A TECHNICAL VIEW ON CNX--BANK NIFTY FOR- 1.7.2020

CNX--BANK NIFTY

Open-21524.30--High-21650.50--Low-21212—Close-21370.15 on 30.6.2020

 

Support: 21336/21122/20993/20926/20642/20324/20201/20010/19507.

Resistance:21467.65/21592.05/21778/21807.40/21967/22380/22418/22469/22996.40/23609.40/23822/23923.30/24045/24240.

Critical Points moving up:--21592---21778—22265.

Critical Points moving down:--21336--20993---20926---20642---20201---20010.

(Bold and underlined figures are most important)

It crossed its recent closing top of 21592.05 during the day but ended the day way below it but marginally above yesterday’s close, thereby making another lower bottom of 21359, it seems that the rally may already be over or in the process of it. So it is suggested to avoid long trade on 1.7.2020.

Please note that the other observations and views in my post for 30.6.2020 will be valid for 1.7.2020 also, except for some trading strategy.

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously because there is a saying that money comes fast and it goes away even faster. So be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points to take advantage of correction or may be a possible rally breakdown.

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 STRATAGY

1. Sell on the rise in the range of near 21650---21780(S/L-21870).

Or

Sell if it maintains below 21359 for some time with a stop loss of 21440.

Or

Sell if it maintains below 20926 for some time with a stop loss of 21040.

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.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR--30.6.2020

CNX-NIFTY

 

Open-10311.95--High-10337.95—Low-10223.60—Close-10312.40 on 29.6.2020

 Support:10288/10194/10172/10038/9970.80/9944.40/9889.05/ 9881.15/9700/9685.55/9584.50/9544.

Resistance: 10315/10328.50/10383/10471/10553.15/10583.65/10637.15.

Critical Points moving down:-10288---10194.5--10168---10038—9944.40—9889.05--9881.15.

Critical Points moving up:-10315—10328.50--10471--10584.

(Bold and underlined figures are most important)  

It has made lower top of 10383 today, it did break its recent bottom of 10288.90 on the line chart intraday but managed to close above it which is good, but lower top and close below its critical point of 10315 & 10328.50 is a weak sign. However if it move up on 30.6.2020 and closes above its above mentioned critical points and finally closes above its recent top of 10383 and intraday top of 10409.85 then it could regain up momentum again. Similarly break below 10288.90 on the closing basis and break below 10194 & 10168 on the intraday basis could end the ongoing up move for the time being and down move may accelerate.

In view of the above observation, safe traders should avoid long trade till it closes above 10409.85 but aggressive traders can try long trade if it maintains above 10340. Since it has made lower top so chances of up move exhaustion looks imminent, therefore short trade should also be attempted at appropriate points or on the price breakdown.

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

1. Buy if it maintains above 10340 with a stop loss of 10270.It could be a highly risky trade.

 

2.Sell if it maintains below 10280 for some time with a stop loss of 10340.

Or

Sell if it maintains below 10194.50 for some time with a stop loss of 10230.

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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR- 30.6.2020

CNX--BANK NIFTY

Open-21291.55--High-21440.05--Low-21026.45—Close-21359 on 29.6.2020

Support: 21344/21122/20993/20926/20642/20324/20201/20010/19507.

Resistance:21426/21467.65/21592.05/21778/21807.40/21967/22380/22418/22469/22996.40/23609.40/23822/23923.30/24045/24240.

Critical Points moving up:--21592---21778—22265.

Critical Points moving down:--21344--20993---20926---20642---20201---20010.

(Bold and underlined figures are most important)

It has made lower top of 21592.05 and broken recent bottom of 21426.80 today on the closing basis, thereby started making lower top and bottom on the line chart, which is weak sign and indicate that the ongoing up move may have ended. But it did not break the intraday bottom of 20926.45 on the bar chart, therefore still there is a possibility that if it could closes above its recent top of 21592.05 and finally above its critical point of 21778 & intraday top of 21784.65 in next 3-4 days then this up move may regain momentum again else the ongoing up rally is over for the time being and correction may accelerate.

In view of the above observation, it gives an indication that the up move is threatened therefore avoid long trade till clarity emerges or it closes above its recent top of 21592.05, but it will pick up momentum and gain some strength only if it moves and sustain above 21778 & 21784.65 on the closing basis. It is therefore suggested to try long trade above 21778 or after a reasonable or substantial decline at the proper points where correction completion is visible. Since it started making lower top & bottom short trade is suggested at appropriate points or on the price breakdown because correction could deepen if it does not move above the aforesaid points.

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 STRATAGY

1. Sell on the rise near 21592(S/L-21650).

Or

Sell if it maintains below 21291.55 for some time with a stop loss of 21380.

Or

Sell if it maintains below 20926 for some time with a stop loss of 21040.

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.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR THE WEEK STARTING FROM---29.6.2020

CNX-NIFTY

 

Open-10378.90--High-10409.85—Low-10311.25—Close-10383 on 26.6.2020

 Support:10328.50/10315/10288/10194/10172/10038/9970.80/9944.40/9889.05/ 9881.15/9700/9685.55/9584.50/9544.

Resistance: 10471/10553.15/10583.65/10637.15/10670.25.

Critical Points moving down:-10328.50—10315---10172---10038—9944.40—9889.05/9881.15.

Critical Points moving up:-10471--10584.Sustained close above 10584 can take it to much higher levels.

(Bold and underlined figures are most important)  

It exhibited huge volatility during the preceding week and it is likely to continue this week also. It closed well above its critical points of 10315 & 10328.50 and making higher top & bottom so it looks good for the further up move as long as it holds its recent bottom of 10288.90 on the closing basis and intraday bottom of 10194.50 as of now. But it is suggested to avoid long trade below 10328.50 & 10315 in any case. To regain good strength in the up move it has to move and close above its recent top of 10471 and then hold the recent bottom of 10288.90 on decline and eventually move above 10584 and sustain on the closing basis then it can go much higher else it can end the present up move abruptly also. Therefore it seems that it is in a critical zone now from where it can move either way but the tilt is in favor of up move as of now.

In view of the above observation it seems prudent to avoid long trade on decline now because then it will be making a lower top which will be a weak signal for the up move to continue, however if it does not break the bottom of 10288.90 on the closing basis then the long trade can be tried the next day above 10315 & 10328.50 with a stop loss of 10260. Similarly if it closes below 10288.90 then it will make lower top and will be in the process of making lower bottom so the ongoing up move may end.

I make it a point to mention in my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously because there is a saying that money comes fast and it goes away even faster. So be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points to take advantage of correction or may be a possible rally breakdown. The bias is up 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

1. Buy if it maintains above 10410 with a stop loss of 10350.It could be a highly risky trade.

 

2. Sell on the rise near or within the range of 10550---10584 with a stop loss of 10640.

Or

Sell if it maintains below 10280 for some time with a stop loss of 10340.

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 THE WEEK STARTING FROM-- 29.6.2020

CNX--BANK NIFTY

 

Open-21735.05--High-21784.65--Low-21320.10—Close-21592.05 on 29.6.2020

 

Support:21467.65/21426/21344/21122/20993/20926/20642/20324/20201/20010/19507.

Resistance:21778/21807.40/21967/22380/22418/22469/22996.40/23609.40/23822/23923.30/24045/24240.

Critical Points moving up:--21778—22265—22480—22870--23320.

Critical Points moving down:--21426---20926---20608---20201---20010.

(Bold and underlined figures are most important)

It exhibited huge volatility during the preceding week and it is likely to continue this week also. It is making higher top & bottom so looks good for further up move but it is well below its critical point of 21778 and if it remains below it then it may give jitters however as long as it holds its recent bottom of 21426.80 on the closing basis and intraday bottom of 20926.45 chances of moving up still remains. But for safe traders it is suggested to avoid long trade below 21788 in any case. To regain good strength in the up move it has to move and close above its recent top of 22265 and then hold its critical point of 21778 or at least recent bottom of 21426.80 on decline else it can end the present up move abruptly also. Therefore it seems that it is in a critical zone now from where it can move either way but the tilt is in favor of up move as of now.

In view of the above observation it seems prudent to avoid long trade on decline now because then it will be making a lower top which will be a weak signal for the up move to continue, however if it does not break the bottom of 21426.80 on the closing basis then long trade can be tried the next day if it starts to move up with a stop loss of 21300. Similarly if it closes below 21426.80 then it will make a lower top and will be in the process of making lower bottom so the ongoing up move may end. I would therefore suggest that attempting long trade below 21788 could be a risky affair.

I make it a point to mention in my all post that the upsurge for some time in the entire world market is purely liquidity driven and completely defies fundamentals, therefore it can end mischievously because there is a saying that money comes fast and it goes away even faster. So be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points to take advantage of correction or may be a possible rally breakdown. The bias is up 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 STRATAGY

1. Buy if it maintain above 21593 for some time with a stop loss of 21400.It could be a highly risk trade risky trade.

2. Sell on the rise near 22900—23100(S/L-23200).

Or

Sell if it maintains below 21336.35 for some time with a stop loss of 21450.

Or

Sell if it maintains below 20926 for some time with a stop loss of 21030.

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.

 

TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 26.6.2020

CNX--BANK NIFTY

Open-21218.--High-21703.50--Low-20926.45—Close-21506.15 on 25.6.2020

 

Support:21462/21344/21122/20993/20820/20642/20530.45/20324/20201.75/20122.10/20010.

 

Resistance: 21778/22418/22997/23611.

 

Critical Points moving up:--21778---22418—23600---24365.

 

Critical Points moving down:-21462/21344---20993---20642---20530—20201.

 

(Bold and underlined figures are most important)

 

It started correction on 24.6.2020 and today also it went down breaking 2^nd support point of 20993(see my post for 25.6.2020) but bounced back above it in the afternoon to close on a positive note, thereby making higher bottom at 21426.80 which is a good sign. But it is well below its most critical point of 21778, so if it does not move above it and sustain on the closing basis then it could still go down despite making the higher bottom. Therefore for safe traders it is suggested to try long trade if it moves and maintain above 21778 on the closing basis, however aggressive trader can try long trade if it maintains above 21510 & 21778 levels intraday but it could be a risky trade mind you.

It is needless to mention here that the ongoing uptrend is purely liquidity driven and lacks fundamentals completely therefore this up move may culminate surprisingly also, so be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points or on severe price breakdown to take advantage of the correction.

 

TRADING STRATEGY

1. Buy, if it maintains above 21510 for some time with a stop loss of 21390. It could be a highly risky trade, but worth trying.

Or

Buy if it moves and sustain above 21778 for reasonable time period with a stop loss of 21700.

2. Sell if it maintains below 21426 for some time with a stop loss of 21520.

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.

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 NIFTY--50 FOR-26.6.2020

NIFTY--50

 Open-10235.55--High-10361.80—Low-10194.40—Close-10288.90 on 25.6.2020.

Support: - 10272/10168/10040/9970.80/9944.40/9889.05/9726.25/9700/9685.55.

 

Resistance: - 10315/10328.50/10490.95/10551.20/10557.70/10583.65.

 

Critical Points moving down:-10272--10168--10040--9944.40.

 

Critical Points moving up:-10315---10328.50--10490---10551.20--10583.65.

(Bold and underlined figures are most important)  

It started correction on 24.6.2020 and today also it gave lower close, so the correction is still on and it may go down further, so watch out. It is important to mention here that despite on the weak ground technically in comparison with Nifty-50, CNX-Bank Nifty has made higher bottom today, therefore it is expected that it could possibly make higher bottom on 26.6.2020.  All the observation in my post for 24.6.2020 will be valid for 26.6.2020 also except for some trading strategy.

 

TRADING STRATEGY

1. Buy if it moves and maintains above 10315 & 10328.50 for some time with a stop loss of 10270.It could be a highly risky trade but worth trying.

Or

Buy on decline if it holds 10172 but not below this mark with a stop loss of10130.

2. Sell if it moves below 10281and maintain for some time with a stop loss of 10335.

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.

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.