A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—3.6.2021

 

CNX--BANK NIFTY

Open-35271.60--High-35415.85--Low—35070.30--Close-35373.75 on 2.6.2021

Support:34976/34893/34658.70/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;35428.15/35648/37713.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important). 

It looks good on technical footing, which is positive sign for the continuation of the up move but with intermittent correction. After intraday see-saw today it closed with a meager gain of 36.55 points. Please note that it has to cross the range of 35648---36248 which are essential for steady up move to continue and if it does not happen fast then it may correct sharply from here. Kindly, note that 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 34461(this figure can change) can push it into short corrective mode and break below 33625 & 33273 could deepen the correction. The other critical support points are at 34662---34410.40---34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. It is therefore suggested to be alert at this point of time in the long trade below 34461(this figure can change) and exit trade below 34410 for sure. The bias is up as of now.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation for safe traders long trade can be tried only if it moves above 35585 and maintain for some time and avoid buy on decline for the day. However aggressive traders can try long trade if it moves above 35530 and maintain for some time or can buy on decline but not below 34461. Please note that buying on decline could be a risky trade for the day because if it moves and sustain below 35337 for longer time during the day then it could correct sharply. Since it has not crossed its critical resistance range as mentioned above, 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 34461 but not below it with a stop loss of 34300. It is for aggressive traders and it could be a highly risky trade.

Or

Buy if it moves above 35585 and maintain for some time with a stop loss of 35400. It is for safe trader.

Or

Buy if it moves above 35530 and maintain for some time with a stop loss of 35300. It is for aggressive trader.

2. Sell on the rise near or within the range of 35900---36150 with a stop loss of 36300. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35337 and maintain for some time with a stop loss of 35450. It could be a highly risky trade but worth trying.

Or

Sell if it does not move above 35585 in first hour of trade with a stop loss of 35730. 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-3.6.2021

 

CNX-NIFTY

 Open—15520.35--High—15597.45—Low—15459.85---Close-15576.20 on 2.6.2021.

Support:15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15606.35/15660.75/15780/15920/16223/16750/17250/17503/19575/20390.    

 (Bold and underlined figures are most important)

It did break its benchmark point of 15471 intraday but recovered late in the afternoon to close with a meager gain of 1.35 points. It is well above its benchmark point of 15471 & 15431.75 now. Technical setup is showing strength, which is good for the continuation of the up move but with intermittent correction and as long as it sustains above 15471 & 15431.75 on the closing basis then it could scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, which may be kept in mind. Similarly moving down its critical points are 15471---15431.75 & 15304.54(this figure can change), sustained break below 15471 on the closing basis will signal weakness in it, sustained break below 15431.75 will confirm the weakness and break below 15304.54(this figure can change),  will push it into corrective mode and may threaten the uptrend also , which may please be noted. Moving down other critical support levels will be at 15273---15257---15176---15084---14977---14906---14884.  It is therefore strongly suggested to avoid long trade below 15471 and below 15431.75 for sure.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation for safe traders long trade can be tried only if it moves above 15607 and maintain for some time avoid buy on decline for the day. However aggressive traders can try long trade if it moves above 15583 and maintain for some time or can buy on decline but not below 15471. Please note that buying on decline could be a risky trade for the day because if it moves and sustain below 15574 for longer time during the day then it could correct sharply. Since it has not yet crossed some of its critical averages, so short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective 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 near 15471 or near 15431 but not below it with a stop loss of 15410. It is for aggressive traders and could be a highly risky trade.   

Or

Buy if it moves above 15607 and maintain for some time with a stop loss of 15560. It is for the safe traders.

Or

Buy if it moves above 15583 and maintain for some time with a stop loss of 15540. It is for the aggressive traders.

2. Sell on the rise near or within the range of 15710---15730 with a stop loss of 15770. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15607 in first one and half hour of trade with a stop loss of 15640. It could be a risky trade but worth trying.

Or

Sell if it moves below 15574 and maintain for some time with a stop loss of 15620. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15410 and maintain for some time with a stop loss of 15480. 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—2.6.2021

 

CNX--BANK NIFTY

Open-35639.75--High-35713.90--Low—35241.20--Close-35337.20 on 1.6.2021

Support:34976/34893/34658.70/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;35428.15/35648/37713.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It is showing technical strength which is good for the continuation of the up move but with intermittent correction. It corrected today and closed with a loss of 189.44 points the correction may last for 1-2 days more. Please note that it has to cross the range of 35648---36248 which are essential for steady up move to continue and if it does not happen fast then it may correct sharply from here. Kindly, note that 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 34461(this figure can change) can push it into short corrective mode and break below 33625 & 33273 could deepen the correction. The other critical support points are at 34662---34410.40---34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. It is therefore suggested to be alert at this point of time in the long trade below 34461(this figure can change) and exit trade below 34410 for sure. The bias is up as of now.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation for safe traders long trade can be tried if it moves above 35585 and maintain for some time or can buy on decline at appropriate points but not below 34461. However aggressive trader can also try long trade if it moves above 35530 and maintain for some time. Since it has not crossed its critical resistance range as mentioned above, 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 34461 but not below it with a stop loss of 34300. It is for safe and aggressive traders both. It could be a risky trade.

Or

Buy if it moves above 35585 and maintain for some time with a stop loss of 35440. It is for safe trader.

Or

Buy if it moves above 35530 and maintain for some time with a stop loss of 35440. It is for safe trader.

2. Sell on the rise near or within the range of 36100---36250 with a stop loss of 36350. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 35436 in first hour trade with a stop loss of 35540. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35240 and maintain for some time with a stop loss of 35350. It is for highly aggressive traders and could be a risky bet.

Or

Sell if it does not move above 35585 in first hour of trade with a stop loss of 35685. 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-2.6.2021

 

CNX-NIFTY

 Open—15629.65--High—15660.75—Low—15528.30---Close-15574.85 on 1.6.2021.

Support:15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15606.35/15660.75/15780/15920/16223/16750/17250/17503/19575/20390.    

 (Bold and underlined figures are most important)

It is well above its benchmark point of 15471 & 15431.75 but it has mildly corrected today and closed with a small loss of 7.95 points. Technical setup is showing strength, which is good for the continuation of the up move but with intermittent correction and if it sustain above 15471 on the closing basis then it could scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, which may be kept in mind. Similarly moving down its critical points are 15471---15431.75 & 15304.54(this figure can change), sustained break below 15471 on the closing basis will signal weakness in it, sustained break below 15431.75 will confirm the weakness and break below 15304.54(this figure can change),  will push it into corrective mode and may threaten the uptrend also , which may please be noted. Moving down other critical support levels will be at 15273---15257---15176---15084---14977---14906---14884.  It is therefore strongly suggested to avoid long trade below 15471 and below 15431.75 for sure.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation for safe traders long trade can be tried if it moves above 15607 and maintain for some time or can buy on decline but not below 15471. However aggressive traders can buy if it moves above 15583 and maintain for some time or can buy on decline but not below 15471. Since it has not yet crossed some critical averages, so short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective 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 near 15471 but not below it with a stop loss of 15420. It could be a risky trade.   

Or

Buy if it moves above 15607 and maintain for some time with a stop loss of 15560. It is for the safe traders.

Or

Buy if it moves above 15583 and maintain for some time with a stop loss of 15540. It is for the aggressive traders.

 

2. Sell on the rise near or within the range of 15710---15730 with a stop loss of 15770. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15607 in first one and half hour of trade with a stop loss of 15640. It could be a risky trade but worth trying.

Or

Sell if it moves below 15471 and maintain for some time with a stop loss of 15510. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15420 and maintain for some time with a stop loss of 15480. 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—1.6.2021

 

CNX--BANK NIFTY

Open-35097.45--High-35584.30--Low—34930.10--Close-35526.65 on 31.5.2021

Support:35428.15/34976/34893/34658.70/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;35648/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It is gaining strength technically which is good for the continuation of the up move, but it has not yet crossed the range of 35648---36248 which is essential for the up move to continue. Please note that 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 34362.14(this figure can change) can push it into short corrective mode and break below 33625 & 33273 could deepen the correction. The other critical support points are at 34662---34410.40---34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The technical setup is good for the up move but for the steady up move it has to move above 36248 and sustain on the closing basis, else it may correct. It is therefore suggested to be alert at this point of time in the long trade below 34410 and exit trade below 34362 (this figure can change) for sure. The bias is up as of now.

In view of the above observation long trade can be tried if it moves above 35585 and maintain for some time or can buy on decline at appropriate points but not below 34410. Please note that long trade could be a risky affair at this juncture particularly buying on decline for the day. Since it has not crossed its critical resistance range as mentioned above, 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 34410 but not below it with a stop loss of 34250. It could be a risky trade for the day.   

Or

Buy if it moves above 35585 and maintain for some time with a stop loss of 35450. It could be a risky trade.

2. Sell on the rise near or within the range of 36100---36250 with a stop loss of 36350. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35436 and maintain for some time with a stop loss of 35540. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34930 and maintain for some time with a stop loss of 35110. It is for highly aggressive traders and could be a risky bet.

Or

Sell if it does not move above 35585 in first hour and half of trade with a stop loss of 35685. 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.