TECHNICAL VIEW ON CNX--BANK NIFTY FOR THE WEEK STARTING FROM--22.6.2020.

CNX-Bank Nifty – Technical View

Period: 22 – 26 June 2020 |Author: Narendra Kumar Surana

    

Open - 20970.10,  High - 21467.65,  Low - 20878.25, Close - 21338.10

Key levels	L1	L2	L3	L4	L5	L6
Support	20995	20697	20530	20201	20010	19728
Resistance	21347	21467	21807	21967	22418	22920

Outlook

Technically the short term trend is up; therefore long trade can be initiated on decline and at other appropriate points too. But it is important to mention here that the ongoing up rally is not fundamentally backed and is purely liquidity driven so be vigilant because  it may end up abruptly also, therefore long trade should be handled with extreme caution and care. Since, this rally can culminate surprisingly, therefore it is suggested that short trade should also be attempted at critical points.

 

Trading Strategy

Trade	Trigger	Stop loss	Risk
Buy	If it moves above 21348 and sustain for some time.	21260	Could be risky but worth trying.
Buy	If it does not go below 20995in two hours of trade, buy near it	20930	Could be risky but worth trying.
Buy	On decline at appropriate points but not below 20530.	20450	Looks safe as of now.
Buy	If it maintains above21468 for some time.	21400	Slightly enthusiastic trade, could be highly risky but worth trying.
Sell	Critical points-21680—21970—22450---23100.	21750—22030---22520--23200	Contrarian trade therefore risky, but worth trying.
Sell	If it does not move above 21468 in first two hours of trade.	21520	Could be a risky trade, but worth trying.
Sell	If it maintains below 20530 for some time.	20620	Looks moderately safe.
Sell	If it maintains below 20201 for some time.	20300	Reasonably safe.
Sell	Definitely if it maintains below 19912 for some time.	20050	Extremely safe.

 

Detailed View

Further to my last post for 19.6.2020, as expected correction ended and up move began on 18.6.2020 itself as it crossed its lower top of 20296.70and made a higher bottom at 20201.75, thereby making higher top & bottom, furthermore it its well above its short term moving averages, which is a positive sign, so the short term trend is up and it is expected to move higher with in between down correction from time to time as long as it makes higher top & bottom. Therefore as of now it is buying on decline market technically. I once again reiterate that the ongoing rally in Indian and in the rest of the world markets are completely defying economic, fundamental and geopolitical conditions and are purely driven by liquidity; therefore chances are that it could end up abruptly also. Furthermore it is way below its long term moving averages thereby exhibiting far less strength in comparison with Nifty-50.  It is therefore suggested to try long trade as suggested above but with extreme caution and alert. Moving up it will face stiff resistance at 21680---21970---22418---23100---23500--23820, sustained close above 22418 will open the upside up to 24365 which may please be noted. Since this up rally is purely liquidity driven, so chances are that it may fizzle out without giving any proper signal , therefore short trade should also be attempted as suggested above .Moving down it will have support at 20995---20697---20530—20201—20010—19900--19500, sustained break below 20697 will indicate some weakness, break below 20201(this figure may change) will indicate that it could slip into  correction again and sustained break below 19500 as of now on the closing basis will indicate that it could go in for further deep correction. The short term bias is up as of now therefore one should be alert in short trade too.

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. However day squaring off is strongly recommended in any case.

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 | +91-9831313654 / 8240951127

 

 

TECHNICAL VIEW ON CNX-NIFTY FOR-19.6.2020

CNX-NIFTY

 Open-9863.25--High-10111.20—Low-9845.05—Close-10091.65 on 18.6.2020

 Support: - 10033/9970.80/9944.40/9889.05/9726.25/9700/9685.55/9600/9580/9475/9390.31/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

Resistance: - 10143.44/10178.95/10276.20/10328.50/10333.85/10417.80/10490.95/10551.20/10557.70/10637.15/10670.25/10782.60/10941.20.

Critical Points moving down:-9970.80—9944.40---9889---9726.25--9663.59.

Critical Points moving up:-10143.44---10171.67—10328.50---10551.20--10583.65.

(Bold and underlined figures are most important)  

It crossed its recent top of 9914 so it is in the process of making a higher top and it has already made higher bottom at 9881.15 today and closed well above its critical points of 9944.40 & 9970.80, furthermore it also moved above one of its long term moving averages which is placed at 10038, which is good sign, therefore it has turned into buy on decline market as of now. It is important to mention here that geopolitical and economic conditions and other related fundamentals are not supporting this rise and it is purely a liquidity driven rally, therefore long trade should be handled with extreme care and caution because this up move can end abruptly also. Moving up it will face resistance at 10144—10176--10280—10360—10485—10551—10583.65. Since, this rally is not fundamentally backed so short trade should also be attempted at appropriate points. The short term bias technically is in favour of long trade now.

TRADING STRATEGY

1. Buy on decline at appropriate points but not below 9944.40 with a stop loss of 9860.

Or

   Buy if it moves above 10112 and maintain for some time with a stop loss of 10020.

2. Sell on the rise near or within the range of 10180(S/L-10210)-10280(S/L-10300)-10360(S/L-10390)-10485(S/L-10515)-10584(S/L-10620).

Or

Sell if it maintains below 9880 for some time with a stop loss of above 9970.

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. Squaring off is strongly suggested.

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.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 19.6.2020

CNX--BANK NIFTY

Open-20137.--High-21028.35--Low-20030.35—Close-20956.30 on 18.6.2020

Support:20820/20697.63/20530.45/20324/20201/20122.10/20010/19852/19728.90/19586/19526.10/19515/19455.55/19358.05/19297.25/19051/19010/18941/18703.45/18252.43/18100.

Resistance:20995/21122.10/21348.15/21462.40/21807.40/21967/22418.

 Critical Points:--20010—20201--20530.45--20697.63--20820--20995.

 (Bold and underlined figures are most important)

 It crossed its recent top of 20296.70 so it is in the process of making a higher top and it has already made higher bottom at 20201.75 today and closed above most of its critical points except for one at 20995, furthermore it also moved above its short term moving averages, which is good sign, therefore it has turned into buy on decline market as of now. It is important to mention here that geopolitical and economic conditions and other related fundamentals are not supporting this rise and it is purely a liquidity driven rally, therefore long trade should be handled with extreme care and caution because this up move can end abruptly also. Moving up it will face resistance at 21462—21680--21807—21967--22418. Since, this rally is not fundamentally backed so short trade should also be attempted at appropriate points. The short term bias technically is slightly in favour of long trade now, but it is showing far less strength in comparison with CNX-Nifty therefore be extra vigilant in long trade.

 TRADING STRATEGY

1. Buy on decline at appropriate points but not below 20300 with a stop loss of 20180. The critical points mentioned above could be buying point also with a self defined short stop losses.

Or

   Buy if it moves above 20995 and maintain for some time with a stop loss of 20880.

2. Sell on the rise near or within the range of 21500-21750(S/L-21800)-21970-22450(S/L-22520).

Or

Sell if it maintains below 9880 for some time with a stop loss of above 9970.

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. Squaring off is strongly suggested.

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.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

TECHNICAL VIEW ON CNX-NIFTY FOR-18.6.2020

CNX-NIFTY

 

Open-9876.70--High-10003.60—Low-9833.80—Close-9881.15 on 17.6.2020

 Support: - 9726.25/9700/9685.55/9600/9580/9475/9390.31/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

Resistance: - 9889.05/9944.40/9970.80/ 10033/10116.15/10137.85/10178.95/10276.20/10328.50/10333.85/10417.80/10490.95/10551.20/10557.70/10637.15/10670.25/10782.60/10941.20.

Critical Points moving down:-9726.25--9663.59.

Critical Points moving up:-9889.05---9944.40---9970.80--10116.15--10167.45—10328.50---10583.65.

(Bold and underlined figures are most important)  

It opened on a negative note at 9876.70 and made a high of 10003.60 then it went down and made a low of 9833.80 and ended the day at 9881.15 with a meagre loss of 32.85 points. The important thing is that it made another lower top at 9914 and still below its critical point of 9970.80 & 9944.40 on the closing basis, which is a weak sign. Therefore long trade seems a risky affair till it closes above its critical points of 9970.80 & 9944.40 and sustains or starts making higher top and bottom. So selling on the rise at appropriate points would be a better strategy at this point of time till it fulfils any buying criteria.

Please note that the other observation, views and trading strategy in my post for the week starting from 15.6.2020 is valid for 18.6.2020 also. Except for one buying condition that it has made lower top at 9914 today so wait for long trade till it closes above 9914 and then buy on decline at appropriate points with self defined short stop losses with the help of above mentioned support levels but not below 9813.70 with a stop loss of 9770 as of now, but aggressive trader can try buying if it sustains above 9914 for reasonable period of time with a stop loss of 9875.But it could be a risky trade mind you. Therefore it would be safe to try long trade only if it closes above its lower top of 9914 and crosses its critical points of 9944.40 & 9970.80 on the closing basis. Sell trade should definitely be tried if it sustain below 9813 for some time with a stop loss of 9885.  

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.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 18.6.2020

CNX--BANK NIFTY

Open-20137.45--High-20627.90--Low-19978.15—Close-20201.75 on 7.6.2020

 

Support:20122.10/20010/19852/19728.90/19586/19526.10/19515/19455.55/19358.05/19297.25/19051/19010/18941/18703.45/18252.43/18100.

 

Resistance:20324/20530.45/20697.63/20820/20995/21122.10/21348.15/21462.40/21619.55.

 

Critical Points:--20010---20530.45----20697.63---20820---20995.

 (Bold and underlined figures are most important)

It opened on a negative note at 20137.45 and made a high of 20627.90 then slipped down  and made a low of 19978.15 and ended the day at 20201.75 with a loss of 94.95 points. The important thing is that it closed well below its critical points except for 20010 and made another lower top at 20296.70 today, which is a weak sign. Therefore long trade seems a risky affair till it closes above some of its critical points and sustains or starts making higher top and bottom. It is terribly weak on the chart, so selling on the rise at appropriate points would be a better strategy now till it fulfils any buying criteria.

Please note that the other observation, views and trading strategy in my post for the week starting from 15.6.2020 is valid for 18.6.2020 also. Except for one buying condition that it has made lower top at 20296.70 today so wait for long trade till it closes above 20296.70 and then buy on decline at appropriate points with self defined short stop losses with the help of above mentioned support levels but not below 19912 with a stop loss of 19800 as of now, but aggressive trader can  try buying if it sustains above 20296.70 for reasonable period of time with a stop loss of 20170.But it could be a risky trade mind you. Therefore it would be relatively safe to try long trade only if it closes above its lower top of 20296.70 and crosses its most critical point of 20697.63 on the closing basis. Sell trade should also be tried if it sustain below 19978 for some time with a stop loss of 20100.  

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.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 16.6.2020

CNX--BANK NIFTY

Open-20457.15--High-20470.85--Low-19740.20—Close-19912.90 on 15.6.2020

 

Support:19852/19728.90/19586/19526.10/19515/19455.55/19358.05/19297.25/19051/19010/18941/18703.45/18252.43/18100.

 

Resistance:20010/20122.10/20324/20530.45/20697.63/20820/20995/21122.10/21348.15/21462.40/21619.55.

 

Critical Points:--20010---20530.45----20697.63.

 

(Bold and underlined figures are most important)

It opened on a negative note at 20457.15 and made a high of 20470.85 then slipped down sharply and made a low of 19740.20 and ended the day on a very weak note at 19912.90 with a huge loss of 741.65 points. The important thing is that it closed well below all its critical points of 20010---20530.45----20697.63 and made another lower top at 20654.55 today, which is a weak sign. Therefore long trade seems a risky affair till it closes at least above its critical point of 20010 and sustains or starts making higher top and bottom. It is terribly weak on the chart, so selling on the rise at appropriate points would be a better strategy now till it fulfils any buying criteria.

Please note that the other observation, views and trading strategy in my post for the week starting from 15.6.2020 is valid for 16.6.2020 also. Except for one buying condition that it has made lower top at 20654.55 today so wait for long trade till it closes above and then buy on decline at appropriate points with self defined short stop losses with the help of above mentioned support levels but not below 19728.90 with a stop loss of 19650 as of now.

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.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

TECHNICAL VIEW ON CNX-NIFTY FOR--16.6.2020

CNX-NIFTY

 

Open-9919.35--High-9943.35—Low-9726.35—Close-9813.70 on 15.6.2020

 Support: - 9726.25/9700/9685.55/9600/9580/9475/9390.31/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555

Resistance: - 9889.05/9944.40/9970.80/ 10033/10116.15/10137.85/10178.95/10276.20/10328.50/10333.85/10417.80/10490.95/10551.20/10557.70/10637.15/10670.25/10782.60/10941.20.

Critical Points moving down:-9726.25--9663.59.

Critical Points moving up:-9889.05---9944.40---9970.80--9972.90.

(Bold and underlined figures are most important)  

It opened on a negative note at 9919.35 and made a high of 9943.35 then slipped down and made a low of 9726.35 and ended the day on a weak note at 9813.70 with a loss of 159.20 points. The important thing is that it made another lower top at 9972.90 today and went far below its critical point of 9970.80 & 9944.40 on the closing basis, which is a weak sign. Therefore long trade seems a risky affair till it closes above its critical points of 9970.80 & 9944.40 and sustains or starts making higher top and bottom. So selling on the rise at appropriate points would be a better strategy at this point of time,till it fulfils any buying criteria.

Please note that the other observation, views and trading strategy in my post for the week starting from 15.6.2020 is valid for 16.6.2020 also. Except for one buying condition that it has made lower top at 9972.90 today so wait for long trade till it closes above 9972.90 and then buy on decline at appropriate points with self defined short stop losses with the help of above mentioned support levels but not below 9726 with a stop loss of 9670 as of now.

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.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.