A TECHNICAL VIEW ON CNX--BANK NIFTY FOR---7.12.2020

 

CNX--BANK NIFTY

Open-29573.40--High-30162.30--Low—29473.50—Close-30052.40 on 4.12.2020

Support:29784.75/29612.55/29435.05/29314/29156.25/29030.90/28923.10/28580.90/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75.

Resistance:30197.85/30220/30545/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

After two days of lull it showed strength and bounced back sharply today and moved decisively above its key points also, which is a positive indication for the up move to continue. Its benchmark point is 29314 and other key points are at 29816.25---29609---28643.75---27886.70---26874.60(figures can change). It is well above its benchmark and other key points which a very positive sign. Please note that sustained break below 29816.25 & 29609 can push it into very short correction, sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The bias as of now is on the upside.

The overall technical setup is still looking good for the up move to continue but one should be very careful with the all around extra ordinary exuberance displayed by the market for some time now, because certain technical indicators are showing distinct negative divergence despite sustained up move, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days.  But the divergence is so strong till now therefore it is likely to happen and in that case it can come down to 28278 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 29942---29923---29816.25---29609---29314---29030.90---28923---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at 30197.85---30545---30685---30985—31180----31649.

In view of the above observation long trade can be tried on decline at appropriate points or near 29816 but not below it or if it maintains above 30163 for some time. It seems that it has regained the up momentum again, but some technical indicators are also showing negative divergence since long which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted in the appropriate price range or on the price breakdown for taking advantage of the 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 at appropriate points or near 29816 but not below it with a stop loss of 29700.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 30163 for some time with a stop loss of 30040. It is for aggressive traders and could be a highly risky trade. 

2. Sell on the rise near or within the range of 30600—30700 with a stop loss of 30800. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29700 for some time with a stop loss of 29825. It could be a highly risky trade but worth trying for corrective move.

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 FOR—7.12.2020

 

CNX-NIFTY

 Open13177.40--High—13280.05—Low—13152.85---Close-13258.55 on 4.12.2020.

Support:13145.85/13075/13055.15/13048.63/13032/12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761.                                                                                                                                                           

Resistance:13281.60/13294/13366/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It is exhibiting extra ordinary strength in the up move and hitting new all time high almost every day, which is a very positive sign for the up move to continue. Furthermore it is well above its most critical and important points which are placed at 12880 & 12780 for 7.12.2020(figures can change every day). Its other key points are at 13164.50---13150.30---12868.30---12692.45---12430.5---11918.60(except for 12430.50 other figures can change), and it is well above all the key points now which is also a positive sign. Please note that sustained break below 13164.50 & 13150.30 can push it into very short correction, sustained break below 12868.30 on the closing basis will push it into short term correction mode, sustained break below 12692.45 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11918.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still looking good for the up move to continue but one should be very careful with the extra ordinary exuberance displayed by the market for some time now, because certain technical indicators are showing distinct negative divergence despite sustained up move, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days.  But the divergence is so strong till now therefore it is likely to happen and in that case it can come down to 12690 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 13242.50---13164.50---13150.30---13145.84---13075---12963---12890---12868.30---12785---12730---12692.45---12613---12530---12430.50.---12340---12245---12150---11968---11918.60.

Moving up its critical resistance points at 13281.60---13294---13365.50---13419---13611—13721---13640.

In view of the above observation long trade can be tried on decline at appropriate points or near 13150 but not below it or if it maintains above 13281.60 for some time. It seems that it has regained the up momentum again, but some technical indicators are also showing negative divergence since long which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted in the appropriate price range or on the price breakdown for taking advantage of the corrective move.

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

TRADING STRATEGY

1. Buy if it moves and maintain above 13281.60 for some time with a stop loss of 13240.

Or

Buy on decline near 13150 but not below it with a stop loss of 13130.

2. Sell on the rise near or within the range of 13370---13420with a stop loss of 13450. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends.

Or

Sell if it moves and maintains below 13130 for some time with a stop loss of 13170. It could be a highly risky trade but worth trying for intraday correction.

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 FOR—4.12.2020

 

CNX-NIFTY

 Open—13215.30--High—13216.60—Low—13107.90---Close-13133.90 on 3.12.2020.

Support:13075/13055.15/13048.63/13032/12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761.                                                                                                                                                       

Resistance:13145.85/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It opened with an up gap today at 13215.30 and made a new all time high of 13216.60 and finally closed with a small gain of 20.15 points, but the good thing is that it has filled the gap during the day. It still looks good for the up move but it is showing volatility which could be a bad sign for steady up movement, which may please be kept in mind. However it is well above its most critical and important points which are placed at 12890 & 12785 for 4.12.2020(figures can change every day). Its other key points are at 13116---13101.80---12819.85---12643.95---12430.5---11870.10(except for 12430.50 other figures can change), and it is above all the key points now which is also a positive sign. Please note that sustained break below 13116 & 13101.80 can push it into very short correction, sustained break below 12819.85 on the closing basis will push it into short term correction mode, sustained break below 12643.95 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11870.10 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still looking good for the up move to continue but certain technical indicators are showing distinct negative divergence despite positive close today, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days.  But the divergence is so strong as of now therefore it is likely to happen and in that case it can come down to 12690 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 13116---13101.80---13075---12963---12890---12819.85---12785---12730---12643.95---12590---12530---12430.50---12340---12245---12150---11968---11915---11857---11816.

Moving up its critical resistance points at 13145.85---13225---13242.50---13294---13365---13419---13611—13721---13640.

In view of the above observation for aggressive traders long trade can be tried on decline at appropriate points or near 12968 but not below it or if it maintains above 13145.85 for some time. It would be relatively safe for risk-averse traders not to try long trade below 13101.80 for the day. It seems that it has regained the up momentum again, but some technical indicators are also showing negative divergence since long which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted in appropriate condition or on the price breakdown for taking advantage of the corrective move.

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

TRADING STRATEGY

1. Buy if it moves and maintain above 13145.85 for some time with a stop loss of 13090.

Or

Buy on decline at appropriate points or near 12968 but not below it with a stop loss of 12930. It is for aggressive traders and could be a risky trade.

                                                            Or     

Buy on decline near 13101 but not below it with a stop loss of 13065. It is for safe traders but could be a risky trade.

2. Sell on the rise near or within the range of 13225---13250with a stop loss of 13280. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves and maintains below 13100 for some time with a stop loss of 13150. It could be a highly risky trade but worth trying for intraday correction.

Or

Sell if it moves and maintains below 12960 for some time with a stop loss of 13000. It could be a highly risky trade but worth trying for intraday correction.

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---4.12.2020

 

CNX--BANK NIFTY

Open-29728.90--High-29813--Low—29379.40—Close-29448.75 on 3.12.2020

Support:29435.05/29314/29156.25/29030.90/28923.10/28580.90/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29612.55/29784.75/30121.75/30197.85/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

It opened on a firm note and went further high but finally closed with a small loss of 14.40 points. Its benchmark point is 29314 and other key points are at 29816.25---29609---28643.75---27886.70---26874.60(figures can change). It is well above its benchmark point of 29314  but it is still below its  1^st & 2^nd key points  so it in into very short correction now and if it does not bounce back above these points at the earliest the down move may deepen, sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still o.k. but it has made lower top of 29919.75 on the bar chart which is slightly concerning therefore for the up move to continue it has to hold 29314 mark and eventually move above 29919.75 and sustain on the closing basis else it may correct. Furthermore certain technical indicators are also showing distinct negative divergence in it, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is still above majority of it but giving whip saw around few averages and also broken one or two, therefore it may take some more time to break the complete set of short term averages for divergence to happen in reality or it may fade out also with positive divergence in coming days. But the divergence is so strong as of now therefore it is likely to happen and in that case it can come down to 28278 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 29314---29030.90---28923---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at 29609---29816.25---29942---30197.85---30220---30649---30801---30899---30996---31649.

In view of the above observation safe traders should avoid long trade for the day and should try only once it closes above 29919.75, but aggressive traders can try long trade on decline at appropriate points or near 29196 but not below it or if it maintains above 29609 for some time. It is showing weakness for the last two days therefore long trade could be a risky affair. Since it has gotten into very short correction again and some technical indicators are also showing negative divergence which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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 at appropriate points or near 29196 but not below it with a stop loss of 29100.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 29609 for some time with a stop loss of 29480. It is for aggressive traders and could be a highly risky trade. 

2. Sell on the rise near or within the range of 29890—29950 with a stop loss of 30050. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29100 for some time with a stop loss of 29210. It could be a highly risky trade but worth trying for corrective move.

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---3.12.2020

 

CNX--BANK NIFTY

Open-29876.70--High-29886.25--Low--29149.90—Close-29463.15 on 2.12.2020

Support:29435.05/29314/29156.25/29030.90/28923.10/28580.90/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29612.55/29784.75/30121.75/30197.85/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

It opened on a firm note then exhibited good volatility and finally ended the day with a loss of 354.69 points, please note that volatility is not good for steady up movement and today’s fall showed good weakness, therefore be alert in long trade. Its benchmark point is 29314 and other key points are at 29816.25---29609---28643.75---27886.70---26874.60(figures can change). It is well above its benchmark point of 29314  but it has decisively broken its 1^st & 2^nd key points again so it has gotten into very short correction again and if it does not bounce back above these points at the earliest the down move may deepen, sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking o.k. for the up move to continue provided it holds 29314 mark but certain technical indicators are showing distinct negative divergence in it, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is still above it all but came very close to few averages and on the verge of breaking it, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days. The divergence is so strong as of now therefore it is likely to happen and in that case it can come down to 28278 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 29314---29030.90---28904---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at 29609---29816.25---29942---30197.85---30220---30649---30801---30899---30996---31649.

In view of the above observation safe traders should avoid long trade for the day and should try only if it closes above 29818, but aggressive traders can try long trade on decline at appropriate points or near 29196 but not below it or if it maintains above 29609 for some time. Please note that in light of today’s movement long trade seems risky for the day. Since it has gotten into very short correction again and some technical indicators are also showing negative divergence which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the 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 at appropriate points or near 29196 but not below it with a stop loss of 29100.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 29609 for some time with a stop loss of 29450. It is for aggressive traders and could be a highly risky trade. 

2. Sell on the rise near or within the range of 29890—29950 with a stop loss of 30050. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29100 for some time with a stop loss of 29210. It could be a highly risky trade but worth trying for corrective move.

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.