A TECHNICAL VIEW ON CNX-NIFTY FOR --23.7.2020

CNX-NIFTY

Open-11231.30--High-11238.10—Low-11056.55—Close-11132.60 on 22.7.20203

 Support:11133/11118/11108/11098.70/10894.05/10847.85/10813.10/10676/10630/10583.65/10562.90/10553.15/.

Resistance: 11171.55/11238.10/11270/11311.60/11446.42/11495.20.

Critical Points moving down:-11078.75---10980---10894---10847.85---10813.10.

Critical Points or range moving up:-11171.55---11270---11446.62.

 (Bold and underlined figures are most important)

It opened with an up gap today but filled the gap during the day and closed with a small loss of 29.65 points. It is important to mention here that the up gap it created on 20^th & 21^st July-2020 are still there and if makes an effort to fill those gaps in next 3-4 days which is technically possible, then it could come down to 10934 level. It corrected today but technically it is looking good and could still move up further. Moving up it will face very stiff resistance at 11171.55---11270---11447. Today it came pretty close to 11270 levels but could not sustain and reacted sharply to close below 11171.55 also. Please note that sustained close above 11270 can take it to 11447 levels and sustained close 11447 can take it to its all time top of 12430.50 or beyond. Similarly moving down it will find support at 11078.75---10980---10894---10847.85---10813.10 levels, sustained break below 11078.75(it can change) on the closing basis can push it for corrective move again.

I would like to reiterate here that 10940—11270 is a vulnerable zone (see my post for 20.7.2020), therefore it has to move and sustain above 11270 on the closing basis for the up momentum to continue and if it fails to do so then it could correct sharply. 

It gave a jittery feeling today as it plunged down from near the important point of 11270; therefore it may behave in a weak manner on 23.7.2020 also. But since it is good on technical footing therefore long trades can be tried on decline but not below 11078.75 or try if it maintain above 11171.55, but if it gives a signal to close below 11078.75 then square off the long trade in any case. I still apprehend that it could top out around 11270 or slightly above for the time being, therefore short trade should also be attempted in the desired range or on the price breakdown for taking advantage of correction or a possible rally breakdown.

Please be alert and vigilant particularly in long trade because the ongoing rally is purely liquidity driven and not backed by fundamentals, therefore possibility of ending this rally mischievously is pretty high.

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 11171.55 for some time with a stop loss of 11120.

Or

Buy on decline near but not below 11078.75 with a stop loss of 11030.

2. Sell on the rise near or within the range of 11240---11280 with a stop loss of 11320. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 11049 for some time with a stop loss of 11140.

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 --23.7.2020

CNX--BANK NIFTY

Open-23159--High-23211.35--Low-22658.20—Close-22882.60 on 22.7.2020

Support:22695.92/22670.05/22479.55/22418/22377.06/22119.35/21967/21861/21807.40/21768/21512.29/21462.40./21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:23080.60/23229/23234/23440/23605.60/23611.10/23822.20.

Critical Points moving up: 23080.60---23235---23440---23611.10---23822.20.

Critical Points moving down:-22695.92---22670.05—22479.55---21807.

(Bold and underlined figures are most important)

It opened with an up gap today but filled the gap during the day and closed with a gain of 100.60 points. It is important to mention here that the up gap it created on 20^th & 21^st July-2020 are still there and if makes an effort to fill those gaps in next 3-4 days which is technically possible, then it could come down to 22065 level. It has been rising for the last five days and above its recent critical point of 22695.92 & 22670.05(these figure can change) and if it holds these points on the closing basis then the up may continue with in between correction ,but sustained close below these points could push it for deep correction. Please note that it will gain tangible strength for good up move if it moves and maintain above 23320(it can change) on the closing basis.

In view of the above observation, long trade can be tried on decline but not below 22670 or try if it moves and maintains above 23080.60. Since it has been vertically moving for last 5 days therefore chances of short correction is also there, so short trade can also be attempted in the appropriate range or on the price breakdown for taking advantage of corrective move.

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 22670 with a stop loss of 22600.

Or

Buy if it moves and maintains above 23080.60 for some time with a stop loss of 22900.

2. Sell on the rise near or within the range of 23320--23440 with a stop loss of 23560. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 22657 for some time with a stop loss of 22750.

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 --20.7.2020

CNX-NIFTY

Open-10752--High-10933.45—Low-10749.65—Close-10901.70 on 17.7.20203

 Support:10894.05/10847.85/10813.10/10676/10630/10583.65/10562.90/10553.15/.

Resistance: 10941.20/10990/11090/11118/11134/11171.55/11269.

Critical Points moving down:-10894.05---10847.85---10813.10---10676---10583.65---10562.90.

Critical Points or range moving up:-10940-988---11090-134---11171.55—11269.52---11446.62.

 (Bold and underlined figures are most important)

It has reversed the trend by crossing all its important resistance points as mentioned in my earlier post and resumed the up move again today. It has exhibited extraordinary strength  which indicates that it could further move up from here,  but the up journey from here may  be rocky as moving up  it will face very stiff resistance  range  and points  at 10940-990---11100-134---11171.15---11269---11446.62. Please note that the range of 10940---11269 is highly vulnerable zone for it and it may possibly end this rally within this range or earlier also and it seems very much likely to happen as of now. However  in case if it moves above 11446.62 and sustain on the closing basis then it could retest it’s all time high of 12430.50 or go beyond, chances of which looks slim at this point of time.

In view of the above observation corrective mode reversed and uptrend resumed today, so long trade can be tried if it moves and maintain above 10934 or on decline but not below 10846, but since it will face huge resistance from the above mentioned range and points, therefore be extremely cautious and careful in the long trade in the range of 10940---11269. I strongly apprehend that it could top out any time next week starting from 20.7.2020 in the mentioned range and downtrend may begin. Therefore short trade should also be attempted in the desired range or on the price breakdown for taking advantage of correction or a possible rally breakdown.

Please be alert and vigilant particularly in long trade because the ongoing rally is purely liquidity driven and not backed by fundamentals, therefore possibility of ending this rally mischievously is pretty high.

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 10934 for some time with a stop loss of 10880.

Or

Buy on decline near but not below 10846 with a stop loss of 10800.

2. Sell on the rise near or within the range of 11171---11269 with a stop loss of 11320. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 10846 for some time with a stop loss of 10935.

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 --20.7.2020

CNX--BANK NIFTY

Open-21608.05--High-22065--Low-21550.80—Close-21966.80 on 17.7.2020

Support:21807.40/21768/21512.29/21462.40/21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:21967/22054.22/22169/22296/22418/22480/22572.22/22596.15/22670.05—23080.60.

Critical Points moving up: 22054----22237----22480---22572.22—23080.60.

Critical Points moving down:-21812--21512.29---21357---21027.55---20872--20350.

(Bold and underlined figures are most important)

The pullback rally continued today and it crossed its first resistance point of 21812(see my post for 17.7.2020) and closed at 21966.80 with a gain of 369.65 points. In light of today’s move  it is likely that the pullback rally may continue for few days and moving up it will face resistance at 22054—22237---22297---22572.22---22597---22670.05 levels. Please note that sustained break above 22670.05 on the closing basis can take to its previous high of 23080.60 or beyond. It is terribly weak on technical ground in comparison with Nifty-50 and if it does not move above the mentioned resistance points in the next 3-4 days and sustain on the closing basis then it could possibly resume the down move again. Going down it will find support at 21812---21512.29---21357---21027.85---20926.45.  Please note that sustained break below 21512.29 on the closing basis will signal the end of the pullback rally and break below 21357 will accelerate the fall, which may please be noted.

In view of the above observation, it is still in corrective mode, but the pullback rally is on now, as you are aware that the pullback rallies are treacherous in nature and can end abruptly and technically also it is on a weak footing, therefore for safe traders it is suggested to avoid long trade till clarity on correction completion emerges, so they should still look for short trade opportunity at higher levels or on the price breakdown for taking advantage of the down move. However aggressive day traders can try long trade if it maintains above 22065 or on decline but not below 21812.

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 21812 with a stop loss of 21700. It is for the aggressive traders because it could be a risky trade.

Or

Buy if it moves and maintains above 22065 for some time with a stop loss of 21940.

2. Sell on the rise near or within the range of 22572----- 22670 with a stop loss of 22850. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 21512 for some time with a stop loss of 21620.

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 --17.7.2020

CNX-NIFTY

Open-10706.20--High-10755.30—Low-10595.20—Close-10739.95 on 16.7.20203

 Support:10728.95/10676/10641/10583.65/10562.90/10553.15/10409.85/10328.50/10223/10194.50.

Resistance: 10813.10/10847.85/10894.05/10941.20/11090.

Critical Points moving down:-10728.95---10641---10583.65—10562.90---10553.15—10461.

Critical Points moving up:-10768---10813.10---10848---10896---10960—10990.

 (Bold and underlined figures are most important)  

It is in corrective up move now and above its critical points of 10641 & 10728.95 which is a positive sign and as long as it holds these points it could move up to 10768---10828---10848 levels and sustained close above  10828 could take it to near its recent top of 10894.05 or beyond. Similarly sustained break below 10728.95 & 10641 on the closing basis will resume the down move again and can take it down to 10626---10562---10461---10359---10334 levels. Please note that as of now 10728.95 is the benchmark point for it to continue the move up, but as mentioned in my post for 16.7.2020 it will regain up momentum only if it moves and sustain above 10813.10 & 10847.85 on the closing basis, which may please be noted.

In view of the above observation, it seems that it is still in corrective mode but the pullback rally is on and since it is above its critical points of 10641 & 10728.95 therefore those who wish to take advantage of this pullback rally can try long trade if it sustain above 10728.10 or 10641 but not below 10641 in any case. It would be relatively safe to try long trade above 10728.95 only. Short trade can also be attempted in the critical upside range or on the price breakdown for taking advantage of the possible corrective move.   

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 10728.95 & 10641 for some time with a stop loss of 10620. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 10828---10860 with a stop loss of 10900. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 10728.95 for some time with a stop loss of 10780.  

Or

Sell if it maintains below 10641 for some time with a stop loss of 10695.

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 --17.7.2020

CNX--BANK NIFTY

Open-21453.25--High-21671.25--Low-21027.55—Close-21597.15 on 16.7.2020

Support:21512.29/21462.40/21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:21768/21807.40/21967/22418--22480/22572.22..

Critical Points moving up: 21812---22054----22297----22480---22572.22—23080.60.

Critical Points moving down:-21512.29---21357---21027.55---20872--20350.

(Bold and underlined figures are most important)

It did break its double bottom of 21222.45 & 21230.55 intraday but as expected staged a pullback rally in the late afternoon on the closing basis clocking a gain of 256.40 points. It is just a relief rally and may fizzle out anytime soon, however as long as it holds 21512.29 levels on the closing basis it could  scale up to 21812---22054---22296---22480---22572.22 levels in this rally but this rally may potentially end at any of these points or earlier also. Break below 21512.29 on the closing basis will signal the end of the pullback rally for sure and sustained break below 21357 will accelerate the fall again, which may please be noted. Moving down it will find support at 21434---21357---21222---21027---20872 levels.

In view of the above observation, it is in corrective mode, but the pullback rally is on now, as you are aware that pullback rallies are treacherous in nature and can end abruptly also, therefore for safe traders it is suggested to avoid long trade till clarity on correction completion emerges, so they should look for short trade opportunity at higher levels or on the price breakdown for taking advantage of the down move because the trend is down for now. However aggressive day traders can try long trade if it maintains above 21512.29 else avoid 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 maintains above but not below 21512.29 for some time after opening with a stop loss of 21400. It is for the aggressive traders only, because it could be a risky trade.

 

1. Sell on the rise near or within the range of 21875--- 22150 with a stop loss of 22300.

Or

Sell if it moves and maintain below 21512 for some time with a stop loss of 21620. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 21357 for some time with a stop loss of 21450.

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.