A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --30.7.2020

CNX--BANK NIFTY

Open-22075--High-22346.40--Low-21906.35—Close-22076.60 on 29.7.2020

Support:21989/21967/21861/21807.40/21768/21512.29/21462.40./21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:22119.35/22222.58/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 22222.58--- 22418---22479.55---22600---22834---22892.

Critical Points moving down:-21989---21861---21611---21542----21464.

(Bold and underlined figures are most important)

It did break its important point of 21989 (see my post for 29-7-2020) intraday but managed to close above it. It is looking weak on the technical chart as it has made lower top and bottom on the line chart, well below its short term moving averages on the daily chart and far below its long term moving averages on the daily and weekly chart both which indicates gross weakness. Therefore it seems that the bottom of 21611.40 it made on 28.7.2020 may not be lasting and may be taken out in coming days. The overall setup looks weak.

In view of the above observation, it on a weak technical footing, so correction may still deepen, therefore long trade should be avoided till it gives strong indication of a reasonably strong bottom formation. As it is respecting its important point of 21989 so, aggressive traders if they wish to can try long trade above 21989, but it could be a risky trade. Since  It seem on a sticky note therefore short trade should be attempted on the rise or on the price breakdown for taking advantage of the down move. It is important to mention here that sustained break below 21989 on the closing basis can take it down to 21861---21611---21543---21464 levels which may please be noted. Safe traders should avoid long trade today. 

 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 near but not below 21989 if it holds it for some time with stop loss of 21900. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it maintain below 21989 with a stop loss of 22120.

Or

Sell if it moves and maintain below 21848 with a stop loss of 22000.

Or

Sell on the rise near or within the range of 22450---22580 with a stop loss of 22650.

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 UPDATE ON GOLD IN $ TERMS -29-7-2020

                                          GOLD IN $ TERMS

Gold closed at $1959.51 on 28.-7-2020

SUPPORT:$1954.52/1936.44/1923.70/1919.97/1912.64/1904/1886.34/1863/1836/1829.

 

RESISTANCE: -$ 1981.22/2024/2074/2109.82/2162.60/2196.86/2259.21.

                                   

(Bold figures are very important)

It is exhibiting tremendous strength on the technical chart and most importantly it has given upside breakout from its previous all time high of $1923.70(made on 6-9-2011) after more than 106 months and sustaining above it which indicates extreme bullishness. It is in the uncharted territory now therefore it is likely to forge ahead in coming days / week and months with intermittent down correction. As of now it critical points are $1936.44 & 1923.70 and as long as it holds these points up momentum may continue and if it moves above its recent high of $1981.22 the up move may accelerate. Similarly sustained break below $1923.70 on the closing basis may see some down correction in it and moving down it will find support at $1908—1886—1863—1836---1829 and it could strongly bounce back from any of these points to resume the up momentum again, but sustained break below $1829 on the closing basis may take it down much lower. Please note that after the recent major upside breakout after such a long time steep or deep correction is less likely but short correction may happen because it had a straight rise for 8 days.

It is in the strong uptrend therefore buy on decline is suggested with caution and care.

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.                        

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --29.7.2020

 CNX-NIFTY

Open-11154.10--High-11317.75—Low-11151.40—Close-11300.55 on 28.7.20203

 Support:11270/11239.80/11171.55/11118/11108/11098.70/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11317.75/11348/11429.85/11446.42/11495.20/11597.25.

Critical Points moving down:-11270---11239.80---11171.55---11056.

Critical Points or range moving up: - 11446.62---11597.25.

 (Bold and underlined figures are most important)

It crossed its double top of 11238.10 & 11239.80 and critical point of 11270 today which is a good sign and indicate strength and if it holds the level of 11270 on the closing basis then it could move up to 11447 level and sustain close above it can take it near to its all time high of 12430.50 or beyond, however moving up it can have intermittent corrective move also which may please be noted.

Today's robust up move cleared the recent major hurdle for it therefore it is expected that the up momentum should continue. It is therefore suggested to try long trade on decline but not below 11240 or if it moves and maintain above 11318 for some time. It is important to mention here that since the ongoing week is the 7^th week of rise as of now therefore it is still highly vulnerable for correction and if it falls below 11238 and sustain then it could correct but the deep correction will begin only if it moves below 11139.61 and sustain on the closing basis as of now. It is therefore   suggested to attempt short trade also on the price breakdown for taking advantage of possible corrective move or may be a rally breakdown. 

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 extra alert and watchful in 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 near but not below 11240 with a stop loss of 11200.

Or

Buy if it moves and maintain above 11318 with a stop loss of 11250.

2. Sell if it moves and maintain below 11238 for some time with a stop loss of 11300.

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 --29.7.2020

CNX--BANK NIFTY

Open-21940.15--High-22233--Low-21611.40—Close-22105.20 on 28.7.2020

Support:21989/21967/21861/21807.40/21768/21512.29/21462.40./21357/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:22119.35/22222.58/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 22222.58--- 22418---22479.55---22600---22834---22892.

Critical Points moving down:-21989---21861---21611---21542----21464.

(Bold and underlined figures are most important)

It opened on a positive note at 21940.15 and went down and made a low of 21611.40 but in the late afternoon it started moving up and made a high of 22233 and closed at 22105.20 with a gain of 256.44 points. It closed by more than 490 point up from the low of the day; therefore it seems that the ongoing down move may be over and a bottom may be in place at 21611.40 for the time being and if it is so then it should not break the level of 21989 on the closing basis.

In view of the above observation long trade can be tried on decline but not below 21989 for sure or if it moves and maintain above 22188 for some time. Please note that if it moves below 21989 and sustain for some time then short trade should also be attempted because then the corrective mode may resume again.

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 near but not below 21989 if it holds it for some time with stop loss of 21830.

Or

Buy if it moves and maintain above 22188 for some time with a stop loss of 22090.

2. Sell if it maintain below 21989 with a stop loss of 22120.

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 --28.7.2020

CNX-NIFTY

Open-11225--High-11225—Low-11087.85—Close-11131.80 on 27.7.20203

 Support:11118/11108/11098.70/11080/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11134/11171.55/11239.80/11270/11311.60/11348/11446.42/11495.20.

Critical Points moving down:-11080.05---11056---10981---10894---10847.85---10813.10.

Critical Points or range moving up: - 11239.80---11270---11446.62.

 (Bold and underlined figures are most important)

It opened on a positive note at 11225 and the open was the high also, but it slipped down immediately and made a low of 11087.85 after some time and finally closed with a loss of 62.35 points. It failed to cross its recent double top of 11238.10 & 11239.80 for the second consecutive day which shows sign of fatigue, furthermore last week was the sixth straight week of rise therefore it is in a highly vulnerable zone for correction and last but not the least it has broken its recent bottom of 11132.60 on the line chart today which indicate that it might have slipped into correction. But it would slip into real correction mode once it breaks 11080 levels and sustain below it on the closing basis, then the down slide may accelerate. Moving down it will find support at 10981---10894---10821---10722---10698 levels and any of these levels could be the possible correction completion points also. Similarly it  will resume up momentum only if it moves and sustain above 11270 on the losing basis therefore till either side breakout happens it may oscillate in the range of 11270---11080.    

In view of the above observation, it is moving in a range of 11270—11080 but since it has broken its recent bottom of 11132.60 on the line chart therefore it seems that the correction may have begun therefore for safe traders long trade should be avoided for now and can be tried once it closes above its double top of 11239.80 or if it closes above its critical point of 11270. However aggressive traders can try long trade near 11080 but not below it, but it could be a risky trade. Since correction looks imminent, so it is better to avoid long trade now instead short trade can be attempted on the rise at appropriate points or on the price breakdown for taking advantage of the correction or a possible rally breakdown. It is strongly suggested that traders should watch the market now and wait for the either side breakout to happen and then take a trading call.

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 extra alert and watchful in 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 near but not below 11080 with a stop loss of 11050. It could be a risky trade.

2. Sell on the rise near or within the range of 11270---11300 with a stop loss of 11340. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 11050 for some time with a stop loss of 11120.

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 --28.7.2020

CNX--BANK NIFTY

Open-22664.80--High-22668.05--Low-21801.35—Close-21848.75 on 27.7.2020

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

Resistance:21861/21967/22119.35/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 22134.11--- 22377---22479.55---22695.92---23080.60---23211.35.

Critical Points moving down:-21542.77---21464.15---21027.85.

(Bold and underlined figures are most important)

As mentioned in my post for 27.7.2020 that it has slipped into correction mode on 24^th July -2020 as it closed below its most critical point of 22696 & 22670 and the correction may continue for some time. It continued the down move today also and finally closed near the low of the day with a colossal loss of 813.30 points. Today’s fall indicate that further fall is ahead and moving down it will find support at 21542---21464 levels. It may take support at any of these levels and can bounce back, but sustained break below 21464 can take it down to 21027 or may be much lower levels which may please be noted.

In view of the above observation, correction is on therefore long trade should be avoided till it gives visible indication of correction completion.  It is therefore suggested to adopt sell on the rise strategy or sell on the price breakdown till the ongoing correction subside.

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. Sell on the rise near or within the range of 22280---22430 with a stop loss of 22530. It could be a risky trade but worth trying.

Or

Sell if it maintain below 21800 with a stop loss of 21930.

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 --27.7.2020

CNX-NIFTY

Open-11149.95--High-11225.40—Low-11090.30—Close-11194.15 on 24.7.20203

 Support:11171.55/11133/11118/11108/11098.70/11056/10953/10894.05/10847.85/10813.10.

Resistance: 11239.80/11270/11311.60/11348/11446.42/11495.20.

Critical Points moving down:-11080.05---10980---10894---10847.85---10813.10.

Critical Points or range moving up:-11239.80---11270---11446.62.

 (Bold and underlined figures are most important)

It clocked a gain of 292.45 points in the preceding week. It has been rising for six consecutive week showing good strength and the up move may continue but intermittent correction is not ruled out. Moving up it will face very stiff resistance at 11270----11447 levels, sustained break above 11270 on the closing basis will open the upside up to 11447 and sustained close above this mark can take it to its all time high of 12430.50 or beyond. Similarly moving down it will find support at 11080.05---10981.22---10894---10821---10723---10698 levels, sustained break below 11080.05(this figure can change) as of now on the closing basis will push it into correction mode and going down any of levels mentioned above could be a correction completion point also which may please be noted. 

Technically it is on a strong footing, so look good for further up move, therefore long trade can be tried on decline but not below 11080.05 or if it moves and maintains above 11240, but it could be a risky trade because 11270 level would be a very stiff resistance and it looks tough to cross this mark as of now. Long traders should be very vigilant and cautious in their trade because it has been rising for the sixth straight week therefore it is vulnerable for correction also and it could happen anytime soon. Since correction is a distinct possibility therefore short trade should also be attempted in the appropriate range or on the price breakdown for taking advantage of correction or 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 moves and maintains above 11240 for some time with a stop loss of 11180. It could be a risky trade.

Or

Buy on decline near but not below 11080 with a stop loss of 11050.

2. Sell on the rise near or within the range of 11270---11300 with a stop loss of 11340. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 11050 for some time with a stop loss of 11110.

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 --27.7.2020

CNX--BANK NIFTY

Open-22853.20--High-22854.05--Low-22417.20—Close-22662.05 on 24.7.2020

Support: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:22670.05/22695.92/23080.60/23211.35/23229/23234/23440/23605.60/23611.10/23822.20.

Critical Points moving up: 22695.92---23080.60---23235---23440---23611.10---23822.20.

Critical Points moving down:-22479.55---22377---22119---21861.

(Bold and underlined figures are most important)

It clocked a gain of 695.25 points on the weekly basis, but closed with a loss of 421.85 points today. Furthermore it has closed below its critical and important points of 22696 & 22670 (these figure can change) as of now and if it sustain below these points on the closing basis then it could reasonably correct from here. Moving down it will it will find support at 22479.55---22377---22119---21861---21543---21464 and any these support levels could be  correction completion points also, but sustained break below 21464 can take it down much deeper. Please note that it could resume the up move only if it moves and sustain above 22696 & 22670 on the closing basis else it could be in corrective mode for some time. It is therefore suggested to try long trade if it sustain above 22696 & 22670 levels or on decline at support levels mentioned above but only if it gives an indication of correction completion and start moving up. It is important to mention here that it will gain some strength for strong up momentum if it moves and sustain above 23250(this figure can change) on the closing basis.

In view of the above observation, long trade can be tried as suggested above but it would relatively safe to try long trades above 22696 & 22670 only. Please note that if it does not move above these levels then it could further correct, therefore 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 if it moves and maintains above 22696 for some time with a stop loss of 22900.

Or

Buy on decline near but not below 22200 with a stop loss of 22080.

2. Sell on the rise near 23250 with a stop loss of 23360. It could be a risky trade but worth trying.

Or

Sell if it maintain below 22662 for reasonable 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.