A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –20.8.2020

 

CNX--BANK NIFTY

Open-22315.40--High-22419.35--Low-22234.25—Close-22285.90 on 19.8.2020

Support:21967/21807.40/21768/21611.40/21462.40/21459/21370/21122.10/21026/20926.

Resistance:22418/22439.95/22479.85/23080.60/23211.35.

Critical Points moving up: 22340---22418---22479.85---22600---22835---23080.

Critical Points moving down:-22232.19---21900---21679---21536---21459----21359---21026----20926.

(Bold and underlined figures are most important)

It moved in a short range today which is an indicative that a big move may be ahead on the either side in coming days, therefore if it moves and maintain above 22418---22570(this figure will change daily) & 22775 on the closing basis then it could move up with strong momentum else it may head down. Going down sustained break below 21900 will be an indicative that it could correct and sustained break below 21537 on the closing basis will confirm that it has slipped into the correction mode.

In view of the above observation, long trade can be tried on decline at appropriate points but not below 21900 or can be tried if it maintains above 22232.19 for some time. Short trade should be avoided in general for the day but can be attempted after a reasonable rise for taking advantage of possible corrective move or on the price breakdown for taking possible rally exhaustion advantage.

 It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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 21900 if it holds this level for some time with a stop loss of 21800. It could be a risky trade today.

Or

Buy if it maintain above 22232.19 for some time with a stop loss of 22100. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 22650---22775 with a stop loss of 22850. It could be a risky trade but worth trying.

Or

Sell if it moves below 21900 and maintain for some time with a stop loss of 22050. 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 –19.8.2020

 

CNX-NIFTY

 Open-11259.80--High-11401.70—Low-11253.15---Close-11385.35 on 18.8.2020

Support:11378/11341.40/11270/11239.80/11171.55/11111.45/11056.55/10894.05/10882..

Resistance: 11447/11495.20/11614.50/11694.85/11706.65/11760.20/11832.30/11856.15..

Critical Points moving down: -11378---11341.40---11270---11239.80.

Critical Points moving up: -11447---11474----11536---11626---11798.

 (Bold and underlined figures are most important)

It gave a robust rise today and finally crossed its three major resistance points of 11270---11341.40---11378 on the closing basis, which is an extremely positive sign, now there is only last major hurdle at 11447 is left and once it moves above it and sustain on the closing basis then it could see much bigger rise off course with intermittent correction. Looking at today’s move it seems poised to cross the last major hurdle of 11447 soon. Moving up it will face resistance at 11474---11536----11626---11800. Similarly moving down the critical points would be 11341.40---11321---11290 and the key point for the day is 11290, so close below it may not be good for the continuation of the ongoing up move.

In view of the above observation long call can be tried on decline at appropriate points but not below 11290 or can be tried if it moves above 11402 and sustain for some time. Short trade should be avoided in general for the day but can be attempted after a reasonable rise for taking advantage of possible corrective move or on the price breakdown for taking possible rally exhaustion 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 at the appropriate points but not below 11290 with a stop loss of 11260.

Or

Buy if it moves and maintains above 11402 for some time with a stop loss of 11340. It could be a risky trade.

2. Sell on the rise near or within the range of 11475---11540 with a stop loss of 11580.It could be a risky trade but worth trying.

Or

Sell if it falls below 11270 and maintain below it for some time with a stop loss of 11325. 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 –19.8.2020

 

CNX--BANK NIFTY

Open-21702.95--High-22227.55--Low-21629.40—Close-22170.60 on 18.8.2020

Support:21967/21807.40/21768/21611.40/21462.40/21459/21370/21122.10/21026/20926.

Resistance:22418/22439.95/22479.85/23080.60/23211.35.

Critical Points moving up: 22232.19---22340---22418---22479.85---22600---22835---23080.

Critical Points moving down:-21900---21679---21536---21459----21359---21026----20926.

(Bold and underlined figures are most important)

It gave a strong up move today and closed with a gain of 469.75 points. It is way above its critical points of 21536 & 21459.10 which exhibits strength, therefore further up move may be ahead in coming days off course with intermittent correction. But moving up there are tough resistance points on the way at 22338---22479.85---22600(this figure will change every day) ---22775.37---22835---23080---23211.35 levels, but if it moves above 22600(it will change every day) & 22775.37 level and sustain on the closing basis then it will provide good strength and speed to the ongoing up move and will open the upside up to 24365 levels. The chart setup is reasonably good but in comparison with Nifty-50 it is showing less strength, but it still looks good for the up move as of now.

In view of the above observation, long trade can be tried on decline at appropriate points but not below 21900 or can be tried if it moves and maintains above 22232.19 for some time. Short trade should be avoided in general for the day but can be attempted after a reasonable rise for taking advantage of 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 on decline near but not below 21900 if it holds this level for some time with a stop loss of 21800. It could be a risky trade.

Or

Buy if it moves and maintain above 22232.19 for some time with a stop loss of 22100. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 22650---22775 with a stop loss of 22875. 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 –18.8.2020

 

CNX-NIFTY

 Open-11248.90--High-11267.10—Low-11144.50---Close-11247.10 on 17.8.20203

Support:11239.80/11171.55/11111.45/11056.55/10894.05/10882/10847.85/10583.65/10562.90.

Resistance:11270/11341.40/11378/11447.

Critical Points moving down: -11239.80---11182.27---11111.45---11056---10990---10940---10872----10725.

Critical Points moving up: -11239.80---11270---11341.40---11378---11447.

 (Bold and underlined figures are most important)

 It managed to close above its rising trend line which was at 11203 for the day and it is at 11225 for 18.8.2020, Please note that the trend line will be rising at faster pace as days goes by, therefore   to keep it above the trend line it has to move up faster in coming days else chances of breakdown would be there. Moving up it will face stiff resistance at 11270---11341.40---11378---11447 levels. Please note that despite various attempts it has not been able to sustain above the levels of 11270---11341.40---11378 on the closing basis in the recent past, so it is very important hurdle range which it has to cross to keep the up momentum going and finally it will catch up real strong up momentum once it crosses 11447 levels and sustain above it on the closing basis then it could retest its previous top of 12430.50 or may go beyond it. The overall technical setup is o.k. for the up move but trend line faster rise is posing some threat to the uptrend as of now.

In view of the above observation, since it has bounced back above the trend line today and if it keeps on respecting it then this up move should continue, chances of which looks slightly slim at this point of time. Therefore, for safe trader’s long trade can only be tried if it moves and sustain above 11270 on the closing basis. However aggressive traders can try long trade if it maintains above 11270 during the day for reasonable period of time or buy on decline near but not below 11225. Short trade can be attempted on the rise in the appropriate range or on the price breakdown to take advantage of the correction 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 11225 but not below it with a stop loss of 11170.

Or

Buy if it moves and maintains above 11270 for some time with a stop loss of 11210. It could be a risky trade.

2. Sell on the rise near or within the range of 11350---11420 with a stop loss of 11470.It could be a risky trade but worth trying.

Or

Sell if it falls below 11170 and maintain below it for some time with a stop loss of 11250. 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 –18.8.2020

 

CNX--BANK NIFTY

Open-21906.95--High-21909.40--Low-21403.15—Close-21700.85 on 17.8.2020

Support:21611.40/21462.40/21459/21370/21122.10/21057-21026/20926/20316/20010.

Resistance:21768/21807.40/21967/22439.95/22479.85/23080.60/23211.35.

Critical Points moving up: 21797---21902---22108---22340---22418---22479.85.

Critical Points moving down:-21536---21459----21359---20926---20501---20380---20245---20010.

(Bold and underlined figures are most important)

Although it went below its important point of 21536 & 21459.10 intraday but managed to hold above these points on the closing basis, which is positive sign, therefore as long as it holds these points on the closing basis it could resume the up journey again may be after some consolidation in a range. Moving up it will face stiff resistance at 21925---22108---22338---22418---22479.85---22635(this figure will change daily) Levels but sustained break above 22635 on the closing basis will give it some strength for strong up momentum. Similarly if it breaks and sustain below 21536 & 21459.10 then it could slip into deep correction and below these marks it will find very strong support in the range of 21026—20926 and sustain break below this range may accelerate the fall which may be noted.

In view of the above observation, for safe traders it is suggested to avoid long trade  at this juncture but can be tried on decline near or within the range of 21026---20926. However aggressive traders can try long trade if it maintains above 21536---21459 for a reasonable time during the day and off course can try on decline in the above mentioned range. Although it is above its critical point of 21536 & 21459.10 but it seems that chances of it slipping into corrective mode for few days still looks likely because of stiff resistance it will face at short intervals in the up journey, therefore short trade can also be attempted either on the price breakdown or on the rise also in the appropriate range 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 near but not below 21536 if it holds this level for some time with a stop loss of 21420. It could be a risky trade.

2. Sell if it moves below 21459 and maintain for some time with a stop loss of 21560.

Or

Sell on the rise near or within the range of 22250---22400 with a stop loss of 22500. 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 –17.8.2020

 

CNX-NIFTY

Open-11353.30--High-11366.25—Low-1111.45---Close-11178.40 on 14.8.20203

Support:11171.55/11111.45/11056.55/10894.05/10882/10847.85/10583.65/10562.90.

Resistance:11239.80/11270/11341.40/11378/11447.

Critical Points moving down: -11111.45---11056---10990---10940---10872----10725.

Critical Points moving up: -11182.27---11239.80---11270---11341.40---11378---11447.

 (Bold and underlined figures are most important)

 As envisaged, since it could not cross the critical resistance points of 11341.40--- 11378 on the closing basis despite few attempts, therefore it plunged down sharply today and closed with a loss of 112.05 points. Furthermore it has broken its rising trend line drawn from the bottom of 7511.10(made on 24.3.2020) connecting the bottom of 8806.75(made on 18.5.2020) which is a bad sign. Please note that in last four and half months it has broken the trend line for the first time yesterday, therefore it is all the more important  and if does not bounce back above it again in next 1-2 trading session then it could potentially threaten the uptrend. The trend line for 17.8.2020 is at 11230 and for 18.8.2020 at 11258. Please note that correcting today it has broken three critical points  11270(fixed)---11257.64—11182.27(both the figures can change) on the closing basis and if it remains below these points then correction could deepen and moving down it may find support at 11111.45---11056---10990---10940---10872----10725 levels and it could bounce back from any of these points but if it sustain below 10990 & 10940(figures can change) as of now on the closing basis then the down move is expected to accelerate.  

In view of the above observation, it seems that it has slipped into the correction mode but it has to be seen how it behaves in next 2-3 days to ascertain the intensity of correction, it may bounce back too. In light of today’s move long trade should be avoided now and can only be tried if it moves and sustain above 11270 on the closing basis or buy on decline near  or within the range of 10990—10940  but not below 10940. Short trade can be attempted on the rise in the appropriate range or on the price breakdown to take advantage of the correction or may be for a rally breakdown advantage because it is supposedly in the correction mode now.   

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Buy on decline near or within the range of 10990—10940 but not below 10940 with a stop loss of 11860.

2. Sell on the rise near or within the range of 11270---11378 with a stop loss of 11410.It could be a risky trade but worth trying.

Or

Sell if it maintains below 11110 or fall below it at any point of time during the day and stay below it for some time with a stop loss of 11160. 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 –17.8.2020

 

CNX--BANK NIFTY

Open-22334.95--High-22334.95--Low-21459.10—Close-21679.40 on 14.8.2020

Support:21611.40/21462.40/21459/21370/21122.10/21057-21026/20926/20316/20010.

Resistance:21768/21807.40/21967/22439.95/22479.85/23080.60/23211.35.

Critical Points moving up: 21797---21902---22108---22340---22418---22479.85.

Critical Points moving down:-21536---21459----21359---20926---20501---20380---20245---20010.

(Bold and underlined figures are most important)

As envisaged that it could give big move on the either side, it choose to plunged down and fell sharply by 516.94 points on the closing basis. But it has still managed to hold its critical point of 21536 and if it continue to hold it and the low of the day i.e.21459.10 then it could stage a bounce back from here else correction could deepen. It started the fall yesterday; and its technical setup is not that strong, therefore it has to be seen how it pans out in the next 2-3 days for taking trade action. Moving down in it could find support at 21536---21459----21359---21026----20926---20501---20380---20245---20010 levels. I once again repeat that down move may deepen below 21536 & 21459 but it has a very strong support in the range of 21031—20926 and if it does not bounce back from these levels then the down move may accelerate. Similarly moving up it will face stiff resistance at 21925---22108---22338.

In view of the above observation, for safe traders it is suggested to avoid long trade  at this juncture but can try on decline near or within the range of 21026---20926. However aggressive traders can try long trade if it maintains above 21536---21459 for a reasonable time during the day and off course can try on decline in the above mentioned range. It seems that chances of it slipping into corrective mode for few days looks likely, therefore short trade can also be attempted on the price breakdown or on the rise also as it has exhibited distinct weakness in price pattern. In light of the volatility traders may get opportunity of both side trades for the day. But looking at yesterday’s fall traders should be extremely cautious and alert 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 near but not below 21536 if it holds this level for some time with a stop loss of 21440. It could be a risky trade.

2. Sell if it moves below 21459 and maintain for some time with a stop loss of 21560.

Or

Sell on the rise near or within the range of 22150---22300 with a stop loss of 22400. 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.