A TECHNICAL VIEW ON CNX--BANK NIFTY FOR---21.1.2021

 

CNX--BANK NIFTY

Open-32388.75--High-32607.45--Low—32322.90—Close-32543.70 on 20.1.2021

Support:32465.45/32298.05/32272/31725.85/31660.75/31649.45/31510.25/31297.30/31264.05/30945.20/30893.65/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:32613.10/32718.95/33043/33327/33681.

(Bold and underlined figures are most important)

As it closed above its important and critical points of 32465.45 & 32505 therefore it seems that the down correction is over and if it holds the 32465.45 level then the up move will continue. It is way above its benchmark point of 29314. Its other key points are placed at 32288—31835.79----30570---29813---28801.71(figures can change) It is well above all the key points which is a positive sign. But if it break 32288 & 31835 again then it will slip into very short term correction and this time it could be severe, sustained break below 30570 on the closing basis will push it into real short term correction mode, sustained break below 29813 will push it into medium term correction mode and most importantly sustained break below 28801.71 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. The correction seems to be over as it has closed above its important and critical points of 32465.45 & 32505 and if it sustains above these points on the closing basis then it is likely to cross its previous all-time high of 32613.10 and once it starts sustaining above it on the closing basis then it may head for a big rise, which may please be noted. It is important to mention here that if it closes below 32381.70 on 21-1-2021 and sustain below it then also it can slip into short correction again. The important range for the day would be between 32381.70---32465.45---32613.10---32719---33010. The long term bias is up as of now.

Moving down its critical support points at 32505---32465.45--32381.70---32288—32272---31835.79---31725.85---31510.25---30945.20---30893.65---30570---30197.85---29813---29314---28800.71.

Moving up its critical resistance points at 32613.10---32719---33010---33043---33126---33379---33681---34130---34323---34447---35440---36175---37700.

In view of the above observation for safe traders long trade can be tried if it maintain above 32505 for some time but it would be safe to try long trade once it closes above 32575, avoid buy on decline for the day. However, aggressive traders can try long trade on decline but not below 32381 or if it sustain above 32505 for some time. Since correction seems to be over therefore short trade in general should be avoided but can be attempted after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down 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 if it maintains above 32505 for some time with a stop loss of 32410.

  Or

Buy on decline at appropriate points or near 32381 but not below it with a stop loss of 32270.It is for aggressive traders and could be a risky trade.             

2. Sell if it moves and maintains below 32270 for some time with a stop loss of 32390.It could be a risky trade but worth trying.

                                                            Or       

Sell on the rise near or within the range of 32850---33050 with a stop loss of 33120.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 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—20.1.2021

 

CNX-NIFTY

 Open—14371.65 --High—14546.05—Low—14350.85---Close-14521.15 on 19.1.2021.

Support:14310/14222.80/14177/14046/14024.85/13996/13981.75/13945/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.45/12919.88/12790.40/12730.25/12607.70/12430.50.                                                                                                                                                           

Resistance: 14546.05/14568/14602/14653.35/14840/14890/15022/15471/15868.  

 (Bold and underlined figures are most important)

It bounced back sharply today which is good sign but it should be watched for one or two days more to get confirmation that the correction is over. Its most critical points for the year 2021 are 14024.85 & 13981.75 and as long as it holds these points the uptrend will be intact but sustained break below these points on the closing basis could be a potential indication that it could slip into long term correction mode. Its other key points are at 14294.18---14199.50---13917.53---13741.65---12967.78---12430.50(except for 12430.50 other figures can change). If bounced back vehemently today above its first key point of 14294.18 and critical point of 14310 which is an extremely positive sign for the continuation of the up move. But if it break 14294.18 & 14199.50 again then it will slip into very short term correction and time it could be severe, sustained break below 13917.53 on the closing basis will push it into deep real short term correction mode, sustained break below 13741.65 will push it into medium term correction mode which can last longer and most importantly sustained break below 12967.78 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

The overall technical setup is looking good. It was in down correction for the last two days but robustly moved up today and bounced back above its key point and short term moving averages also which is positive sign therefore it seems that the correction may be over but it will get confirmed only once it closes above 14568 and sustain else there is a possibility that it may move down again. Please note that sustained close above 14568 could take it near to its all-time high level of 14653.35 again or beyond also. Once it happens then it is still likely to top out in the range of 14840---14890---14960---15022---15471 or earlier also in coming days, which may please be noted. It is important to mention here that if it does not cross 14568 intraday and closes below 14469 on 20-1-2021 and sustain below it then also it can slip into correction again therefore the important range for the day would be between 14568---14469 breakout on the either side will decide the further direction, which may please be noted. The long term bias is up as of now.

Moving down its critical support points at 14469---14310---14294.18---14199.50---14024.85---13917---13777.50---13741.65---13693.

Moving up its critical resistance points at 14568---14654---14840---14940---15022---15471---15868.

In view of the above observation for safe traders long trade can only be tried once it closes above 14595.60 and sustain avoid buy on decline for the day. However, aggressive traders can try long trade on decline but not below 14281 or if it moves and sustain above 14568 for some time. Please note that buying on decline for the day could be a risky affair. Since the correction seems to be over but confirmation of it is yet to happen, therefore short trade can also be attempted after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down 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 if it moves and maintains above 14568 for some time with a stop loss of 14520. It is for aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 14281 but not below it with a stop loss of 14250.It is for aggressive traders and could be a highly risky trade.

2. Sell if it does not move above 14568 levels for the first one and half hour of trade with a stop loss of 14580.It could be a risky trade but worth trying.

Or

Sell if it maintains below 14469 for some time with a stop loss of 14530.It could be a risky trade but worth trying.

Or

Sell if it maintains below 14281 for some time with a stop loss of 14330.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 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---20.1.2021

 

CNX--BANK NIFTY

Open-32082.90--High-32464.95--Low—31863.95—Close-32424.85 on 19.1.2021

Support:32298.05/32272/31725.85/31660.75/31649.45/31510.25/31297.30/31264.05/30945.20/30893.65/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:32465.45/32613.10/32718.95/33043/33327/33681.

(Bold and underlined figures are most important)

It bounced back sharply today which is good sign but it should be watched for one or two days more to get confirmation that the correction is over. It is way above its benchmark point of 29314. Its other key points are placed at 32288—31835.79----30570---29813---28801.71(figures can change) It bounced back above all the key points today which is a positive sign. But if it break 32288 & 31835 again then it will slip into very short term correction and this time it could be severe , sustained break below 30570 on the closing basis will push it into real short term correction mode, sustained break below 29813 will push it into medium term correction mode and most importantly sustained break below 28801.71 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. It was in down correction for the last three days but robustly moved up today and bounced back above its short term moving averages also which is a positive sign therefore it seems that the correction may be over but it will get confirmed only once it closes above 32505 and sustain else there is a possibility that it may move down again. Please note that sustained close above 32505 could take it near to its all-time high level of 32718.95 again or beyond also, but on the way up it will face major hurdle at 32613.10.However once it closes above its critical point of 32465.45 and sustain on the closing basis then the possibility is that it would clear the critical resistance point of 32505 & 32613.10 also.  Please also note that if it starts sustain above 32613.10 on the closing basis then it may seek much higher levels in the coming days, which may please be noted. It is important to mention here that if it does not cross 32505 intraday and closes below 32272 on 20-1-2021 and sustain below it then it can slip into correction again therefore the important range for the day would be between 32505---32272 breakout on the either side will give the further direction, which may please be noted. The long term bias is up as of now.

Moving down its critical support points at 32288—32272---31835.79---31725.85---31510.25---30945.20---30893.65---30570---30197.85---29813---29314---28800.71.

Moving up its critical resistance points at 32465.45---32613.10---32718.95---33043---33327---33681---34130---34323---35440---37700.

In view of the above observation for safe traders long trade can only be tried if it moves and maintain above 32575 on the closing basis, avoid buy on decline for the day. However, aggressive traders can try long trade on decline but not below 32272 or if it moves and sustain above 32465.45 for some time. Since the correction seems to be over but confirmation of it is yet to happen, therefore short trade can also be attempted after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down 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 if it moves and maintains above 32465.45 for some time with a stop loss of 32370. It is for aggressive traders and could be a risky trade.      

  Or

Buy on decline at appropriate points or near 32272 but not below it with a stop loss of 32200.It is for aggressive traders and could be a risky trade.             

2. Sell if it moves and maintains below 32200 for some time with a stop loss of 32300.It could be a risky trade but worth trying.

                                                            Or       

Sell if it does not move above 32465.45 for the  first one and half hour of trade with a stop loss of 32540.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 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---19.1.2021

 

CNX--BANK NIFTY

Open-32275.15--High-32441.50--Low—31650.90—Close-31811.75 on 18.1.2021

Support:31725.85/31660.75/31649.45/31510.25/31297.30/31264.05/30945.20/30893.65/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:32298.05/32465.45/32613.10/32718.95/33043/33327/33681.

(Bold and underlined figures are most important)

As it failed to close above its previous all-time high of 32613.10 therefore as envisaged it corrected sharply which is a weak sign. It is way above its benchmark point of 29314. Its other key points are placed at 32288—31835.79----30570---29813---28801.71(figures can change) but it is below its first two key points of 32288 & 31835.79 therefore it has slipped into very short term correction mode which can last for 3-4 days, sustained break below 30570 on the closing basis will push it into real short term correction mode which can last slightly longer, sustained break below 29813 will push it into medium term correction mode which can last even longer and most importantly sustained break below 28801.71 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 technical setup is still looking o.k. but it has broken its certain short term moving averages, furthermore negative divergence has also surfaced and most importantly it has broken its recent bottom on the line chart and all this has happened after a long time which makes it even weaker. Please note that if it does not bounce back above its averages shortly then negative divergence can come into play and correction could deepen and it can seek much lower levels in coming days, which may please be noted. As it has broken its first two key points, so it has already slipped into very short term correction mode and last three days fall gives an indication that if it does not bounce back sharply in next 3-4 trading session then down move is sure to accelerate. Please note that its most critical points for the year 2021 are 32613.10—32465.45 & 31264.05 and it is way below its first two points therefore last hope is 31264.05 levels if it break this mark and sustain on the closing basis then it will be an indication that could slip into deep correction which may last longer. Since the correction is on therefore it is suggested to be careful and cautious in the long trade but it would be better if it is avoided till the correction completion looks visible. Please note that it can stage a pullback only if it closes and sustain above 31902 as of now, else down move will continue.

Moving down its critical support points at 31725.85---31510.25---30945.20---30893.65---30570---30197.85---29813---29314---28800.71.

Moving up its critical resistance points at 31835.79---31998---32288---32465.45---32613.10---32718.95---33043---33327---33681---34130---34323---35440---37700.

In view of the above observation for safe traders long trade should be avoided till clarity on correction completion emerges. However, aggressive traders can try long trade on decline at appropriate points but not below 31264 or if it moves and sustain above 31902 for some time for taking advantage of the possible pullback rally. In this context please note that pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware so be extra careful in the long trade. It is advised to avoid long trade for now.  Since it gotten into correction mode therefore short trade should be attempted on the rise or on the price breakdown for taking advantage of the down 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 maintains above 31902 for some time with a stop loss of 31800. It is for aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 31264 but not below it with a stop loss of 31160.It is for aggressive traders and could be a risky trade.             

                                      

2. Sell if it moves and maintains below 31725 for some time with a stop loss of 31815.It could be a risky trade but worth trying.

                                                            Or       

Sell on the rise near or within the range of 32300---32450 with a stop loss of 32550.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 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—19.1.2021

 

CNX-NIFTY

 Open—14453.30 --High—14459.15—Low—14222.80---Close-14281.30 on 18.1.2021.

Support:14222.80/14177/14046/14024.85/13996/13981.75/13945/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.45/12919.88/12790.40/12730.25/12607.70/12430.50.                                                                                                                                                           

Resistance: 14310/14551/14602/14653.35/14840/14890/15022/15471/15868.       

 (Bold and underlined figures are most important)

It corrected for the 2^nd consecutive day and if it does not bounce back sharply in next 2-3 days then correction may deepen in coming days. Its most critical points for the year 2021 are 14024.85 & 13981.75 and as long as it holds these points the uptrend will be intact but sustained break below these points on the closing basis could be a potential indication that it could slip into long term correction mode. Its other key points are at 14294.18---14199.50---13917.53---13741.65---12967.78---12430.50(except for 12430.50 other figures can change). Today it has broken its first key point of 14294.18 and if it sustain below it on the closing basis then it will signify that it has gotten into very short correction and break below 14199.50 will accelerate the down move further and it can last 4-5 days or more, sustained break below 13917.53 on the closing basis will push it into deep real short term correction mode which can last slightly longer, sustained break below 13741.65 will push it into medium term correction mode which can last even longer and most importantly sustained break below 12967.78 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted. It is important to mention here that it has closed below its recent important point of 14310 today and if it sustains below it on the closing basis then it can come down to 13768 levels or below which may please be noted.

The overall technical setup is still looking o.k. but it has broken its certain short term moving averages after a long time, furthermore negative divergence has also surfaced after a long time and it can come into play if it remains below the short term averages, therefore if it does not bounce back above the short term averages then down move is certain to deepen and it can seek much lower levels in coming days, which may please be noted. Please note that last two days fall gave an indication and there is a strong possibility that either it has already made a top at 14653.35 for now and if not then most likely to make the top in the range of 14655---14840---14960---15022 or earlier also in coming days. Since the correction is on therefore it is suggested to be careful and cautious in the long trade but it would be better if it is avoided till the correction completion looks visible. Please note that it can stage a pullback only if it closes and sustain above 14324.50 as of now, else correction will continue.

Moving down its critical support points at 14199.50---14024.85---13917---13777.50---13741.65---13693.

Moving up its critical resistance points at 14294.18---14310---14654---14840---14940---15022---15471---15868.

In view of the above observation for safe traders long trade should be avoided till clarity on correction completion emerges. However, aggressive traders can try long trade on decline but not below 14137 or if it moves and sustain above 14324.50 for some time for taking advantage of the possible pullback rally. In this context please note that pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware so be extra careful in the long trade. It is advised to avoid long trade now.  Since it gotten into correction mode therefore short trade should be attempted on the rise or on the price breakdown for taking advantage of the down 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 maintains above 14324.50 for some time with a stop loss of 14270.It is for aggressive traders and could be a highly risky trade.

Or

Buy on decline near 14137 but not below it with a stop loss of 14100.It is for aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 14375---14428 with a stop loss of 14460.It could be a risky trade but worth trying.

Or

Sell if it maintains below 14310 for some time with a stop loss of 14365.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 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.