A TECHNICAL VIEW ON CNX-NIFTY FOR-29.4.2021

 

CNX-NIFTY

 Open—14710.50--High—14890.25—Low—14694.95---Close-14864.55 on 28.4.2021.

Support:14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.         

 (Bold and underlined figures are most important)

It continued the upsurge for the 3^rd strait day and closed with a robust gain of 211.50 points. Please note that it is still into deep short term correction mode but it is improving on the technical chart as it is well above its short ,medium and long term averages and  above it long term rising trend-line also and today it has given upside breakout from its short down trend-line all these developments are hugely positive sign for the continuation of the up move. Its short term down trend-line and major rising trend-line is placed at 14727(this figure will decrease every day) & 14620(this figure will increase every day) respectively and it will act as a strong support for it for the day. Please get alert in long trade below 14727 and exit trade if it indicates to close below 14620. It is important to mention here that its major downtrend line is placed at 15185(this figure will decrease every day) for the day and the way it is exhibiting strength it is very likely at this point of time that it may give an upside breakout  from this line in coming days and if it  does and sustain above  it then it may head for a big rise which may please be noted. Looking at the current technical setup further rise seems quite possible  from here as of now but intermittent down move also may happen. I would like to give a word of caution here that is has been vertically rising for the last three days ,so be alert also, it may have a vertical fall too because weekly technical indicators are still indicating weakness. So be careful in the long trade at this juncture.

Critical Support points are at :--14727---14620---14588---14454.

Critical Resistance points are at :--14943---15130---15176---15185.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but the way it is showing strength and if it continues like this for few days then it could resume the strong up momentum again provided it clears the hurdle mentioned above . Please note that from here bias seems moderately positive as of now.

In view of the above observation  for safe traders long trade can be tried on decline  at appropriate points or near 14727 but not below it or can buy if it moves above 14891 and sustain for some time. However aggressive traders can buy on decline near 14620 but not below it but this could be a risky trade mind you. Since it is still into deep corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried 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(Suggested)

1. Buy on decline at appropriate points or near 14727 but not below it with a stop loss of 14680. It is for safe  and aggressive traders both.   

Or

Buy if it moves above 14891 and maintain for some time with a stop loss of 14850.

Or

Buy on decline at appropriate points or near 14620 but not below it with a stop loss of 14590. It is for aggressive traders and could be a risky trade.   

2. Sell on the rise near or within the range of 15000---15050 with a stop loss of 15080. It could be a risky trade but worth trying for intraday gain.

Sell if it maintains below 14590 for some time with a stop loss of 14640. It could be a risky trade but worth trying for intraday gain.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—28.4.2021

 

CNX--BANK NIFTY

Open-32228.95--High-32807.10--Low—32152.95--Close-32735.35 on 27.4.2021

Support:32613.10/32465.45/32415.15/32347.20/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32842.30/33306.80/33990.80/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It continued its up move today and closed with a good gain of 460.20 points. It is still into medium term correction mode but the good thing is that it has moved above its long term correction mode threshold point of 32613.10 and also above its short term moving averages which is a very positive sign. Please note that as long as it holds the range of 32613.10—32465—32415---32240---32130 it could continue the up move but sustained break below 32613.10 could again kick off the down move but it will accelerate down move only if it sustains below 32130 level on the closing basis. looking at the current setup further rise seems quite possible as of now.

Critical Support points are at :--32613.10---32465---32240---32130---31889---31606.

Critical Resistance points are at :--32847---33058---33196---33511---34057.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also but it seems that it is gaining some strength and may move up further provided it holds its most critical point of 32613.10 on the closing basis. Please note that as of now the bias seems to be positive.

In view of the above observation for safe traders long trade can be tried on decline near but not below 32613.10 or can buy if it moves above 32810 and sustain for some time. However aggressive traders can try buy on decline at appropriate points or near 32240 but not below it or can buy if it moves above 32810 and sustain for some time. Since it is still into medium term  corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried 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(Suggested)

1. Buy on decline if it manages to hold 32613.10 but not below it with a stop loss of 32450.   

Or

Buy if it moves above 32810 and maintain for some time  with a stop loss of 32700.

Or

Buy on decline at appropriate points of near 32240 but not below it with a stop loss of 32100. It is for aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 33350---33450 with a stop loss of 33550. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it maintains below 32100 for some time with a stop loss of 32250. It could be a risky trade but worth trying for intraday gain.

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-28.4.2021

 

CNX-NIFTY

 Open—14493.80--High—14667.55—Low—14484.85---Close-14653.05 on 27.4.2021.

Support:14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.                                                                                                                                                           

Resistance:14653.35/14753.55/14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.                                                                                                                

 (Bold and underlined figures are most important)

It continued its up move today and closed with a good gain of 168.05 points. Please note that it is still into deep short term correction mode but the good thing is that it has bounced back above its long term rising trend line and also above its short term moving averages which is a very positive sign. Please note that its long term rising trend line is placed at 14595 for the day and if it hold this mark on the closing basis then it could further extend gains from here and if it breaks this level it may resume down move again but will accelerate down move only below 14454 level, furthermore its short downtrend line is placed at 14765(this count will reduce every day) for the day and if it moves above it and sustain on the closing basis then it could accelerate the up move, which may please be noted, looking at the current setup further rise seems quite possible as of now.

Critical Support points are at :--14595---14526.95---14454---14336.34.

Critical Resistance points are at :--14697.50---14765---14792---14943---15130---15176.

Kindly note that the on-going up move is a pullback rally and it may exhaust at any of these points  or earlier also and most critical point for the day would be 14765 on the upside and 15595 on the downside and breakout on the either side will give further direction which way it will move. Please note that as of now bias seems to look positive.

In view of the above observation long trade can be tried on decline near but not below 14595 or can buy if it moves above 14668 and sustain for some time. Since it is still into deep corrective mode  therefore short trade can also be tried on the reasonable rise  or can be tried 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(Suggested)

1. Buy on decline if it manages to hold 14595 but not below it with a stop loss of 14550.   

Or

Buy if it moves above 14668  with a stop loss of 14630.

2. Sell on the rise near or within the range of 14750---14770 with a stop loss of 14800. It could be a risky trade but worth trying for intraday gain.

Sell if it maintains below 14550 for some time with a stop loss of 14600. It could be a risky trade but worth trying for intraday gain.

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—27.4.2021

 

CNX--BANK NIFTY

Open-32316.65--High-32603.70--Low—32144.80--Close-32275.15 on 26.4.2021

Support:32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32347.20/32415.15/32465.45/32613.10/32842.30/33306.80/33990.80/34360/34430/34658.70.

(Bold and underlined figures are most important) 

As expected it did gave a decent rise and closed with a gain of 552.85 points. Please note that it is still into long term correction mode, but as long as it holds 32130 on the closing basis then it may continue with the up move and if it moves above 32613.10 which is the long term correction threshold point  then it may extend good gains. Similarly sustained break below 32130 on the closing basis will resume the down move again which may please be noted. The other observation will remain same as mentioned in the post for 26.4.2021.

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(Suggested)

1. Buy  on decline near 32130 but not below it with a stop loss of 32000. It could be a higly risky trade.  

2. Sell on the rise near or within the range of 32550---32650 with a stop loss of 32700. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it maintains below 32130 for some time with a stop loss of 32290. It could be a risky trade but worth trying for intraday gain in weak market.

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-27.4.2021

 

CNX-NIFTY

 Open—14449.45--High—14557.50—Low—14421.30---Close-14485 on 26.4.2021.

Support:14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.                                                                                                                                                           

Resistance:14565/14653.35/14753.55/14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.                                                                                                                

 (Bold and underlined figures are most important)

As expected it did gave a good rise and closed with a gain of 143.65 points. Please note that it is still into deep short term correction mode and below its long term rising trend line, but as long as it holds 14454 on the closing basis then it may continue with the up move and if it moves above 14565(it will move up every day) which is the trend line point for the day  and  sustains above it then it may extend gains. In this context please note that the trend line point would be rising every day. Similarly sustained break below 14454 on the closing basis will resume the down move again which may please be noted. The other observation will remain same as mentioned in the post for 26.4.2021.

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(Suggested)

1. Buy if it manages to hold 14454 but not below it with a stop loss of 14410. It could be a higly risky trade.  

2. Sell on the rise near or within the range of 14530---14565 with a stop loss of 14600. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it maintains below 14420 for some time with a stop loss of 14460. It could be a risky trade but worth trying for intraday gain in weak market.

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 UPDATE ON BITCOIN-25.4.2021

 

BITCOIN

Closed At:--$50050.87 on 24.4.2021  

 

Support:$47714.66/46542.51/46347.48/45290.59/43881.15/43241.62/41946.70/39966.41/38406.26.

 

Resistance:$50856.57/52829.54/53555.03/55604.02/58330.57/60267.19/61683.86/64863.10.

 

Further to my post of 16.3.2021 as expected it moved up and hit a new all-time high of $64863.10 on 14.4.2021 and then considerably moved down and currently quoting at $50229(approx) now. Its long term technical parameters are still holding up, but the short and medium term parameters and technical indicators are looking weak now therefore further fall from here cannot be ruled out but with in between short relief rallies. Please note that its important and critical key points as of now are at $61557---$59760.43---$56388.40---$53713.62---$50524.66---$50308(these figures can change).  It is below all its key points now therefore it is into long term correction mode and if it does not bounce back above $50308 &$50524.66(long term correction mode threshold points) and sustain on the closing basis then fall could accelerate from here in coming days. It is important to mention here that its pullback threshold point is at $51761.69(this figure can change), so if it moves above it and sustain on the closing basis then only it is expected to give moderate to reasonable rise else down move may resume again. Going up it will face critical resistance at -$54265.36---56288.88---58312.40---60816.07---61433.41,the possible up move may exhaust at any of these points or earlier also but if it moves and sustain above $61433.41then it could retest its all time high of $64863.10 or may go beyond also, but chances of  happening this looks slightly weak at this point of time. Similarly moving down its critical support points are at-$47714.66---46347.48---45590(this figure can change), please note that sustained close below $45590 could potentially threaten the long term uptrend which may be kept in mind. The short and medium term bias is down but the long term bias is still o.k. as of now.    

  

In view of the above observation, it is into long term corrective mode now and it could come out of it only, if it moves above $50524.66 and sustain on the closing basis, but it will give moderate to reasonable rise only once it closes above $51761.69 and sustain,therefore for safe trader  it is suggested to try long trade only once it closes above $51761.69 and sustain. However aggressive traders can try long trade on decline also at appropriate points or near $45590 but not below it with self defined stop losses. Please note that long trade in  long term corrective mode could be a very risky proposition, particulary buying on decline. So be alert and cautious in the long trade at this point of time.  

 

 

Note: Price stated here is of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.