A TECHNICAL VIEW ON CNX-NIFTY FOR—17.12.2020

 

CNX-NIFTY

 Open—13663.10--High—13692.35—Low—13606.45---Close-13682.70 on 16.12.2020.

Support:13650/13611/13549/13435.45/13418/13399.30/13242/13145.85/12963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance:  13721/13768/14034/14170/14296/14310.

 (Bold and underlined figures are most important)

It opened with an up gap and went further high and made new all time high of 13692.35 and finally closed with a big gain of 114.85 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in next 3-4 days, which is technically possible then it can come down to 13589.65. But it is well above its most critical and important points which are placed at 13373--12905 & 12790 for 17.12.2020(figures can change every day) and also well above other key points which are at 13479.49---13465.24---13183.32---13007.44---12430.5---12233.58(except for 12430.50 other figures can change) which is a positive sign for the up move to continue. Please note that sustained break below 13479.49 & 13465.24 can push it into very short correction, sustained break below 13183.32 on the closing basis will push it into short term correction mode, sustained break below 13007.44 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 12233.58 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. It is important to mention here that sustained break below its most critical and important points of 13373---12905 & 12790 on the closing basis could be an indication of a big fall ahead.

The overall technical setup is looking strong for the up move to continue, the negative divergence has faded out again which is a positive sign. But since it is approaching the first possible topping out target point of 13768 therefore one should be careful in long trade at this point of time. The overall bias as of now is on the upside.  

It is important to mention here that there is possibility that it could top out for now anywhere in the range of 13611---13768 and then correct but if it moves above 13768 and sustain on the closing basis then the next possible strong top out range could be 14034---14170---14310 which may please be noted. It is therefore suggested to be extra careful in the long trade for the time being.

Moving down its critical support points at 13650---13611---13548.90---13478.30---13407.02---13399.30---13392.83---13289---13193---13163---13098.71---13061.54---12980---12935---12809---12790---12730---12709.05---12607.70---12566---12430.50.---12323.15---12161.11.

Moving up its critical resistance points at 13721—13768---13791---14034---14170---14310.

In view of the above observation, it is suggested to try long trade if it moves and maintains above 13693 for some time or can buy on decline but not below 13478. It is in strong up momentum therefore short trade in general should be avoided, but keeping the possible top out range in mind short trade can be attempted on the rise at the appropriate price range or on the price breakdown for taking advantage of the intraday corrective move. I would once again reiterate that one should be extremely cautious and careful in the long trade at this point of time. 

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 13693 for some time with a stop loss of 13640.

Or

Buy on decline at appropriate point or near 13478 but not below it with a stop loss of 13440. It could be a risky trade

2. Sell on the rise near or within the range of 13750---13770 with a stop loss of 13800. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends, but can be carried forward if the trade is in substantial profit else not.

Or

Sell if it moves and maintains below 13440 for some time with a stop loss of 13490. 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---17.12.2020

 

CNX--BANK NIFTY

Open-30920.35--High-30932.25--Low—30587.10—Close-30698.40 on 16.12.2020

Support:30649/30416/30362/30281/30197.85/29919.75/29784.75/29612.55/29314/29149.90/29030.90/28923.10/28580.90/28525.45/27703.30/27589/27164/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:30801/30899/30932.25/30996/31649.45/31660.75/31783/32157/32613.10.

(Bold and underlined figures are most important)

It had an up day today and it closed with a meager gain of 7.35 points. But it is well above its benchmark point of 29314 and also above its other key points which are placed at 30511.62—30458.09---30377.33---30170.22---29204.84---28447.80---27435.67(figures can change), which is a positive sign for the up move to continue. Please note that sustained break below 30511.62 & 30458.09 can push it into very short correction and break below 30377.33 & 30170.22 will increase the intensity of it but it may be short lived, sustained break below 29204.84 on the closing basis will push it into real short term correction mode which can last for few days, sustained break below 28447.80 will push it into medium term correction mode which can last even longer and most importantly sustained break below 27435.67 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 looking good for the up move to continue, but the negative divergence is still there which is slightly concerning therefore it has to be seen whether it fades out or not in coming days, so be alert in the long trade henceforth. The overall bias as of now is on the upside. 

Moving down its critical support points at 30649---30511.62---30458.09---13399---30377.93---30251---30197.85—30170.20---29927---29884---29784.75---29644---29542---29314---29204.84---287447.80---27435.67.

Moving up its critical resistance points at 30846—30932.25---30986---31039---31181----31660---31786—32157—32361---32613.10---32763.

In view of the above observation, for safe traders it is suggested to try long trade if it moves and maintain above 30750 for some time or can buy on decline but not below 30691. However aggressive traders can buy if it maintain above 30750 for some time or on decline near 30510 but not below it. Please note that buying below 30691 could be a risky trade for the day mind you. It is in good up momentum therefore short trade in general should be avoided, but it can be attempted on the rise at the appropriate price range or on the price breakdown for taking advantage of the intraday corrective move. I would suggest that one should be extremely cautious and careful in the long trade at this point of time. 

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 30750 for some time with a stop loss of 30680.

Or

Buy on decline near 30691 but not below it with a stop loss of 30630. It is for safe traders but it could be a risky trade.

Or

Buy on decline at appropriate points or near 30510 but not below it with a stop loss of 30460. It is for aggressive traders, it could be a risky trade.

2. Sell on the rise near or within the range of 31100---31200 with a stop loss of 31275. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends, but can be carried forward if the trade is in substantial profit else not.

Or

Sell near if it does not move above 30933 even in intraday trade for first one and half hour of trade with a stop loss of 31000. It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 30460 for some time with a stop loss of 30520. 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---16.12.2020

 

CNX--BANK NIFTY

Open-30805.40--High-30805.85--Low—30345.75—Close-30691.05 on 15.12.2020

Support:30649/30416/30362/30281/30197.85/29919.75/29784.75/29612.55/29314/29149.90/29030.90/28923.10/28580.90/28525.45/27703.30/27589/27164/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:/30801/30845.80/30899/30996/31649.45/31660.75/31783/32157/32613.10.

(Bold and underlined figures are most important)

After a lot of movement on the both side during the day, it finally closed with a meager loss of 54.85 points. But it is well above its benchmark point of 29314 and also above its other key points which are placed at 30445.57—30392---30311.28---30104.17---29138.79---28381.75---27369.63(figures can change), which is a positive sign for the up move to continue. Please note that sustained break below 30445.57 & 30392 can push it into very short correction and break below 30311.28 & 30104.17 will increase the intensity of it but it may be short lived, sustained break below 29138.79 on the closing basis will push it into real short term correction mode which can last for few days, sustained break below 28381.75 will push it into medium term correction mode which can last even longer and most importantly sustained break below 27369.63 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 looking good for the up move to continue, but the negative divergence is still there which is slightly concerning therefore it has to be seen whether it fades out or not in coming days. Furthermore certain other technical indicators are also pointing that it may reasonably correct in coming days, so be watchful.  But the overall bias as of now is on the upside. 

Moving down its critical support points at 30649---30510.35---30445.57---303392---30311.28---30202.10---30197.85—30104.17---29980---29884---29784.75---29644---29542---29314.

Moving up its critical resistance points at 30846—30986---31039---31181----31660---31786—32157—32361---32613.10---32763.

In view of the above observation, for safe traders it is suggested to try long trade if it moves and maintain above 30850 for some time or can buy on decline but not below 30510. However aggressive traders can buy if it maintain above 30750 for some time or on decline up to 30445 but not below it. Please note that buying below 30510 could be a risky trade for the day mind you. It is in good up momentum therefore short trade in general should be avoided, but it can be attempted on the rise at the appropriate price range or on the price breakdown for taking advantage of the intraday corrective move. I would suggest that one should be extremely cautious and careful in the long trade at this point of time. 

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 30850 for some time with a stop loss of 30780. It is for the safe traders.

Or

Buy if it moves and maintain above 30750 for some time with a stop loss of 30680. It is for the aggressive traders.

Or

Buy on decline near 30510 but not below it with a stop loss of 30400. It is for safe traders.

Or

Buy on decline at appropriate points or near 30445 but not below it with a stop loss of 30380. It is for aggressive traders.

2. Sell on the rise near or within the range of 31100---31200 with a stop loss of 31275. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends, but can be carried forward if the trade is in substantial profit else not.

Or

Sell near if it does not move above 30850 even in intraday trade for first one and half hour of trade with a stop loss of 30910. It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 30510 for some time with a stop loss of 30600. It could be a highly risky trade but worth trying for intraday correction.

Or

Sell if it moves and maintains below 30380 for some time with a stop loss of 30460. 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—16.12.2020

 

CNX-NIFTY

 Open—13547.20--High—13589.65—Low—13447.05---Close-13567.85 on 15.12.2020.

Support:13549/13435.45/13418/13399.30/13242/13145.85/12963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance:  13597.50/13611/13650/13721/13768/14034/14170/14296/14310.

 (Bold and underlined figures are most important)

 After a lot of movement on the both side during the day, it finally closed with a meager gain of 9.70 points. But it is well above its most critical and important points which are placed at 13370--12905 & 12790 for 16.12.2020(figures can change every day) and also above other key points which are at 13407.02---13392.83---13110.86---12934.98---12430.5---12161.11(except for 12430.50 other figures can change) which is a positive sign for the up move to continue. Please note that sustained break below 13407.02 & 13392.83 can push it into very short correction, sustained break below 13110.86 on the closing basis will push it into short term correction mode, sustained break below 12934.98 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 12161.11 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. It is important to mention here that sustained break below its most critical and important points of 13370--12905 & 12790 on the closing basis could be an indication of a big fall ahead.

The overall technical setup is looking strong for the up move to continue, but negative divergence has surfaced again on the daily chart therefore it has to be seen whether it will fade out or not in coming days, so it is slightly concerning. Furthermore certain other technical indicators are also pointing that it may reasonably correct in coming days, so be watchful.  But the overall bias as of now is on the upside.  

It is important to mention here that there is possibility that it could top out for now anywhere in the range of 13611---13768 and then correct but if it moves above 13768 and sustain on the closing basis then the next possible strong top out range could be 14034---14170---14310 which may please be noted. It is therefore suggested to be extra careful in the long trade for the time being.

Moving down its critical support points at 13548.90---13478.30---13407.02---13399.30---13392.83---13289---13193---13163---13098.71---13061.54---12980---12935---12809---12790---12730---12709.05---12607.70---12566---12430.50.---12323.15---12161.11.

Moving up its critical resistance points at 13598---13611—13650---13721—13768---13791---14034---14170---14310.

In view of the above observation, for safe traders it is suggested to try long trade if it moves and maintains above 13598 for some time or can buy on decline but not below 13478. However aggressive traders can buy now or on decline up to 13407 but not below it. Please note that buying below 13478 could be a risky trade for the day mind you. It is in strong up momentum therefore short trade in general should be avoided, but keeping the possible top out range in mind short trade can be attempted on the rise at the appropriate price range or on the price breakdown for taking advantage of the intraday corrective move. I would once again reiterate that one should be extremely cautious and careful in the long trade at this point of time. 

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 13598 for some time with a stop loss of 13550.

Or

Buy on decline near 13478 but not below it with a stop loss of 13440. It could be a risky trade

Or

Buy on decline at appropriate points or near 13407 but not below it with a stop loss of 13380.It is for aggressive traders. It could be a risky trade.

2. Sell on the rise near or within the range of 13650---13680 with a stop loss of 13710. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends, but can be carried forward if the trade is in substantial profit else not.

Or

Sell near if it does not move above 13598 even in intraday trade for first hour of trade with a stop loss of 13620. It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 13380 for some time with a stop loss of 13415. 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---15.12.2020

 

CNX--BANK NIFTY

Open-30735.15--High-30845.80--Low—30624.25—Close-30745.90 on 14.12.2020

Support:30649/30416/30362/30281/30197.85/29919.75/29784.75/29612.55/29314/29149.90/29030.90/28923.10/28580.90/28525.45/27703.30/27589/27164/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:/30801/30845.80/30899/30996/31649.45/31660.75/31783/32157/32613.10.

(Bold and underlined figures are most important)

It moved up today also and closed with a gain of 141.05points. It is well above its benchmark point of 29314 and also above its other key points which are placed at 30445.57—30392---30311.28---30104.17---29138.79---28381.75---27369.63(figures can change), which is a positive sign for the up move to continue. Please note that sustained break below 30445.57 & 30392 can push it into very short correction and break below 30311.28 & 30104.17 will increase the intensity of it but it may be short lived, sustained break below 29138.79 on the closing basis will push it into real short term correction mode which can last for few days, sustained break below 28381.75 will push it into medium term correction mode which can last even longer and most importantly sustained break below 27369.63 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 looking good for the up move to continue, but the negative divergence is still there which is slightly concerning therefore it has to be seen whether it fades out or not in coming days. So watch out. But it moved up and crossed its recent top of    30709.40 on the line chart on the closing basis, which is a positive sign.  The bias is on the upside as of now. 

Moving down its critical support points at 30649---30510.35---30445.57---303392---30311.28---30202.10---30197.85—30104.17---29980---29884---29784.75---29644---29542---29314.

Moving up its critical resistance points at 30846—30986---31039---31181----31660---31786—32157—32361---32613.10---32763.

In view of the above observation, for safe traders it is suggested to try long trade if it moves and maintain above 30850 for some time or can buy on decline but not below 30510. However aggressive traders can buy now or on decline up to 30445 but not below it. Please note that buying below 30510 could be a risky trade for the day mind you. It is in good up momentum therefore short trade in general should be avoided, but it can be attempted on the rise at the appropriate price range or on the price breakdown for taking advantage of the intraday corrective move. I would suggest that one should be extremely cautious and careful in the long trade at this point of time. 

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 30850 for some time with a stop loss of 30790.

Or

Buy on decline near 30510 but not below it with a stop loss of 30460. It is for safe traders.

Or

Buy on decline at appropriate points or near 30445 but not below it with a stop loss of 30380. It is for aggressive traders.

2. Sell on the rise near or within the range of 31100---31200 with a stop loss of 31275. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends, but can be carried forward if the trade is in substantial profit else not.

Or

Sell near if it does not move above 30850 even in intraday trade for first one and half hour of trade with a stop loss of 30910. It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 30510 for some time with a stop loss of 30630. It could be a highly risky trade but worth trying for intraday correction.

Or

Sell if it moves and maintains below 30380 for some time with a stop loss of 30460. 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.