A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—2.11.2020

 

CNX--BANK NIFTY

Open-24090.15--High-24277.35--Low-23612.70—Close-23900.90 on 30.10.2020

Support:23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance23912.75/24096.75/24240/24365/24617.15/:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It is still below its key points of 24267---24365---24386 therefore already into short term correction mode and sustained break below 23780 on the closing basis will push it into medium term correction mode and most importantly sustained break below 23081on the closing basis will put it into long term correction mode and will potentially threat the long term uptrend also which may please be noted. Moving down it may find support at 23897---23780---23678---23612.70---23408---23341---23135---23081---22614. It is imperative to mention here that sustained close above the key points of 24267---24365---24386 as of now is needed to give some hope for the continuation of the up move else down move will continue. The overall chart setup and some technical indicators suggest that further fall may be ahead, till it moves above its key points and sustain as of now.     

In view of the above observation for safe traders long trade can only be tried if it moves and maintains above 24386 on the closing basis. However aggressive traders can try long trade if it moves and maintain above 24386 for some time intraday or on decline at the appropriate points as mentioned above with self-defined short stop losses but not below 23620. In light of today’s down move it seems that correction may deepen in coming days therefore it is suggested to attempt short trade either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction, till clarity on correction completion emerges.

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 appropriate points or near 23620 but not below it with a stop loss of 23540. It is for aggressive traders. It could be a risky trade.

Or

Buy if it moves and maintain above 24386 for some time with a stop loss of 24220.It is for aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 24400--24500 with a stop loss of 24575. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it maintain below 23900 for some time with a stop loss of 24000It could be a highly risky trade but worth trying. 

Or

Sell near if it does not move above 24386 for a reasonable time with a stop loss of 24440.It could be a highly 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 favorable  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—29.10.2020

 

CNX-NIFTY

 Open—11922.60--High—11929.40—Low—11684.85---Close-11729.60 on 28.10.2020.

Support:11684.85/11661/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11733/11761/11775.75/11794.25/11803/11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As apprehended it could not sustain above its key points of 11880---11803---11775.75 & 11733 and since it has closed below the trigger point of 11733 also so it has definitely slipped into the correction mode, therefore it is suggested to avoid long trade till it bounces back at least above 11733 on the closing basis, then will review. Moving down it may find support at 11684---11661---11618---11553---11447---11407---11341---11270, it may bounce back from any of these points for a pullback move, but please note that sustained break below 11447 on the closing basis will put the long term uptrend in danger, so going down 11447 will be the benchmark point. The up journey for it from here seems to be a difficult task now, however if it manages to move above 11733 and sustain on the closing basis then it can show some sign of improvement for moving up, but as of now it is tremendously weak on the technical footing and further downside looks imminent in coming days if it sustain below 11733 on the closing.

Since it has slipped into correction mode therefore for safe traders it is suggested to avoid long trade till it moves above 11733 and sustain on the closing basis or it can be tried after a reasonable decline at appropriate points but only if it gives visible indication of correction completion else avoid. However aggressive traders can try long trade if it moves and maintain above 11733 for some time intraday or on the decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11447, buy on decline could be a risky trade for the day, in fact long trade in any way could be a risky affair for the day. In view of the above observation it is strongly suggested to adopt sell on the rise strategy at appropriate range or sell on the price breakdown for taking advantage of short or may be long correction till clarity on correction completion emerges.

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 appropriate points but not below 11447 with a stop loss of 11390.It is for aggressive traders. It could be a risky trade.

Or

Buy if moves and maintains above 11733 for some time with a stop loss of 11680. It is for aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 11830---11860 with a stop loss of 11890 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11733 in first two hours of trade even   intraday with a stop loss of 11780. It could be risky trade but worth trying.

Or

Sell if it moves and maintains below 11661 for some time with a stop loss of 11735.

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 favorable 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—29.10.2020

 

CNX--BANK NIFTY

Open-24737.85--High-24780.70--Low-24057.95—Close-24232.50 on 28.10.2020

Support:24096.75/23912.75/23867.75/23822/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance24240/24365/24617.15/:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It is playing See—Saw with the key points of 24267---24365---24386, yesterday it decisively moved above these points and today it has closed below all these points which is an extremely weak sign  and indicates that further fall may be ahead if it does not bounce back above these points at the earliest. Since it has broken 24386 levels on the closing basis it has gotten into short-term correction mode, sustained break below 23780 will push it into medium term correction mode and most importantly sustained break below 23081on the closing basis will put it into long term correction mode and will potentially threat the long term uptrend which may please be noted. Moving down it may find support at 23897---23780---23678---23408---23341---23135---23081---22614. It is imperative to mention here that sustained close above the key points of 24267---24365---24386 is needed to give some hope for the continuation of the up move else down move will continue.     

In view of the above observation for safe traders long trade can only be tried if it moves and maintains above 24386 on the closing basis. However aggressive traders can try long trade if it moves and maintain above 24386 for some time intraday or on decline at the appropriate points as mentioned above with self-defined short stop losses but not below 23780. In light of today’s down move it seems that correction may deepen in coming days therefore it is suggested to attempt short trade either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction, till clarity on correction completion emerges.

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 appropriate points or near 23780 but not below it with a stop loss of 23670. It is for aggressive traders. It could be a risky trade.

Or

Buy if it moves and maintain above 24386 for some time with a stop loss of 24220.It is for aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 24575--24700 with a stop loss of 24775. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 24190 for some time with a stop loss of 24270.It could be a risky trade but worth trying. 

Or

Sell if it does not move above 24386 in first two hours of trade even intraday with a stop loss of 24440.It could be a highly 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 favorable  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—28.10.2020

 

CNX-NIFTY

 Open—11807.10--High—11899.05—Low—11723---Close-11889.40 on 27.10.2020.

Support:11832.30/11803/11794.25/11775.75/11761/11733/11711.70/11694.85/11661/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As envisaged it bounced back sharply today from the trigger point of 11733 and closed near the high of the day and above the key points of 11733--- 11775.75---11803 & 11880, which is a positive sign, but this move was not strong enough to regain the desired up momentum and for that it has to move above its top of 11937.65---11971.05---12025.45 and sustain on the closing basis. Please note that if it fails to cross these points in next 1-2 trading session and break again the key points of 11880---11803---11775.75---11733 on the downside then it could witness sharp fall this time which may be kept in mind. Kindly note that to give some hope that it can regain the up momentum again it has to close reasonably above 11937.65 first and then gradually cross the other points too, else it will resume the down move again.

In view of the above observation for safe traders it is suggested to avoid long trade on decline for the day but can try long trade if it moves and maintain above 11940 for some time. However aggressive traders can try long trade if it moves and maintain above 11940 or on the decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11767, buy on decline could be a risky trade for the day. Although it had a sharp rise today but lower top & bottom is still there on the line chart, so possibility of further down correction from here cannot be ruled out till it closes above 11937.65, therefore it is suggested to attempt short trade also either on the rise at the appropriate range or on the price breakdown for taking advantage of short or may be long correction.

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 11767 with a stop loss of 11700.It is for aggressive traders. It could be a highly risky trade.

Or

Buy if moves and maintains above 11940 for some time with a stop loss of 11880.It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 11980---12068 with a stop loss of 12110 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11940 in first two hours of trade even   intraday with a stop loss of 11980. It could be risky trade but worth trying.

Or

Sell if it moves and maintains below 11767 for some time with a stop loss of 11815.

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 favorable 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—28.10.2020

 

CNX--BANK NIFTY

Open-24288.05--High-24809.65--Low-23924.20—Close-24769.50 on 27.10.2020

Support:24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

As anticipated it sharply and decisively bounced back not only above its key points of 24267---24365---24386 but crossed its recent top of 24635.05 on the line chart also, which is a very positive sign and indicate that the up move may continue provided it sustain above these key points. However if it breaks these key points again and sustain below it then this time it is going to witness sharp fall. Todays robust up move indicates that further rise is very much likely in coming days off course with intermittent corrections. Moving up it will face resistance at 24823.60---24944---25232.60---25427---25724---25953---26312 levels. It is important to mention here that sustained close above 24365 could take it to 26312---26492 levels in coming days/weeks, which may please be noted.

In view of the above observation long trade can be tried if it moves and maintains above 24825 for some time or on decline at the appropriate points as mentioned above with self-defined short stop losses but not below 24267. In light of sharp up move today short trade should be avoided in general but can  be attempted either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction.

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 appropriate points or near 24267 but not below it with a stop loss of 24170.

Or

Buy if it moves and maintain above 24825 for some time with a stop loss of 24700.

2. Sell on the rise near or within the range of 25300--25400 with a stop loss of 25480. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it sustains below 24190 for some time with a stop loss of 24270.It could be a risky trade but worth trying. 

Or

Sell if it does not move above 24825 in first two hours of trade even intraday with a stop loss of 24875.It could be a highly 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 favorable  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—27.10.2020

 

CNX-NIFTY

 Open—11937.40--High—11942.85—Low—11711.70---Close-11767.75 on 26.10.2020.

Support:11761/11733/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11775.75/11794.25/11802.65/11805//11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

It did move above 11940 today immediately after the open but could not sustain above it even for a minute and steadily moved down during the day and made a low of 11711.70 for the day, it closed below its key points of 11880 & 11775 which is a weak sign, furthermore it has made lower top & bottom on the line chart and also broken its recent bottom on the bar chart on the closing basis, which is tremendously weak sign and indicate further fall may be ahead, but the silver lining is that it  managed to hold the last trigger point of 11733 for getting into the deep correction mode. Please note that if it sustain below 11805(this figure can change) on the closing basis then it is likely to break 11733 also in coming days and then it may go in for a sharp fall in coming days. Similarly if it sustain above 11805 on the closing basis it will give some glimmer of hope that it can move up but it will pick up the momentum only once it closes above 11937.65---11971.05---12025.45 as of now. It is important to mention here that if it does not move above these points in next 1-2 trading session then the correction may deepen, so watch out.

Moving down it will find support at 11733---11694.85---11661---11618---11584---11549---11447---11407---11270.  (Sustained break below 11447 on the closing basis will be a potential threat for the uptrend, which may please be noted)

Moving up the upside target or the resistance points could be at 11794.25---11805---11832---11937.65---11971.05--12025.45

In view of the above observation it is suggested to avoid long trade till clarity on correction completion emerges. However aggressive traders can try long trade if it maintain above 11733 or on the sharp decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11447. Please note that trying long trade on decline may be a risky affair for now. Since it has made lower top & bottom on the line chart and broken recent bottom on the bar chart, so possibility of further down correction from here is very strong, therefore  it is suggested to adopt sell on the rise at the appropriate range or on the price breakdown for taking advantage of short or may be long correction.

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 11733 with a stop loss of 11700.It is for aggressive traders. It could be a highly risky trade.

Or

Buy on sharp decline at appropriate points with self-defined short stop losses but not below 11447 with a stop loss of 11400.

2. Sell on the rise near or within the range of 11870---11930 with a stop loss of 11980 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 11733 for some time with a stop loss of 11820. It could be 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 favorable 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.