A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --8.7.2020

CNX--BANK NIFTY

 

Open-22254.30--High-22674.50--Low-22040.35—Close-22628 on 7.7.2020

Support:22480/22262/22169/21967/21926/21807.40/21462.40/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:22996.40/23611.40/23822/23923.30/24045/24240.

Critical Points moving up:--22844—22950—23255--23750.

Critical Points moving down:--22480---22169---21926---20926.45.

(Bold and underlined figures are most important)

It has crossed its recent major hurdle of 22480 today and closed reasonably above it which is good sign for the up move to continue. Apart from this moving down it has three critical points at 22262---22169---21852 (it can change also depending on the price movement) as of now. Please note that sustained break below 22262 & 22169 on the closing basis will signal that it could correct and break below 21852 will confirm that it has slipped into correction.

The trend is up as of now, therefore long trade can be tried on decline but not below 22169, but it would be relatively safe to try long trade above 22480 only.

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. So be vigilant and extra cautious in the long trade.

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 on decline if it maintain above 22480 with a stop loss of 22380.

Or

Buy on decline if it holds 22169 for some time with a stop loss of 22000. It could be a risky trade.

2. Sell on the rise near 23000—23255(S/L-23350).

Or

Sell if it maintains below 21850 for some time with a stop loss of 21940.

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 --7.7.2020

CNX-NIFTY

Open-10723.85--High-10811.40—Low-10695.10—Close-10763.65 on 6.7.2020

 Support:10670.25/10637.15/10583.65/10553.15/10528.31/10471/10409.85/10328.50/10315/10223/10194.50/10172/10038/9970.80/9944.40/9889.05.

Resistance: 10782.60/10811/10941.20/11090/11118.10/11270.

Critical Points moving down:-10760—10665--10583.65--10553.15--10409.85.

Critical Points moving up:-10837---10898---10960—990.

 (Bold and underlined figures are most important)  

It opened with an up gap at 10723.85 and made a low of 10695.10 immediately and then went up and made a high of 10811.40 and closed with a gain of 156.30 points. The gap it created today 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 10631. It is exhibiting good strength for the up move to continue.

It is well above its benchmark point of 10583.65 and two other critical points of 10665.81(it can change, earlier it was 10528.21) & 10553.15 which is a good sign. Therefore buy on decline is suggested but not below its benchmark point of 10583.65 in any case but it would be relatively safe to buy above its first critical point of 10665.81 because if it sustain below it on the closing basis then it could break the benchmark point of 10583.65 and other critical point of 10553.15 also which may trigger big correction. Therefore short trade should also be attempted at critical range or point to take advantage of correction or may be a possible rally breakdown. The bias is up as of now.

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. So be vigilant and extra cautious in the long trade.

 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 on decline but not below 10583.65 with a stop loss of 10540.

Or

 Buy if it maintains above 10765 for some time with a stop loss of 10710. 

 

2. Sell if it maintains below 10553.15 for some time with a stop loss of 10600.

Or

Sell on the rise near or within the range of 10840—10900 with a stop loss of 10930.

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 --7.7.2020

CNX--BANK NIFTY

Open-22270.95--High-22399.25--Low-22171.05—Close-22198.95 on 6.7.2020

 

Support:21967/21807.40/21778/21462.40/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:22344.85/22479.55/22996.40/23611.40/23822/23923.30/24045/24240.

Critical Points moving up:--22480—22830—22940—23200--23830.

Critical Points moving down:--21778---21500---21180---20926.45.

(Bold and underlined figures are most important)

It opened with an up gap at 22270.95 and made a high of 22399.25 and then went down and made a low of 22171.05 and closed with a gain of 346.54 points. The gap it created today 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 22130. Although it closed with a good gain but near the low of the day which is slightly concerning but it is again making higher bottom and top on the line chart and well above its critical point of 21778 & recent bottom of 21852.40 which is comforting and can still take it higher.

In view of the above observation up move is still on but with weak intensity, it will pick up momentum once it sustains above 22480 on the closing basis, so long trade can be tried if it maintains above 22200 or on decline but not below its recent bottom of 21852, because breaking recent bottom on the closing basis will show weakness and sustained break below21778 (it can change also) on the closing basis will indicate that it may slip in to correction. Last but not the least break below 21500 may signal the end of this rally, therefore it would be relatively safe to try long trade above 22200 for the day, which may please be noted. Short trade should also be attempted at critical range or point to take advantage of correction or may be a possible rally breakdown. The bias is up as of now.

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. So be vigilant and extra cautious in the long trade.

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 maintain above 22200 for some time with a stop loss of 22120.

Or

Buy on decline but not below 21852 with a stop loss of 21740.

2. Sell on the rise near 22950—23200(S/L-23300).

Or

Sell if it maintains below 21778 for some time with a stop loss of 21880.

Or

Sell near if it does not move above 22480 in first two hours of trade with a stop loss of 22550.

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---6.7.2020

CNX-NIFTY

 Open-10614.95--High-10631.30—Low-10562.65—Close-10607.35 on 3.7.2020

 Support:10583.65/10553.15/10528.31/10471/10409.85/10328.50/10315/10223/10194.50/10172/10038/9970.80/9944.40/9889.05.

Resistance: 10637.15/10670.25/10782.60/10941.20/11090/11118.10/11270.

Critical Points moving down:-10583.65--10553.15—10528---10409.85—10374.77--10328.50—10194.50.

Critical Points moving up:-10645—10671--10760—10825---10898---10960.

 (Bold and underlined figures are most important)  

It ended the week on a strong note by closing above its most critical and benchmark point of 10583.65. Therefore as long as it holds this level on the closing basis it can go up to the level of 11270 & 11447 but moving up it will face very stiff resistance at 10645—10671--10760—10825---10898---10960 levels. Similarly sustained break below 10583.65 on the closing basis may signal termination of the ongoing up move which may please be noted. I would also like to mention here that apart from its benchmark point it has 2 other important points also at 10553.15 & 10528.21 and sustained break below 10528.21 may trigger fall.

The trend is up therefore buying is suggested on decline but not below 10583.65 in any case. Please note that sustained break below 10528.21 on the closing basis will indicate that it may slip in to the correction mode and sustained break below 10400&10300 may accelerate the fall. Therefore short trade should also be attempted at critical range or point to take advantage of correction or may be a possible rally breakdown. The bias is up as of now.

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.

 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 moves and maintains above 10631 with a stop loss of 10570.

Or

Buy on decline but not below 10583.65 with a stop loss of 10540.

 

2. Sell if it maintains below 10583.65 for some time with a stop loss of 10635.

Or

Sell if it maintains below 10528 for some time with a stop loss of 10600.

Or

Sell on the rise near or within the range of 10760—10825 with a stop loss of 10860.

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 THE WEEK STARTING FROM—6.7.2020

CNX--BANK NIFTY

Open-22101.75--High-22130.30--Low-21768—Close-21852.40 on 3.7.2020

 Support:21807.40/21778/21462.40/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:21967/22344.85/22479.55/22996.40/23611.40/23822/23923.30/24045/24240.

Critical Points moving up:--22480—22830—22940—23200--23830.

Critical Points moving down:--21778---21500---21180---20926.45.

 (Bold and underlined figures are most important)

It is showing tremendous weakness in comparison with Nifty-50, it has not been able to retrace and sustain above the 38.20% mark of the entire fall which is at 22418 whereas Nifty-50 is above 61.80% retracement mark at present and exhibiting superb strength.

It has three critical points at 21778, 21500 & 20926 and it is above all of them now which is a positive sign. But it will pick up momentum only if t moves above its recent top of 22479.55 and sustain on the closing basis then it could open up the upside up to 24350 but moving up it will find tough resistance at different points as mentioned above, so the up journey may not be smooth. Since it is above its short and medium term moving averages therefore further up move is not ruled out as long as it holds 21778 on the closing basis.

In view of the above observation it is showing less technical strength but chances of moving up are still there till it holds 21778 on the closing basis. Therefore long trade can be tried on decline but not below 21778 or try if it maintains above 22170 for some time, it would be relatively safe trade. Please note that sustained break below 21778 will signal that it can slip in to correction mode and sustained break below 21500 can accelerate the fall and sustained break below 20926 on the closing basis will confirm the end of the up move.Therefore short trade should also be attempted at critical range or point to take advantage of correction or may be a possible rally breakdown. The bias is slightly up as of now.

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.

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 maintain above 22170 for some time with a stop loss of 22050.It could be a risky trade.

Or

Buy on decline but not below 21778 with a stop loss of 21650.

2. Sell on the rise near 22950—23200(S/L-23300).

Or

Sell if it maintains below 21778 for some time with a stop loss of 21880.

Or

Sell if it maintains below 21359 for some time with a stop loss of 21510.

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—2.7.2020

CNX-NIFTY

 

Open-10323.80--High-10447.05—Low-10299.60—Close-10430.05 on 1.7.2020

 Support:10409.85/10328.50/10315/10302/10288/10267.35/10194.50/10172/10038/9970.80/9944.40/9889.05/ 9881.15/9700/9685.55/9584.50/9544.

Resistance:10447.05/10553.15/10583.65/10637.

Critical Points moving down:-10328.50---10315---10302—10267--10194.5--10168---10038—9944.40—9889.05--9881.15.

Critical Points moving up:-10409.85--10471—10584--10637.

(Bold and underlined figures are most important)  

It closed above its recent lower top of 10383 and intraday top of 10409.50 today and it has already been making higher bottom and the recent one is at 10302.10 therefore it is showing strength, so the ongoing up journey may continue as long as it holds its critical points of 10328.50 & 10315 and the recent closing bottom of 10302.10 as of now. Therefore buy on decline strategy can be adopted. Please note that if it moves and sustain above 10482 on the closing basis then it is likely to test or go beyond its recent high of 10553.15 and sustained break above 10583.65 can take it to much higher level. 

In view of the above observation it seems that it may continue the up move therefore long trade can be tried on decline but not below 10328.50 on the closing basis. Similarly short trade should also be attempted in the critical resistance range for taking advantage of correction.  

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 STRATEGY

1. Buy if it maintains above 10447 for some time with a stop loss of 10400.It could be a highly risky trade but worth trying.

Or

Buy on decline but not below 10328.50 with a stop loss of 10260. It could be a safe trade.

2.  Sell on the rise near or within the range of 10553—10600 with a stop loss of 10650. It could be a highly risky trade but worth trying.

Or

 Sell if it maintains below 10299 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 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- 2.7.2020

CNX--BANK NIFTY

Open-21354.10--High-22061.60--Low-21281.85—Close-21977.60 on 1.7.2020

 

Support: 21967/21807/21778/21462/21359/21026/20926/20642/20324/20201/20010/19507.

Resistance:22169/22418/22479.55/22996.40/23609.40/23822/23923.30/24045/24240.

 Critical Points moving up:--22169--22479.55---23100---23700.

Critical Points moving down:--21778--21359---21026---20926.

(Bold and underlined figures are most important)

It closed above its recent lower top of 21592.05 on the line chart, critical point of 21778 and intraday top of 21784.65 on the bar chart which is a good sign. Since it has been making lower top and bottom and crossed the recent lower top today thereby making higher top but it has to make a higher bottom also to confirm that the correction is over and up move may resume, therefore it has to hold its recent closing bottom of 21359 for up momentum to continue. It is showed some strength in today’s move and if it sustain above its critical point of 21778 on the closing basis then the up journey may continue. Looking at today’s move buy on decline strategy can be adopted. Please note that if it moves and sustain above 22418 on the closing basis then it is likely to hit much higher levels. 

In view of the above observation it seems that it may continue the up move subject to making a higher bottom, therefore long trade can be tried on decline but not below 21788 on the closing basis and in intraday basis can try near but not below 21359. Similarly short trade should also be attempted in the critical resistance range for taking advantage of the possible correction. 

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 STRATEGY

1. Buy if it maintains above 22062 for some time with a stop loss of 21950.

Or

Buy on decline but not below 21778 with a stop loss of 21650.

Or

Buy on decline near but not below 21359 with a stop loss of 21200.

2. Sell on the rise in the range of near 22880----23200(S/L-23300).

Or

Sell if it maintains below 21778 for some time with a stop loss of 21900.

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.