A TECHNICAL VIEW ON CNX-NIFTY FOR-31.5.2021

 

CNX-NIFTY

 Open—15421.20--High—15469.65—Low—15394.75---Close-15435.65 on 28.5.2021.

Support:15431.75/15336.30/15273.15/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: 15471/15780/15920/16223/16750/17250/17503/19575/20390.

 (Bold and underlined figures are most important)

It has been exhibiting good strength and continuously rising for the last six days and made a new all-time high of 15469.65 but has not yet crossed its most critical point of 15471. However, even if it crosses this mark it has to sustain above it on the closing basis to give further steady rise. Therefore 15471 is the benchmark point now for up move and sustained close above it could take it to 15780---15920---16223---16750---17250---17503---19575---20390 levels, please note that it could end the up rally for good or may correct at any of these points or earlier then may resume the rally again, but if it moves below 15431.75 and sustain on the closing basis then that it will be a threat to the on-going up move. Therefore moving down 15431.75 is the key point and sustained break below 15176 & 15158.40(this figure can change) levels may trigger moderate to big downside which may please be noted. Moving down other support points would be at 15273---15137---15044---14977---14906---14884.90, break below 14884.90 will accelerate the fall.  Therefore avoid long trade below 15471 for sure and be alert in long trade below 15431.75 and avoid long trade completely below 15176 & 15158.40. It is important to mention here that some technical indicators on the weekly chart are improving but it is still weak which is pointing that it could trigger down move if it does not become positive in coming weeks, so one should be alert and vigilant particularly in the long trade at this point of time. The bias is up as of now.

In view of the above observation for safe trader’s long trade can only be tried if moves above 15471 and sustain on the closing basis therefore a big no for long trade for safe traders at this point of time. However aggressive traders can try long trade if it moves above 15471 and maintain for some time or can try if it holds 15431.75 marks or can buy on decline at appropriate points but not below 15176. Please note that long trade could be a risky affair at this juncture particularly buying on decline. Since it is critical zone therefore short trade can also be tried after 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 with self defined short stop loss or near 15176 but not below it with a stop loss of 15140. It is for aggressive traders and could be a highly risky trade.   

Or

Buy if it holds above 15431.75 levels for some time with a stop loss of 15385. It is for aggressive traders and could be a risky trade.  

Or

Buy if it moves above 15471 and maintain for some time with a stop loss of 15420. It is for aggressive traders and could be a risky trade.  

2. Sell on the rise near or within the range of 15540---15560 with a stop loss of 15585. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15385 and maintain for some time with a stop loss of 15440. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15471 in first one hour of trade with a stop loss of 15485. 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—25.5.2021

 

CNX--BANK NIFTY

Open-34869.30--High-35216.10--Low—34528.30--Close-34943.60 on 24.5.2021

Support:34893/34658.70/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It is showing technical strength, which is good for the continuation of the up move, but moving up the range of 35648---36248 seems tough range to cross. However if it moves above 36248 and sustain on the closing basis then it can retest its all-time high of 37708.75 or may go beyond it also. Similarly sustained break below 34080.76(this figure can change) could push it into very short corrective mode and break below 33625 & 33273 could deepen the correction. The other critical support points are at 33625---33334---33273---33130---32613---32465. The technical setup is good for up move but, it is important to mention here that some technical indicators on the weekly chart are pointing that it could turn weak also in coming days, so one should be alert and vigilant particularly in the long trade at this point of time. The bias is up as of now.

In view of the above observation long trade can be tried if it holds 34695 levels or can buy on decline also at appropriate points but not below 33273.  Since it is still into deep short term correction mode, therefore short trade can also be tried after 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 with self defined short stop loss or near 33335--33273 but not below it with a stop loss of 33150. It could be a risky trade.

Or

Buy if it holds 34695 levels with a stop loss of 34550. 

2. Sell on the rise near or within the range of 35650---35750 with a stop loss of 35850. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34695 and maintain for some time with a stop loss of 34800. 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-25.5.2021

 

CNX-NIFTY

 Open—15211.35--High—15256.25—Low—15145.45---Close-15197 on 24.5.2021.

Support:15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15257.10/15273.15/15336.30/15431.75/15471.                  

 (Bold and underlined figures are most important)

It moved in a short range today and closed just few points above its most important and critical level of 15176.50. The technical setup is strong for the continuation of the up move, but please notes that the range of 15176.50---15471 is very tough range and it seems difficult to cross. However if it moves above 15471 and sustain on the closing basis then it will open an upside range of 16750---17250, similarly if it moves below 15176.50 and sustain on the closing basis then on-going up move may end and it may open moderate to big downside. So it is critically poised now, therefore it is important to mention here that some technical indicators on the weekly chart are pointing that it could turn weak in coming days, so one should be alert and vigilant particularly in the long trade at this point of time. The bias is up as of now.

In view of the above observation for safe trader’s long trade can only be tried if moves above 15471 and sustain on the closing basis therefore a big no for long trade at this point of time. However aggressive traders can try long trade if it holds 15190 levels or can buy on decline at appropriate points but not below 15080. Please note that long trade could be a risky affair at this juncture particularly buying on decline. Since it is critical zone therefore short trade can also be tried after 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 at appropriate points with self defined short stop loss or near 15080 but not below it with a stop loss of 15040. It is for aggressive traders and could be a risky trade.   

Or

Buy if it holds 15190 levels with a stop loss of 15140. It is for aggressive traders and could be a risky trade.   

 

2. Sell on the rise near or within the range of 15280---15310 with a stop loss of 15350. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15140 and maintain for some time with a stop loss of 15200. 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—24.5.2021

 

CNX--BANK NIFTY

Open-33559.80--High-34694.45--Low—33559.75--Close-34606.90 on 21.5.2021

Support:34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

Further to my last post for 6.5.2021 it did not violate the critical points for the year 2021 (see my post for 6.5.2021) therefore it moved in a range for few days and gave upside breakout from the downtrend line on 18.5.2021 and still holding it, which is a positive sign. Furthermore overall technical setup looks o.k. therefore it is likely to move up in coming days and moving up it will face stiff resistance at 34919---35648---35985---36248 the up move may exhaust at any of these points, so be watchful, but if it moves above 36248 and sustain on the closing basis then it can retest its all-time high of 37708.75 or may go beyond also. Similarly moving down it will find good support at 33625---33273.95---33130---32613---32465, please be alert in the long trade below 33625 and exit long position below 33273 because it may trigger moderate to sharp fall if it sustains below 33273. Kindly note that some technical indicators on the weekly chart are still weak and it is critically poised at this point of time, so be alert and vigilant particularly in the long trade now. The bias is up as of now.         

In view of the above observation long trade can be tried if it moves above 34695 and maintain for some time or can be tried on decline at appropriate points but not below 33273. Since it is still into short term correction mode, therefore short trade can also be tried after 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 with self defined short stop loss or near 33335--33273 but not below it with a stop loss of 33000. It could be a risky trade.

Or

Buy if it moves and maintains above 34695 for some time with a stop loss of 34550. 

2. Sell on the rise near or within the range of 35250---35350 with a stop loss of 35450. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 34695 in first hour of trade with a stop loss of 34800. 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-24.5.2021

 

CNX-NIFTY

 Open—14987.80--High—15190—Low—14985.85---Close-15175.30 on 21.5.2021.

Support:15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15176.50/15257.10/15273.15/15336.30/15431.75/15471.  

 (Bold and underlined figures are most important)

Further to my last post for 6.5.2021 it did not violate the mentioned important support range (see my post for 6.5.2021) therefore after moving in a range for few days it has given upside breakout from the downtrend line today which is a positive sign but it closed shade below its most important and critical point of 15176.50 which is slightly concerning and if it fails to cross this mark and sustain then this up may end here, which may please be noted. However if it moves above 15176.50 and sustain on the closing basis then it can retest its all-time high of 15431.75 or may go beyond in coming days but moving up it will face stiff resistance at 15257---15273---15336. It is important to mention here that if it moves above 15471 and sustain on the closing basis then it will open up a very big upside which may be kept in mind. Similarly moving down its good support levels are 15070—15010---14945---14884.90(first two points figure will change every day) for the day. Please note that break below 15070 will be an alert sign for long trade and exit long trade if it moves below 15010 and sustain for some time. Kindly note that some technical indicators on the weekly chart are still weak and it is critically poised at this point of time, so be alert and vigilant particularly in the long trade. The bias is up as of now.

In view of the above observation for safe trader’s long trade can only be tried if moves above 15471 and sustain on the closing basis therefore a big no for long trade at this point of time. However aggressive traders can try long trade if it moves above 15190 and sustain for some time or can buy on decline at appropriate points but not below 15070. Please note that long trade could be a risky affair at this juncture. Since it is near its make or break zone therefore short trade can also be tried after 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 at appropriate points with self defined short stop loss or near 15070 but not below it with a stop loss of 15000. It is for aggressive traders and could be a risky trade.   

Or

Buy if it moves above 15190 and maintain for some time with a stop loss of 15160.

2. Sell on the rise near or within the range of 15275---15300 with a stop loss of 15340. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15190 in first hour of trade with a stop loss of 15230. 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—6.5.2021

 

CNX--BANK NIFTY

Open-32577.10--High-32862.15--Low—32068.55--Close-32783.70 on 5.5.2021

Support:32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32842.30/33306.80/33371/33625/33990.80/34287/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It opened with an up gap and went up further and ended the day slightly below the high of the of the day with a good gain of 513.35 points. But it is still into medium term correction mode. However today it moved above  its most critical and important point of 32613.10 & 32465.45 for the year 2021  , please note that 32613.10 is  its threshold point also for the long term correction mode which is a positive sign. Furthermore it is well above its pullback threshold point of 32130 and as long as it hold this point on the closing basis there is  hope that it may continue the pullback rally for few days, but sustain break below this point could trigger  steady down move, which may please be kept in mind. It is important to mention here that its long term downtrend line is placed at 33950 (this figure will decrease every day) for the day and  sustained upside breakout from this line will somewhat ensure the strong up momentum. The   range for the day is 32613.10---32465.45---32130 on the closing basis. Please note that since it closed above the range upper band of 32613.10 today and if it sustains above it on the closing basis then it could give reasonable to good up move from here. Similarly sustained close below 32613.10 & 32465.45 will indicate distinct weakness in it and sustained close below 32130 may accelerate the fall which may be kept in mind.

Critical Support points are at: 32613.10---32465.45---32346---32130---31889---31606---31297---31264.

Critical Resistance points are at:--32816---33097---33195.43—33371---33625---33950---34057---34170---34287---34919---35430---35985---36248.

Kindly note that the on-going price movement is within the pullback range and as long as it holds the long term pullback threshold point of 32130 chances of up move shall remain. I caution you here that long trade below the key points of 32613.10 & 32465.45 could be a highly risky proposition which may please be noted. Please note that from here bias seems mixed as of now. It is important to mention here that technical indicators on the weekly chart are giving indication that major fall cannot be ruled out in coming days if these indicators does not improve fast.

In view of the above observation for safe traders long trade can  be tried if it holds 32613.10 but not below it or if it maintains above 32782 for some time. However aggressive traders can also try buy on decline at appropriate points or near 32130 but not below it. I once again reiterate that  long trade below 32613.10  could be a risky affair mind you.  Since it is into medium term corrective mode , therefore short trade can also be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

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 with self defined short stop loss or near 32130 but not below it with a stop loss of 32000. It is for aggressive traders and could be a risky trade.

Or

Buy if it maintains above 32782 for some time with a stop loss of 32600. 

Or

Buy on decline near 32613.10 but not below it with a stop loss of 32440. It is for safe traders.

2. Sell on the rise near or within the range of 33435---33625 with a stop loss of 33700 . It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 32440 and maintain for some time with a stop loss of 32620. 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.