A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –4.9.2020

 

CNX--BANK NIFTY

Open-23986.15--High-24051.60--Low-23451.65—Close-23530.85 on 3.9.2020

Support: 23451/23385.25/23211.35/23080.60/22775/22479.85/22439.95/22418.

Resistance: 23875/ 24364.27/ 24617/25200/25430/25725/25820/25955/26311.30.

Critical Points moving up: 23875----24364.27----24612---24880----25120----25432. 

Critical Points moving down:-23451---23385.25---23211.35---23080---22479.85.

(Bold and underlined figures are most important)

It is still holding its recent critical points of 23385.20---23211.35---22693—22367(last two figures will change every day); but the concerning thing is that it has established lower top and lower bottom today on the line chat after a long time which indicates that it could correct from here and sustained break below 23385.20 can push it down further and sustained break below 22367 can put the ongoing uptrend in potential danger which may please be noted. Moving down it may find good support at 22169----21886---21403---21031---20926 sustained break below 22169 can drag it down further and sustained break below 20926 may accelerate the fall. Similarly moving up it will face stiff resistance at 23875--- 24364.27---24527----24800---24865---25200. Looking at today’s price movement going up seems slightly difficult and correction looks imminent.  

In view of the above observation long trade should be avoided for the day and can only be tried it moves and close above 23875. Since it has made lower top and bottom therefore it seems apt to try short trade on the reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of the corrective move or for taking  advantage of possible rally breakdown.

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. Sell on the rise near or within the range of 23900---24150 with a stop loss of 24250. It could be a risky trade but worth trying.

Or

Sell if it moves below 23450 and maintain for some time with a stop loss of 23560. 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 –3.9.2020

 

CNX-NIFTY

 Open-11478.55--High-11554.75—Low-11430.40---Close-11, on 2.9.2020.

Support:11495.20/11447/11378/11325.85/11289.80.

Resistance: 11633/11694.85/11736/11761/11794.25/11825/11882.

Critical Points moving down: 11495.50---11447---11373.60---11341.40---11289.80.

Critical Points moving up: -11597---11633---11675—11761---11794.25---11840---11930.

(Bold and underlined figures are most important)

After the significant decline on 31-8-2020, it bounced back above its benchmark point of 11447 on 1-9-2020 and still maintaining above it which is a positive sign, but it is well below its major rising trend line which is concerning, however as long as it maintains above 11447 on the closing basis there is a possibility that it can resume the uptrend in coming days else it will continue the  down move. Moving up it will face stiff resistance at 11597---11633---11761---11794.25—11840, if it moves and sustain above 11840 on the closing basis the up move may accelerate. Similarly moving down it will find support at 11447---11373.60---11325.85---11289.80---11111.45, sustained break below 11447 can put the uptrend in danger and can slide to any of these levels or below.    

In view of the above observation long trade can be tried on decline near but not below 11447 or can be tried if it moves and maintains above 11555 for some time. Although it is above its key point of 11447 but not exhibiting the required  momentum after the severe fall therefore short trade can also be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or for taking  advantage of possible rally breakdown.

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 but not below 11447 with a stop loss of 11380.

Or

Buy if it moves and maintain 11555 for some time with a stop loss of 11500. It could be a risky trade.

2. Sell on the rise near or within the range of 11650---11700 with a stop loss of 11750.

Or

Sell if it falls below 11410 and maintain below it for some time with a stop loss of 11460.

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 –3.9.2020

 

CNX--BANK NIFTY

Open-23769--High-23926.15--Low-23482.55—Close-23874.55 on 2.9.2020

Support: 23822/23605/23385.25/23211.35/23080.60/22775/22479.85/22439.95/22418.

Resistance: 24364.27/ 24617/25200/25430/25725/25820/25955/26311.30.

Critical Points moving up: 24364.27----24612---24880----25120----25432.                

Critical Points moving down:-23750----23612---23385.25---23211.35---23080.

(Bold and underlined figures are most important)

After the significant decline on 31-8-2020, it bounced back marginally in last two days   but the good point is that it is still above its recent critical points of 23385.20---23211.35---22707—22379(last two figures will change every day), therefore as long as it holds these points on the closing basis it may resume the up move again else down move may continue. Moving down it may find good support at 22169----21886---21403---21031---20926 sustained break below 22169 can drag it down further and sustained break below 20926 may accelerate the fall. Similarly moving up it will face stiff resistance at 24364.27---24527----24800---24865---25200. Please note that sustained close above 24364.27 may accelerate the up momentum.

In view of the above observation long trade on decline should be avoided for the day but can be tried if it moves and maintains above 23930. Although it is above its critical point range  but not exhibiting required  momentum after the severe fall  therefore short trade can also be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or for taking  advantage of possible rally breakdown.

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 if it moves and maintains above 23930 for some time with a stop loss of 23830. It could be a risky trade.

2. Sell on the rise near or within the range of 24550---24650 with a stop loss of 24750. It could be a risky trade but worth trying.

Or

Sell if it moves below 23750 and maintain for some time with a stop loss of 23890. 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 –1.9.2020

 

CNX-NIFTY

 Open-11777.55---High-11794.25—Low-11325.85---Close-11387.50, on 31.8.2020.

Support:11614.50/11540/11495.20/11373.60/1341.40/11289.80/11111.45/11056.55/10882.25.

Resistance: 11447/ 11460.35/11614.50/11686.05/11694.85/11736/11761/11794.25.

Critical Points moving down: 11372.28---11289.80---11270---11248.01---11111.45.

Critical Points moving up: -11447—11634---11675---11761---11794.25.

(Bold and underlined figures are most important)

It opened with an up gap and went further up then plunged down sharply and closed decisively below the previous day’s low which is a very weak sign and in technical parlance today’s price pattern is called downward reversal, furthermore it has broken its major rising trend line decisively and also below its benchmark point of 11447 which is an extremely bad sign. Therefore in totality today’s move was a massive jolt to the ongoing uptrend and a potential threat  for the end of the trend, so it has to be seen how it pans out in next 2-3 days and for the uptrend to continue it has to move above 11447 and sustain on the closing basis else down move may continue. Moving down it may find good support at 11289.80---11248---11111.45---11020---10882, sustained break below 11248 can drag it down further and sustained break below 10882 may accelerate the fall. Similarly moving up it will face stiff resistance at 11447----11543---11634---11675----11794.25---11830. But looking at today’s price movement further down slide seems a distinct possibility.

In view of the above observation, for safe traders it is suggested to avoid long trade for the day, however aggressive trader can still try long trade for a possible pullback move if it moves above 11447 and sustain for some time but it could be a risky trade mind you. In light of today move it is strongly suggested to attempt short trade after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or for taking advantage of rally breakdown.  

I have been apprehending this fall for quite some time ,therefore I have been writing a caution note in the last  paragraph of my almost all the articles published recently and it is still there.

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 if it moves and maintain 11447 with a stop loss of 11400, for aggressive traders only. It could be a highly risky trade.

2. Sell on the rise near or within the range of 11540--11634 with a stop loss of 11680. It could be a risky trade, but worth trying.

Or

Sell if it maintains below 11410 with a stop loss of 11465.

Or

Sell if it falls below 11325 and maintain below it for some time with a stop loss of 11390.

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 –1.9.2020

 

CNX--BANK NIFTY

Open-25038.80--High-25232.60--Low-23385.30—Close-23754.3 on 31.8.2020

Support:23385.30/23211.35/23080.60/22479.85/22439.95/22418/21967.

Resistance:24364.27/24617/25232.60/25430/25725/25820/25955/26311.30.

Critical Points moving up: 24364.27---24618---24900----25236----25432----25650.   

Critical Points moving down:-24364.27---23610---23090----22730---22400.

(Bold and underlined figures are most important)

It opened with a huge up gap and went further up then plunged down sharply and went below the low of the previous day but managed to close above the previous day’s low which is still a very weak sign and in technical parlance today’s price pattern is called downward reversal although it was not in copy book fashion but still it is very bad sign. Furthermore it is well below its critical point of 24364.27. Therefore in totality today’s move was a massive jolt to the ongoing uptrend and a potential threat for the end of the trend, so it has to be seen how it pans out in next 2-3 days and for the uptrend to continue it has to maintain above its recent critical points of 23610---23090---22732---22400(figures will change every day) and sustain on the closing basis else down move may continue. Moving down it may find good support at 22169----22022----21870---21250---21031---20926 sustained break below 22169 can drag it down further and sustained break below 20926 may accelerate the fall. Similarly moving up it will face stiff resistance at 24364.27---24527----24800---24865---25200. But looking at today’s price movement further down slide seems a distinct possibility.

In view of the above observation, it is suggested to avoid long trade completely for the day. In light of today move it is strongly suggested to attempt short trade after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or for taking advantage of rally breakdown. 

I have been apprehending this fall for quite some time ,therefore I have been writing a caution note in the last  paragraph of my almost all the articles published recently and it is still there.

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. Sell on the rise near or within the range of 24365---24550 with a stop loss of 24650. It could be a risky trade but worth trying.

Or

Sell if it moves below 23385 and maintain for some time with a stop loss of 23485. 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.