for further up move but today’s price setup is slightly concerning, secondly the up gap it created today and on 1.6.2020 is still there and if it makes an effort to fill the gap in next 3-4 days, which is technically possible then it can come down to 20615.75 & 19358 levels, furthermore it has been vertically moving up and today was the seventh day of rise in a row so if it corrects from here then it may have vertical fall too.

In view of the above observation and looking at today’s price pattern correction looks imminent and can happen any time soon. It is therefore suggested to avoid long trade at this juncture and wait for a reasonable correction to try long trade. So, short trade should be a better strategy for the day if price pattern permits.

TRADING STRATEGY 

1. Avoid long trade today.

2. Sell on the rise near or within the range of 21500----21700 with a stop loss of 21800.

Or

Sell if it maintain below 21125 with a stop loss of  21220.

Or

Sell below if it maintain below 20820 with a stop loss of  20970.

Remark: - The long term trend is down. Short term trend is up but correction looks imminent therefore long trade should be completely avoided for the day. Short trade should definitely be attempted as suggested above. The short term bias is up, which may not last long. 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---3.6.2020

CNX-NIFTY

 

Open-9880.85--High-9995.60—Low-9824.05—Close-9979.10 on 2.6.2020

 Support: 9970.80/9944.40/9889.05/9700/9685.55/9600/9580/9475/9390.31/9327.85/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

Resistance: 10004.45/10033.35/10137.85/10178.95/10276.20/10333.85/10417.80/10490.95/10551.20.

(Bold and underlined figures are most important)                                                         

It is exhibiting tremendous strength as it has closed above its critical points of 9944.40 & 9970.80 today, so it has opened the upside up to 10550 till it hold above these points on the closing basis. Although it looks good on the short term technical parameters for further up move. But it has entered into the vulnerable zone and moving up it will face stiff resistance from its long term moving averages in the range of 10050—10117---10188---10237---10351---10465---10500, so up journey may not be smooth. Furthermore it has been vertically moving up from the level of 9029 and in last five trading sessions it has scaled up by almost 1000 points, the vertical rise is not good for steady market and that too for a relief rally because when it corrects it may have vertical fall too. It seems that it has entered into highly vulnerable zone where correction looks imminent because sailing through the above resistance range looks slightly difficult at this point of time.

Short term trend is up but since it has entered into a danger zone, so for safe trader it is suggested to avoid long trade for today but aggressive trader can still try long trade as suggested below. Please note that the price movement does not suggest instinctive short trade but since the ongoing up move is supposedly a pullback rally which generally ends abruptly therefore short trade should be tried at the critical range for sure with strict stop loss.      

TRADING STRATEGY 

1. Buy on decline at appropriate points but not below 9944.40 with a stop loss of 9890.

Or

Buy if it maintains above 9996 for some time with a stop loss of 9920.

2. Can try selling in the range of 10120---170--- with a stop loss of 10210.

Or

Sell if it maintain below 9920 for some time with a stop loss of above 9980.

Remark: - The long term trend is down. Short term trend is up but it has possibly entered the vulnerable zone where correction looks imminent, so safe trader should avoid long trade today but aggressive trader can try as suggested above. Short trade should also be attempted as suggested above. The short term bias is up, which may not last long. 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-- 3.6.2020

CNX--BANK NIFTY

Open-20120.60--High-20615.75--Low-19852.55—Close-20530.20 on 2.6.2020

 

Support:20332/20109.71/20010/19852/19728.90/19586/19515/19455.55/19358.05/19051/19010/18941/18703.45/18252.43/18100/17938/17719/17606/17311.25/17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

 

Resistance:20820/20995/21122.10/21348.15/21462.40/21670/21967/22380/22418.

 (Bold and underlined figures are most important)

It is exhibiting good strength as it has closed way above its benchmark point of 20010 today, so it has opened the upside up to 22418 till it hold above this mark on the closing basis. Although it looks good on the short term technical parameters for further up move. But please note that it has been vertically moving up from the level of 17278 and in last six trading sessions it has scaled up by more than 3300 points, the vertical rise is not good for steady market and that too for a relief rally because when it corrects it may have vertical fall too. It seems that with this kind of rise for a pullback rally, it has entered into highly vulnerable zone where correction looks imminent.

Short term trend is up but since it has had vertical rise, so for safe trader it is suggested to avoid long trade for today but aggressive trader can still try long trade as suggested below. Please note that the price movement does not suggest instinctive short trade but since the ongoing up move is supposedly a pullback rally which generally ends abruptly therefore short trade should be tried at the critical range for sure with strict stop loss.     

TRADING STRATEGY 

1. Buy on decline at appropriate points but not below 20330 with a stop loss of 20200.

Or

Buy if it maintains above 20531 with a stop loss of below 20330.

2. Can try selling in the range of 21150---21460 with a stop loss of 21530.

Or

Sell if it maintain below 20330 for some time with a stop loss of above 20535.

Remark: - The long term trend is down. Short term trend is up and from here it may inch up further also but correction looks imminent, so safe trader should avoid long trade today but aggressive trader can try it as suggested above. Short trade should also be attempted as suggested above. The short term bias is up, which may not last long. 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---2.6.2020

CNX-NIFTY

 

Open-9726.85--High-9931.60—Low-9706.95—Close-9826.15 on 1.6.2020

 Support:9700/9685.55/9666/9600/9580/9475/9390.31/9327.85/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

 

Resistance:9889.05/9944.40/9951/9970.80/10004.45/10033.35/10137.85/10178.95/10276.20/10333.85/10417.80/10490.95/10551.20.

(Bold and underlined figures are most important)                                                              

It opened with a huge up gap at 9726.85 and made a low of 9706.95 and then moved up steadily and made a high of 9931.60 and ended the day at 9826.15 with a good gain of 245.85 points. It is looking good but note that the gap it created today is still there and if it makes an effort to fill this gap in next 3-4 trading session which is technically possible then it can come down to 9598.85.

As expected it moved higher but could not cross stiff resistance point of 9944.40 & 9970.80(see my post for 1.6.2020) and reacted from there, it still has strength but now further bigger up move will only happen if it moves above 9944.40 & 9970.80 and sustain on the closing basis, please note that sustain close above 9970.80 will open the upside up to 10551. Therefore long trade should be avoided near or within the range of 9944.40---9970.80 till it close above it, instead short trade can be tried near or within this critical range with a strict stop loss because this is a relief rally in the long term downtrend and may fizzle out any time without giving a signal. In view of the above long trade can be tried on decline but with extreme caution and care.

 

TRADING STRATEGY 

1. Buy on decline at appropriate points but not below 9598.85 with a stop loss of below 9560.

 

2. Can try selling in the range of 9944---9971 with a stop loss of 10080. Please note that if your stop loss is not triggered and it gives an indication of closing above 9970.80 then square your short position in any case.

Remark: - The long term trend is down. Short term trend is up and it is giving strong up moves but long trade can be tried either on decline or if it closes above 9970.80 only this would be relatively safe trade. Short trade should also be attempted as suggested above. The short term bias is up, which may not last long. 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-- 2.6.2020

CNX--BANK NIFTY

Open-19728.90--High-20225.35--Low-19632.90—Close-19959.10 on 1.6.2020

Support:19887/19728.90/19586/19515/19455.55/19358.05/19051/19010/18941/18703.45/18252.43/18100/17938/17719/17606/17311.25/17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

Resistance:19998/20010/20109.71/20225.35/20514.75/20820/20995/21122.10/21348.15/21462.40/21670/21967/22380/22418.

 (Bold and underlined figures are most important)

It opened with a huge up gap at 19728.90 and made a low of 19632.90 and then moved up steadily and made a high of 20225.35 and ended the day at 19959.90 with a good gain of 662.35 points. It looks good but note that the gap it created today is still there and if it makes an effort to fill this gap in next 3-4 trading session which is technically possible then it can come down 19358.05.

It is showing reasonable strength but despite moving above its benchmark point of 20010(see my post for 1.6.2020) it closed below it, therefore as long as it does not close above 20010 long trade should not be attempted near this mark but can be tried on decline as of now with extreme caution and care because this is a relief rally in the long term downtrend and may fizzle out any time  without giving a signal, therefore short trade  should also be tried at the appropriate points with short stop losses.

 TRADING STRATEGY 

1. Buy on decline at appropriate points but not below 19455 with a stop loss of below 19320.

2. Can try selling in the critical range of 20255---470 with a stop loss of 20520. Please note that if your stop loss is not triggered and if it gives an indication of closing above 20010 then square your short position in any case. 

IMPORTANT NOTE: - The benchmark point now is 20010 and if it moves above it on the closing basis and sustain then it will open up bigger upside up to 22418.

Remark: - The long term trend is down. Short term trend is up and it is giving strong up moves but long trade can be tried either on decline or if it closes above 20010 only this would be relatively safe trade. Short trade should also be attempted as suggested above. The short term bias is up, which may not last long. 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.