A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –6.8.2020

CNX--BANK NIFTY

Open-21686.85--High-21936.50--Low-21448.40—Close-21509.95 on 5.8.2020

Support:21462.40/21375/21122.10/21031.45/21027/20926/20501/20324.

Resistance:21546/21611.40/21768/21807/21865/21967/22338.

Critical Points moving up: 21546---21640---21865---22338.

Critical Points moving down: - 21464---21375---21027---20926---20501.

(Bold and underlined figures are most important)

It gave a robust up move by more than 440 points intraday today from its previous days close, but could not sustain at the higher levels and closed with a small gain of 19.45 points. Furthermore despite huge intraday up move it is still below its critical points of 21537 & 21546(it can change) which indicates gross weakness in it. Therefore if it does not move above these points in next 1-2 trading session on the closing basis then the up move may fizzle out and it can resume down move again.

In view of the above observation, since it is giving terribly weak indication, therefore long trade should be avoided till it closes above 21546 and sustain. It means long trade is a complete avoid for the day. Since price movement is exhibiting weakness and the erratic and volatile move in it may end the up rally at any time, therefore till it closes above 21546 short trade can be attempted on the rise in the appropriate range or on the price breakdown for taking advantage of corrective move or may be for a possible rally breakdown advantage.

 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

2. Sell if it moves below 21440 and maintain for some time with a stop loss of 21560.

Or

Sell on the rise near or within the range of 21950---22200 with a stop loss of 22300. It could be a risky trade but worth trying.

Or

Sell if it moves below 21375 and maintain for some time with a stop loss of 21460.

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 MCX-SILVER-5.8.2020

 

 

MCX-SILVER

 

Closed at Rs.69797=00 on 4.8-2020

SUPPORT:67382/66764/65723/65405/64986/64404/63930/62574.74.

RESISTANCE: 69889/70371/73117/73600/75300/76108/82525/84744/89252.

Critical Points Moving Up:-73600.

Critical Points Moving Down:-65405.

(Bold figures are very important)

It was technically o.k. earlier also (see my post of 31.7.2020) but now it is exhibiting tremendous strength as it is far above its critical, important and benchmark point of Rs. 65405 which indicates that if it holds this level it is heading to test its previous all time high of Rs.73600 it made on 24.4.2011 or may go beyond also chances of which looks very bright at this point of time. However intermittent corrections are not ruled out. The present trading range for it is between Rs.65405---Rs.73600 and sustained break above Rs.73600 will take it to much higher levels, similarly sustained break below Rs.65405 can push it into correction mode which may please be noted. The overall technical setup indicates that the chances of the upside breakout is pretty high. The long term trend is up.

In view of the above observation, it is strongly suggested to buy on decline but not below Rs.65405 because then it may correct, so in that case buying should only be done once it bounces back above this mark again and sustain on the closing basis. The bias as on now is highly bullish.

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 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 –5.8.2020

CNX-NIFTY

Open-10946.65--High-11112.25—Low-10908.10—Close-11095.25 on 4.8.20203

Support:11090/11056.55/10991/10894.05/10882/10847.85/10676.55/10583.65/10562.90.

Resistance:11114/11118/11158/11171.55/11239.80/11270/11341.40/11447.

Critical Points moving down:-11056---10991----10950---10880---10860---10746---10718.

Critical Points moving up: -11114---11158----11171.55---11239.80---11270---11341---11447.

 (Bold and underlined figures are most important)

It bounced back robustly from its first support point of 10880(see my post for 4.8.2020) and crossed its critical point of 10991(it can change) decisively and if it holds this mark it can move up further. Moving up it will face resistance at 11114---11158---11171---11240---11250---11341 levels and if it moves and maintain above 11158 on the closing basis then the up move may gather strong momentum. It is important to mention here that after yesterday’s sharp down move today’s up move some what seems unexpected and looks a well orchestrated one and if it is so then this move should fizzle out in next 2-3 days time, else the up move will continue with in between down correction..

In view of the above observation long trade can be tried on decline near but not below 10991 or if it maintains above 11114 Or 11158 but with extreme caution and alertness because today’s up may end abruptly if it does not move above 11158 and sustain on the closing basis. If it gives an indication of up move exhaustion then short trade can also be attempted at the appropriate points for taking advantage of the corrective move or may be for a rally breakdown advantage.

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 10991 with a stop loss of 10950.

Or

Buy if it moves and maintain above 11114 for some time with a stop loss of 11080.

2. Sell if it moves below 10950 with a stop loss of 11000.

Or

Sell near if it does not move beyond 11158 in first two hours of trade with a stop loss of 11175. It could be a risky trade but worth trying.

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 –5.8.2020

CNX--BANK NIFTY

Open-21248.25--High-21576.35--Low-21057.75—Close-21490.50 on 4.8.2020

Support:21462.40/21375/21122.10/21031.45/21027/20926/20501/20324.

Resistance:21546/21611.40/21768/21807/21865/21967/22338.

Critical Points moving up: 21546---21640---21865---22338.

Critical Points moving down: - 21464---21375---21027---20926---20501.

(Bold and underlined figures are most important)

It gave a pullback rally as envisaged in my post for 4.8.2020 it did cross its critical point of 21537 & 21546(it can change) intraday but could not close above it. Please note that only sustained close above these point can help it pick up momentum else this up move may fizzle out in next 2-3 days time. However moving up it will face resistance at 21760---21885---21940---22122---22379. Similarly moving down it will find support at 21464---21375---21027---20926 levels and sustained break below 20926 may accelerate the down move.

In view of the above observation long trade can only be tried if it moves and maintain above 21546 on the closing basis, buy on decline should be avoided because if it does not move above its critical point of 21537 & 21546(it can change) then this up move may end abruptly also.  In light of this short trade should also be attempted at appropriate points for taking advantage of the down 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 maintain above 21546 for reasonable period of time with a stop loss of 21455.

2. Sell if it moves below 21375 for some time with a stop loss of 21500.

Or

Sell if it does not move above 21546 in first two hours of trade with a stop loss of 21620. It could be a risky trade but worth trying.

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 –4.8.2020

CNX-NIFTY

Open-11057.55--High-11058.05—Low-10882.25—Close-10891.60 on 3.8.20203

Support:10894.05/10847.85/10676.55/10583.65/10562.90/10553.15.

Resistance: 10991/11056.55/11090.30/11114/11118/11158/11171.55/11239.80/11270.

Critical Points moving down:-10880---10860---10746---10718.

Critical Points moving up: -10955---10991----11114---11171.55---11239.80---11270.

 (Bold and underlined figures are most important)

The correction is on and it seems that it is likely to continue for few more days. It has broken its critical point of 10976 & 10952 therefore down move should accelerate and going down it will find good support at 10880---10860---10847---10790---10746---10718 levels and it could bounce back from any of these points but if it moves and sustain below 10718 level on the closing basis then down move can further deepen and it could test its critical support range 10583.65---10553 and most importantly if it breaks and sustain below 10583.65 on the closing basis then the ongoing uptrend will be in potential danger, therefore the said range is a make or break range, which may please be noted.

Since it is in correction mode and chances of it deepening is pretty bright at this point of time, therefore long trade should be avoided now and can only be tried once it moves above 10991 (it may change with the price movement) and sustain on the closing basis as of now. In light of the present situation only sell trade is suggested either on the rise or on the price breakdown for taking advantage of the corrective move or may be a rally breakdown advantage. Last but not the least if it fails to move above 10991 on the closing basis in next 3-4 trading session then down move is certainly going to accelerate.

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 if it moves below 10880 with a stop loss of 10930 for a target of 10860—10847---10790---10746---10718.

Or

Sell on the rise near or within the range of 10980---11020 with a stop loss of 11050.

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 –4.8.2020

CNX--BANK NIFTY

Open-21543.80--High-21543.80--Low-21031.45—Close-21072.10 on 3.8.2020

Support:21026.45/20926.45/20324/20122.25/20010/19507/18941/18703.45.

Resistance:21122.10/21375/21462.40/21544/21640/21807/21967/.

Critical Points moving up: 21375---21546---21640---21807.

Critical Points moving down:-21027---20926---20501---20381---20247.

(Bold and underlined figures are most important)

It is in a deep correction mode and it is terribly weak on almost all important technical parameters, therefore it seems that further fall is ahead but in between the fall short up rally cannot be ruled out. Its critical point is 21537 & 21546(it can change) and it is well below these points now, which indicates gross weakness in it. However now it is near its two critical bottoms of 21026 & 20926 and it respected these bottoms today and if it holds these levels it could stage a relief rally from here before resuming the down move again else down move shall continue. Moving down it will find support at 20501---20381---20247---20122---20010. Please note that it may gain some strength for the up move only if it move and sustain above its critical point of 21537 & 21546 on the closing basis as of now.

The correction is on but since it is near its bottom, therefore it may stage a pullback rally if it does not break the aforesaid bottoms but long trade should not be initiated to take advantage of a possible pullback rally because these rallies are treacherous and can trap the traders miserably. Long trade can only be tried once it closes above its critical points of 21537 & 21546 and sustain or after a significant decline where it gives visible indication of a bottom formation. It is apt for the present situation to adopt sell on the rise strategy or sell on the price breakdown to take advantage of the down slide.

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 if it does not moves above 21375 for some time after open with a stop loss of 21450 for a target of 21027---20926----20750.

Or

Sell on the rise near or within the range of 21580---21650 with a stop loss of 21750.  

Or

Sell if it moves and maintain below 20926 for some time with a stop loss of 21040 for a target of 20750---20500.

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 BITCOIN—3.8.2020

 

BITCOIN

Closed At:--$11759.59 on 1.8.2020  

 

Support: $10947/10898.70/10457.63/10199.87/9964.50/9163.10/8975.

 

Resistance: -$11794.78/11833/11958.50/12040.30/12273.82/12350.10/13129.53/13226.60/13796.49/16930.90/17712.40/18353.40/20089.

 

Critical points moving up:-$11324---11415.86---11640.15----13796.49---16101.14---16709.46.

 

Critical points moving down:-$11132.89---10723.42---10392.48---10199.87---10061.54---9652---9951----8975.53.

 

It is looking very strong on the technical chart. It has given breakout from the long term down trend line on 22.7.2020 after a long time, which is a very positive sign and indicates big up move ahead off course with intermittent corrections. Since it had big rise after the breakout .so it is consolidating now and will eventually resumes the up move again, but if it breaks and sustain below $11132.89 on the closing basis then it could correct from here before resuming the up move. Moving down in correction it will find good support at $ 10723---10392---10199---10061----9652---9551 levels and it could bounce from any of these points and may resume the up move again. It is important to mention here that looking at the overall technical setup it may not correct sharply which may please be noted. However moving up it will stiff resistance at $11415.86---11640.15---11794.78---12273.82---13129.53---13796.49 levels, sustained break above $11415.86 on the closing basis will indicate that it can resume the up move and break above $11794.78 will confirm the resumption of the up move again and finally sustained break above $13796.49 on the closing basis will take it higher at much faster pace, which may please be noted.

 

In view of the above observation, it is in uptrend now, therefore it is strongly suggested to adopt buy on decline strategy as of now but not below $10199 because break below this level could accelerate the corrective move. Therefore in that case one should buy only once it bounces back above it again and sustain on the closing basis. I once again reiterate that deep correction is not likely 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 is 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 DOW JONES INDUSTRIAL AVERAGE –2.8.2020

DOW JONES INDUSTRIAL AVERAGE

Open-26409.33--High-26440.02—Low-26013.59—Close-26428.32 on 31.7.2020.

Support:26297.53/25992.28/25523.51/25369.75/ 24971.03/24843.18/24764/24294/23361.

Resistance:26611.03/26625.46/27025.38/27095/27297.59/27580.21/28090/28174.97.

Critical Range: 25369.75----27297.59.

 (Bold and underlined figures are most important)

It still looks good on the technical chart, but it has broken its recent trend line on 30.7.2020 drawn from the bottom of 20735.05 it made on 2.4.2020 which is a weak sign. However it is moving in a range of 25369.75----27297.69 now and breakout on the either side will decide which way it will move till then it will oscillate in the said range.

It is imperative to note that the huge up move in it from the bottom of 18213.65 it made on 23.3.2020 has no connect with the fundamentals and it is purely a liquidity driven rally, which may not last long because it is the fundamentals only which holds the price line eventually. Furthermore it crossed its critical point of 27297.69 and closed above it on 8.6.2020 but on the very next day it went below it and thereafter it did not try to cross this point as of now, secondly and most importantly this rally is 91 days old and seems matured for culmination at any time. In light of this it seems that it is likely to give down side break in coming days, so watch out.

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 –3.8.2020

CNX-NIFTY

Open-11139.50--High-11150.40—Low-11026.65—Close-11073.45 on 31.7.20203

Support:11056/11026.65/10950/10894.05/10847.85/10813.10/.

Resistance: 11098.70/11101/11118/11108/11147/11171.55/11239.80/11270/11341.40/11348.

Critical Points moving down:-11026.65--10952---10860---10746---10718.

Critical Points moving up: -11101---11114---11171.55---11239.80---11270---11341.40.

 (Bold and underlined figures are most important)

The correction continued today and it closed with a meagre loss of 28.70 points. It seems that correction may last for few more days. The trading range as of now is between 10952---10975---11101----11158(these figure can change with the price movement) and if does not break recent low of 11026.65 and close above 11101 then it will give an indication that it could stage a relief rally but only sustained close above 11158 will indicate that the up move may show some strength. Moving up it will face stiff resistance at 11171.55---11240---11270 and sustained close above 11270 will only ensure the strong up momentum. Similarly sustained close below 10952 should accelerate the down move and moving down it will find support at 10894---10847---10746---10718.     

In view of the above observation, it is suggested to avoid long trade now and should only be tried it moves and sustain above 11158 on the closing basis, but aggressive traders can try it on decline also near 10975---10952 but not below 10952 for a pullback move. Since it is in correction mode, it is suggested to adopt sell on the rise strategy or sell on the price breakdown for corrective move or may be a rally breakdown advantage.

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 10970—10950 but not below 10950 with a stop loss of 10930. It could be a highly risky trade but worth trying.

2. Sell if it moves below 11026 with a stop loss of 11080 for a target of 10952—10880---10860

Or

Sell if it moves and maintain below 10952 for some time with a stop loss of 11035 for a target of 10860---10825---10746.

Sell on the rise near or within the range of 11150---11200 with a stop loss of 11240.

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 –3.8.2020

CNX--BANK NIFTY

Open-21730.55--High-21806.95--Low-21375—Close-21640.05 on 31.7.2020

Support:21543/21462.40./21375/21222.45/21027.55/20926.45/20316/20122.25/20010/19507.

Resistance:21768/21809/21861/21967/22076/22119.35/22222.58/22377.06/22418/22479.55/22670.05/22695.92/23080.60/23211.35.

Critical Points moving up: 21861---22120---22377--- 22418---22479.55---22695.

Critical Points moving down:-21543----21464---21375----21027.

(Bold and underlined figures are most important)

The correction continues and it is has closed on a negative note for 5 days in last 6 trading session, which speaks of gross weakness in it, but today it closed with a meagre loss of 6.79 points. The trading range as of now is between 21375---21464---21543---21809---22076---22293(these entire figure can change with the price movement) and if does not break recent low of 21375 and close above 21809 and sustain then it will give an indication that it could stage a relief rally else down move may continue. Moving up it will face resistance at 22076---22293---22510---22778.Similarly sustained close below 21375 should accelerate the down move and moving down it will find support at 21180---21027---20926---20438.      

In view of the above observation, it is suggested to avoid long trade now and should only be tried it moves and sustain above 21809 on the closing basis but aggressive traders can try it on decline also near 21027 but not below it for a possible pullback move. Since it is in correction mode, it is suggested to adopt sell on the rise strategy or sell on the price breakdown for corrective move or may be a rally breakdown advantage. Looking at the overall technical setup it seems that the down move should continue with intermittent relief rally.

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 21027 but not below it with a stop loss of 20890. It could be a highly risky trade.

 

2. Sell if it moves below 21375 with a stop loss of 21470 for a target of 21180---21027---20926.

Or

Sell on the rise near or within the range of 21870---22080 with a stop loss of 22150.

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.