A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—5.8.2021

 

CNX--BANK NIFTY

Open-35388.15---High-36219.80--Low—35313---Close-36028.05 on 4.8.2021

Support:35985.25/35811/35648/35584.30/35491.95/35428.15/35380/34976/34930/34859.90/34663/34635.95/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;36248/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It continued the up move today and closed with a robust gain of 820.60 points. It is out of corrective move and also above its short and medium term moving averages which is a positive sign. Please note that break below 35723(it may change) will push it into very short term corrective mode again. Going down it will find good support at 35576---35186---34859.90---34632.60---34525---34410. It is important to mention here that for a steady and strong up momentum,  it has to move above 36248 and sustain on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond also, looking at today’s move it seems that it can happen in coming days. Going up to the level of 37708.75 it will face resistance at 36248---36497---36615---37232---37417 points.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term outlook has improved drastically and one very important technical indicator has also become positive on the daily chart but on the weekly chart it is still negative which is concerning but if it continues it’s up move then it may also come into positive territory this weekend. So till it happens don’t be fearless but be cautious and careful in your long trades.

In view of the above observation, long trade can be tried if it moves above 36248 and maintain for some time or buy on decline near 35723 but not below it. Since it has not yet crossed some of its critical long term averages , therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 36248 and maintain for some time with a stop loss of 36000.It is for both the traders.

Or

Buy on decline at appropriate points or near 35723 but not below it with a stop loss 35600. It is for both the traders and could be a risky trade.

2. Sell on the rise near or within the range of 36850---37100 with a stop loss of 37200. It could be a risky trade but worth trying.

Or

Sell near if it does not move above 36248 in first one and half hour of trade even intraday with a stop loss of 36300 It could be a highly 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---5.8.2021

 

CNX-NIFTY

 Open—16195.25--High—16290.20—Low—16176.15---Close-16258.80 on 4.8.2021.

Support:16240/16223/16180/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.             

Resistance: -16320/16397/16583/16631/16690/17360/17503/19575/20390.           

 (Bold and underlined figures are most important)

It continued the up move today and closed with a gain of 128.05 points. It could further move up to 16320---16397---16584---16631---16690,   please note that the range of 16223—16397 would be a very tough resistance and it could correct in this range, so be vigilant and alert in this range. Please note that break below 16092(it may change) could push it into very short term correction mode, but as long as it holds 15962.25 level there is no major threat to the uptrend. Similarly moving down it will find support at 16235---16223---16135---16085---16074---16024---15962.25, but sustained break below 15962.25 may accelerate the fall.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term outlook has improved drastically and one very important technical indicator has also become positive on the daily chart but on the weekly chart it is still negative which is concerning but if it continues it’s up move then it may also come into positive territory this weekend. So till it happens don’t be fearless but be cautious and careful in your long trades.

In view of the above observation, long trade can be tried if it moves above 16291 and maintain for some time or on decline at appropriate points or near 16180 and then near 15962 but not below it. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 16291 and maintain for some time with a stop loss of 16240. It is for both the traders.

Or

Buy on decline at appropriate points or near 16180 and then near 15962 but not below it with a stop loss of 16140 &15900 respectively. It is for both the traders and could be a risky trade.

2. Sell on the rise near or within the range of 16370---16400 for some time with a stop loss of 16430. It could be a risky trade but worth trying for intraday gain.

Or

Sell near if it does not move above 16320 in first one and half hour of trade even intraday with a stop loss of 16345 It could be a highly 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—4.8.2021

 

CNX--BANK NIFTY

Open-34660.75---High-35238.45--Low—34649.20---Close-35207.45 on 3.8.2021

Support:34976/34930/34859.90/34663/34635.95/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35380/35428.15/35491.95/35584.30/35648/35811/35985.25/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It continued the up move today and closed with a good gain of 497.45 points. But it is still into very short term corrective mode but it has bounced back above its short and medium term moving averages, which is a positive sign. Please note that it will get out of corrective mode only if it moves above 35495.25 and sustain on the closing basis else down move may resume again. Going down it has bed of supports in the range of 34525---34410---34374---34322---34157---33908, therefore till it holds this range there is no fear of sharp and consistent decline. It is important to mention here that it has to move above the range of 35648---35811---35980---36248 for a steady and strong up momentum, if it moves above 36248 and sustain on the closing basis then it could possibly retest it’s all time high of 37708.75 or may go beyond also, chances of happening this seems very bleak at this point of time. Please note that its broad range as of now is between 36248---33908. Therefore it is suggested to play the range with the help of above mentioned in between support and resistance levels till either side breakout happens.

The long term bias still looks positive for the uptrend to continue. The short term outlook has improved a bit but still not out of woods,  furthermore one very important technical indicator on the daily and weekly chart is still showing weakness and indicates that it could drag it down again in coming days if it does not improve. So watch out and be cautious and careful particularly in the long trade till technical indicator comes into positive mode.

In view of the above observation, since it into very short term correction mode, therefore it is suggested to avoid long trade in general till it gives visible indication of correction completion. But looking at today’s move long trade can be tried if it moves above 35240 and maintain for some time or on decline at appropriate points  or near 34650 but not below it. Since it has not yet crossed some of its critical long term averages and overall technical setup is showing weakness, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 35240 and maintain for some time with a stop loss of 35160.It is for both the traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 34650 but not below it with a stop loss 34500. It is for both the traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35650---35800 with a stop loss of 35875. 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---4.8.2021

 

CNX-NIFTY

 Open—15951.55--High—16146.90—Low—15914.35---Close-16130.75 on 3.8.2021.

Support:16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                             

Resistance: -16180/16223/16240/16309/16387/16583/16631/16690/17360/17503/19575/20390.  

 (Bold and underlined figures are most important)

It has given upside breakout from the range of 15962.25---15431 today and closed with a robust gain of 245.60 points. Now the upside target could be at 16135---16223---16240---16309---16387---16583---16631---16690,   please note that the range of 16223—16387 would be a very tough resistance and it could correct in this range, so be vigilant and alert in this range. However, as long as it holds 15962.25 level there is no threat to the uptrend. Similarly moving down it will find support at 16085---16074---16024---15962.25, break below 15962.25 could push it into very short term correction mode which may please be noted. Looking at today’s move chances of breaking the level of 15962.25 is less likely.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term outlook has improved drastically with today’s move and one very important technical indicator has also become positive on the daily chart but on the weekly chart is still negative which is concerning but if it continues it’s up move then it may also come into positive territory this weekend. So till it happens don’t be fearless but be cautious and careful in your long trades.

In view of the above observation, long trade can be tried if it moves above 16150 and maintain for some time or on decline at appropriate points or near 15962 but not below it. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 16150 and maintain for some time with a stop loss of 16100. It is for both the traders.

Or

Buy on decline at appropriate points or near 15962 but not below it with a stop loss of 15900. It is for both the traders and could be a risky trade.

2. Sell on the rise near or within the range of 16240---16260 for some time with a stop loss of 16290. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 16150 in first one and half hour of trade even intraday with a stop loss of 16175. It could be a highly 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—3.8.2021

 

CNX--BANK NIFTY

Open-34760.90---High-34861.75--Low—34588.25---Close-34710 on 2.8.2021

Support:34663/34635.95/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;34859.90/34930/34976/35380/35428.15/35491.95/35584.30/35648/35811/35985.25/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It staged a recovery today and closed with a modest gain of 125.65 points. It has bounced back above its deep short term corrective mode threshold point of 15668.50 but it is still into very short term corrective mode and below its short and medium term moving averages, therefore all together it is still on a weak technical footing as of now, which is concerning. Please note that it will get out of corrective mode only if it moves above 35495.25 and sustain on the closing basis else down move may resume again. Going down it has bed of supports in the range of 34525---34410---34374---34322---34157---33908, therefore till it holds this range there is no fear of sharp and consistent decline. It is important to mention here that it has to move above the range of 35648---35811---35980---36248 for a steady and strong up momentum, if it moves above 36248 and sustain on the closing basis then it could possibly retest it’s all time high of 37708.75 or may go beyond also, chances of happening this seems very bleak at this point of time. Please note that its broad range as of now is between 36248---33908. Therefore it is suggested to play the range with the help of above mentioned in between support and resistance levels till either side breakout happens.

The long term bias still looks positive for the uptrend but it has been threatened by the sharp swing in the prices on 28.7.2021, which is concerning, therefore please note that if it breaks below 34170(this figure will change every day) and sustain on the closing basis then it could be a warning bell for the continuation of the uptrend. The short term outlook is still weak; furthermore one very important technical indicator on the daily and weekly chart is still showing weakness and indicates that it could drag it down again in coming days if it does not improve. So watch out and be cautious and careful particularly in the long trade.

In view of the above observation, since it into very short term correction mode, therefore for safe traders it is suggested to avoid long trade till it gives visible indication of correction completion or it closes above 35186. However aggressive traders can try long trade if it moves above 34765 and maintain for some time or can try buy on decline near 34584 but not below it and finally near 34170 but not below it .Please note that in a weak market long trade could be a risky thing and buy on decline could be a highly risky affair mind you. Since it has not yet crossed some of its critical long term averages and overall technical setup is showing extreme weakness, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 34765 and maintain for some time with a stop loss of 34570.It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 34584 and then near 34115 but not below it with a stop loss of 34400 & 33850. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it moves below 34584 and maintain for some time with a stop loss of 34750. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 35190---35280 with a stop loss of 35380. 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---3.8.2021

 

CNX-NIFTY

 Open—15874.90--High—15892.90—Low—15834.65---Close-15885.15 on 2.8.2021.

Support:15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                               

Resistance: - 15885.75/15899.80/15915.65/15920/15962.25/ 16024/16074/16180/16223/16631/17360/17503/19575/20390.             

 (Bold and underlined figures are most important)

It bounced back sharply today and closed with a good gain of 122.10 points. It is out of very short term correction mode and also moved above its short and medium term moving averages which is a very positive sign. Please note that if it holds 15873 on the closing basis then possibly it could retest its recent all-time high of 15962.25 and to reach here it will face stiff hurdles at 15900---15920---15952.35 and if it could cross 15962.25 and sustain then the upside target could be at 16024---16074---16109---16180---16200---16223---16583---16630. Similarly break below 15841.57 on the closing basis will again push it into very short term corrective mode and break below 15760 could accelerate the down move. Going down it has bed of supports in the range of 15673---15632---15606—15566---15471--15431, therefore till it holds this range there is no fear of sharp and consistent decline. Please note that it is moving in a broad range of 15962.25---15431 for quite some time now. Therefore it is suggested to play the range with the help of above mentioned in between support and resistance levels till either side breakout happens.

It is important to mention here that its long term technical setup is still  good for the uptrend to continue as of now , therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. The short term outlook seems to have improved with today’s move, but one very important technical indicator on the daily and weekly chart is still showing weakness and indicates that it could drag it down again if it does not improve in coming days. So watch out and be cautious and careful particularly in your long trades at this point of time.

In view of the above observation, long trade can be tried if it holds 15873 or if it moves above 15900 and maintain for some time or on decline at appropriate points or near 15800 but not below it. Lastly and most importantly long trade should be attempted on sharp decline in the range of 15471---15431 but not below it with a strict stop loss of 15380. Since it has not yet crossed some of its critical long term averages and one technical indicator is still showing extreme weakness, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 15900 and maintain for some time with a stop loss of 15860. It is for both the traders.

Or

Buy on decline at appropriate points or near 15800 but not below it with a stop loss of 15760. It is for both the traders and could be a risky trade.

Or

Buy if it holds 15873 for some time with a stop loss of 15830. It is for both the traders.

2. Sell on the rise near or within the range of 15960---15980 for some time with a stop loss of 16010. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15760 and maintain for some time with a stop loss of 15810. 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.