A TECHNICAL VIEW ON CNX--BANK NIFTY FOR--22.2.2021

 

CNX--BANK NIFTY

Open-36371.55--High-36656.20--Low—35584.60—Close-35841.60 on 19.2.2021

Support:35815.75/35584.60/35428.15/32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70

Resistance: 35884/36086/36397/36615.20/36647/36897/37170/37284/37708.25/38286/38520.

(Bold and underlined figures are most important)

Further to my last post for 10.2.2021 as anticipated finally it is correcting for the last four days. Please note that its critical and most important points for the year 2021 are 32613.10---32465.45---31297.30 & 31264.05 and it is well above these points now and as long as it hold these points on the closing basis uptrend will remain intact. Its other key points are placed at 37170---35815.75---35648---33625---32612.92(figures can change) It is well below its first key point and shade above its second key point therefore it is in very short correction mode now but if it sustain above 35815.75 and moves above 36086 and sustain on the closing basis that would indicate that the correction may be over and sustained close above 36086 may give a relief rally.  Please note that sustained close below 35815.75 & 35648 on the closing basis can make this correction last longer which can last for 5-8 days or may be more, sustained break below, sustained break below 33625 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 32612.92 on the closing basis can push it into long term correction mode and can potentially threaten the uptrend also, which may please be noted.  

It is in correction mode now but the overall long term technical setup is still good and if it sustain above 35815.75 and moves above 36086 and sustain on the closing basis then the ongoing correction may take a break or may be over and it could give a relief rally and if it moves above 37284 and sustain on the closing basis then it can resume the up move again else the correction may continue for some time. The long term bias is still positive as of now. 

Moving down its critical support points at -35815.75---35648----34812----34644---34556---34373---34018.

Moving up its critical resistance points at 35884---36086---36397---36615.20---36897----37100---37284---37708.75---38286---38520---38914---39021---41145---42808.

In view of the above observation long trade can be tried for a possible pullback move at this point of time but with extreme caution because it is in correction mode now. Traders can try long trade if it moves and maintain above 36086 for some time or can buy on decline near 35648 but not below it. Please note that buying above 36086 could be relatively a safe option. Since it is in correction mode now short trade can also be tried after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down correction or otherwise but with extreme alertness and caution because the long term technical setup is still good as of now.

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 36086 for some time with a stop loss of 35870.It could be a risky trade.

Or

Buy on decline near but not below 35648 with a stop loss of 35550.

2. Sell if it maintains below 35584 for some time with a stop loss of 35820. It could be a risky trade but worth trying for intraday correction.

Or

Sell on the rise near or within the range of 36450---36550 with a stop loss of 36670.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—22.2.2021

 

CNX-NIFTY

 Open—15074.80--High—15144.05—Low—14898.20---Close-14981.75 on 19.2.2021.

Support:14977.20/14753.55/14653.35/14222.80/13953.75/13777.50/13596.75/13399.30/13145.85/13131.45.    

Resistance: 15024/15069/15102/15165/15228/15305/15325/15431.75/15471.       

 (Bold and underlined figures are most important)

Further to my last post for 10.2.2021 please note that the most important and critical point moving up was 15471 but it could not cross it and it made a high of 15431.75 on 16.2.2021 and started correcting and it is down for the fourth straight day today. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and it is way above these points now and as long as it holds these points on the closing basis uptrend will remain intact. Its other key points are at 15324.50---14998.70---14888.80---14336.34---13562.48---12430.50(except for 12430.50 other figures can change). It is well below its first key point and shade below its second key point therefore it is in short correction mode now but if moves above 14998.70 and sustain on the closing basis that would indicate that the correction may be over and sustained close above 15025 may give a relief rally.  Please note that sustained close below 14998.70 & 14888.80 on the closing basis  can make this correction last longer which can last for 5-8 days or may be more, sustained break  below 14336.34 on the closing basis will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13562.48 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

As anticipated (see my post for 10.2.2021) finally it is in correction mode now but the overall long term technical setup is still good and if it move above 14998.70& 15025 and sustain on the closing basis then the ongoing correction may take a break or may be over and it could give a relief rally and if it moves above 15196 & 15325 and sustain on the closing basis then it can resume the up move again else the correction may continue for some time. It is important to mention here that once it moves above 15471 and sustain on the closing basis then it will open up a big upside for it, therefore 15471 will be a tough resistance point moving up for it which may please be noted. The long term bias is positive as of now. 

Moving down its critical support points at 14888.80---14803---14730.78---14696---14553---14514---14336.37---14297---14241---14024.85---13996.11---13981.75.

Moving up its critical resistance points at 15025---15069---15102---15165---15195---15228---15325---15431.75---15471---15868---15941---16625.

In view of the above observation long trade can be tried for a possible pullback move at this point of time but with extreme caution because it is in correction mode now. Traders can try long trade if it moves and maintain above 15069 for some time or can buy on decline near 14898 but not below it. Since it is in correction mode now short trade can also be tried after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down correction or otherwise but with extreme alertness and caution because the long term technical setup is good as of now.

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 sustain above 15069 levels for some time with a stop loss of 15015.It could be a risky trade.

Or

Buy on decline near but not below 14898 with a stop loss of 14860.It could be a risky trade.

2. Sell on the rise near or within the range of 15175--15195 with a stop loss of 15230. It could be a risky trade but worth trying for intraday correction.

Or

Sell if it moves and sustain below 14898 for some time with a stop loss of 15070. It could be a 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---10.2.2021

 

CNX--BANK NIFTY

Open-36073.85--High-36466.45--Low—35872.25—Close-35983.65 on 9.2.2021

Support:35545/35413/35079/34792/34447/34130/34048/33700/33506/33379/33127/33010/32842.30/32613.10/32465.45/31725.85/31650.90/31510.25/31297.30/31264.05.

Resistance: 36175/36615.20/37100/37315/37946/38915/40855/42808/43051/59305.

(Bold and underlined figures are most important)

It continued the up move for the last 9 days which indicates huge strength in it for the up move to continue but at the same time the straight rise of this magnitude makes it vulnerable for correction also. Furthermore for the last 2 days it has not been able to cross its recent top of 36615.15 made on 5.2.2021 which indicate some fatigue at the higher levels at this point of time, therefore the chances of correction looks very imminent. Please note that its key points for the year 2021 are 31265.05---31297.30---32465.45 & 32613.10 and it is well above these points and as long as it hold these points on the closing basis uptrend will remain intact. Its other key points are placed at 34980---34812---32789---31777(figures can change) It is well above it’s all the key points also which is a positive sign. Please note that sustained break below 34980 & 34812 on the closing basis can push it into short term correction mode which can last for 4-7 days or may be more but if it corrects and does not break the aforesaid points on the closing basis then that corrective move may end in 2-3 days also,  sustained break below 32789 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 31777 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 continued its unabated up move today also which shows huge strength in it but since it has been vertically moving up without a pause for the last 9 days therefore vulnerability of downward correction is also increasing with each passing straight rise day, please note that vertical rise may have vertical fall too therefore in between down correction is good and needed for steady up move and it is not happening here which is slightly concerning.  Therefore be alert in long trade because it could correct any time soon but as long as it holds the points mentioned in the above paragraph there is no threat to the long term uptrend. The technical setup is strong for the up move to continue but off course with intermittent down correction. Going up it will face stiff resistance at 36175---36615.20---37100---37315---37946---38915---40855---42808 levels and it may correct from any of these points also, but the overall technical setup is strong as of now. The long term bias is hugely positive as of now. 

Moving down its critical support points at -35545---35413---34980----34812----34447---34130---33583---33305---32842---32613.10---32465.45---32451.55----32283.75---31725.85---31650.90---31510.25---31297.30---31264.05---30945.20---30893.65---30345---30260.81---30197.85---29314---29248.68.

Moving up its critical resistance points at 36175---36478---36615----37100---37315---37946---38915---40855---42808.

In view of the above observation long trade can be tried but with extreme caution now because it looks highly vulnerable for a corrective move at this point of time. Traders can try long trade if it  maintains  above 36080 for some time but it could be a risky trade for the day or can buy on decline at appropriate points or near 34980 but not below it. Since it is in strong up move therefore short trade in general should be avoided but it can be tried after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down correction or otherwise but with extreme alertness and caution because the long term technical setup is very strong as of now.

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 36080 for some time with a stop loss of 35940.It could be a risky trade.

Or

Buy on decline near but not below 34980 with a stop loss of 34780.

2. Sell if it maintains below 36056 for some time with a stop loss of 36200. It could be a risky trade but worth trying for intraday correction.

Or

Sell on the rise near or within the range of 36500---36600 with a stop loss of 36670.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—10.2.2021

 

CNX-NIFTY

 Open—15164.15--High—15257.10—Low—15064.30---Close-15109.30 on 9.2.2021.

Support:15069/15022.20/14920/14890/14823/14753.55/14653.35/14222.80/14046/14024.85/13996.11/13981.75/13818.20/13777.50/13721/13713.25/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.45/12919.88/12790.40/12730.25/12607.70/12430.50.                                                                                                                                                           

Resistance:15195.50/15257/15350/15471/15868/15941/16047.           

 (Bold and underlined figures are most important)

It closed shade lower today than the previous day’s close which is not sufficient therefore it has to correct reasonably well to give strength for the up move to continue in a steady manner. Furthermore the gap it created son 2.2.2021 and on 8.2.2021 is still there and if it makes an effort to fill both the gap in that case it can come down to 15014 & 14336 levels which may be kept in mind. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and it is way above these points and as long as it holds these points on the closing basis uptrend will remain intact. Its other key points are at 14865.21---14755.45---14202.91---13429---12430.50(except for 12430.50 other figures can change). It is well above it’s all the key points also which is a positive sign. Please note that sustained break below 14865.21 & 14755.45 on the closing basis  can push it into short term correction mode which can last for 5-7 days or may be more but if it corrects and does not break the said points on the closing basis then that corrective move may end in 1-3 days also, sustained break  below 14202.91 on the closing basis will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13429 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

It corrected by meager 6.50 points today which is not sufficient therefore it has to correct moderately or sharply to give strength for a steady up movement. But if it keeps on rising vertically chances of vertical fall is also there. So at this point of time the fear of moderate or sharp correction is  there , therefore be alert in long trade now because it could correct any time soon but as long as it holds the points mentioned in the above paragraph there is no threat to the long term uptrend. The technical setup is strong for the up move to continue but off course with intermittent down correction. Going up it will face stiff resistance at 15196---15257---17350---15471 levels and it may correct at any of these points, but if it moves and sustain above 15471 on the closing basis then there is a possibility of a huge upside ahead, so moving up 15471 would be the most critical point for it which may please be noted. The long term bias is hugely positive as of now. 

Moving down its critical support points at 15069---15022.20---15014.65---14865---14791---14755.45---14681---14653.35---14570---14222.80---14202---14128.70---14024.85---14017.68---13996.11---13981.75---13953.75---13777.50---13741.65---13634----13596.75.

Moving up its critical resistance points at 15195---15257---15350---15471---15868---15941---16625.

In view of the above observation long trade can be tried but with extreme caution now because it looks highly vulnerable for a corrective move at this point of time. Traders can try long trade if it moves and maintain above 15116 for some time or can buy on decline at appropriate points or near 14865 but not below it. Since it is in strong up move therefore short trade in general should be avoided but it can be tried after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down correction or otherwise but with extreme alertness and caution because the long term technical setup is very strong as of now.

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 sustain above 15116 levels for some time with a stop loss of 15050.It could be a risky trade.

Or

Buy on decline at appropriate points or near but not below 14865 with a stop loss of 14825.It could be a risky trade.

2. Sell on the rise near or within the range of 15260--15300 with a stop loss of 15340. It could be a risky trade but worth trying for intraday correction.

Or

Sell if it moves and sustain below 15014 for some time with a stop loss of 15070. It could be a 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---9.2.2021

 

CNX--BANK NIFTY

Open-36073.85--High-36466.45--Low—35872.25—Close-35983.65 on 8.2.2021

Support:35545/35413/35079/34792/34447/34130/34048/33700/33506/33379/33127/33010/32842.30/32613.10/32465.45/31725.85/31650.90/31510.25/31297.30/31264.05.

Resistance: 36175/36615.20/37100/37315/37946/38915/40855/42808/43051/59305.

(Bold and underlined figures are most important)

It continued the up move for the last 8 days which indicates huge strength in it for the up move to continue but at the same time the straight rise of this magnitude makes it vulnerable for correction also. Furthermore in last 7 days it had left 2 up gaps one on 2.2.2021 and other one on 5.2.2021 and if it makes an effort to fill these gaps in coming days which is technically possible then it can come down to 35413 & 33305 levels which may be kept in mind. Please note that its key points for the year 2021 are 31265.05---31297.30---32465.45 & 32613.10 and it is well above these points and as long as it hold these points on the closing basis uptrend will remain intact. Its other key points are placed at 34980---34812---32789---31777(figures can change) It is well above it’s all the key points also which is a positive sign. Please note that sustained break below 34980 & 34812 on the closing basis can push it into short term correction mode which can last for 4-7 days or may be more but if it corrects and does not break the aforesaid points on the closing basis then that corrective move may end in 2-3 days also,  sustained break below 32789 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 31777 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 continued its unabated up move today also which shows huge strength in it but since it has been vertically moving up without a pause for the last 8 days therefore vulnerability of downward correction is also increasing with each passing straight rise day, please note that vertical rise may have vertical fall too therefore in between down correction is good and needed for steady up move and it is not happening here which is slightly concerning.  Therefore be alert in long trade because it could correct any time soon but as long as it holds the points mentioned in the above paragraph there is no threat to the long term uptrend. The technical setup is strong for the up move to continue but off course with intermittent down correction. Going up it will face stiff resistance at 36175---36615.20---37100---37315---37946---38915---40855---42808 levels and it may correct from any of these points also, but the overall technical setup is strong as of now. The long term bias is hugely positive as of now. 

Moving down its critical support points at -35545---35413---34980----34812----34447---34130---33583---33305---32842---32613.10---32465.45---32451.55----32283.75---31725.85---31650.90---31510.25---31297.30---31264.05---30945.20---30893.65---30345---30260.81---30197.85---29314---29248.68.

Moving up its critical resistance points at 36175---36615----37100---37315---37946---38915---40855---42808.

In view of the above observation long trade can be tried but with extreme caution now because it looks highly vulnerable for a corrective move at this point of time. Traders can try long trade if it  maintains  above 36080 for some time or can buy on decline at appropriate points or near 34980 but not below it. Since it is in strong up move therefore short trade in general should be avoided but it can be tried after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down correction or otherwise but with extreme alertness and caution because the long term technical setup is very strong as of now.

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 36080 for some time with a stop loss of 35940.It could be a risky trade.

Or

Buy on decline near but not below 34980 with a stop loss of 34780.

2. Sell if it moves and maintains below 35870 for some time with a stop loss of 36100. It could be a risky trade but worth trying for intraday correction.

Or

Sell on the rise near or within the range of 36450---36600 with a stop loss of 36700.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.