A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—10.8.2021

 

CNX--BANK NIFTY

Open-35824.20---High-36159.85--Low—35612.30---Close-36028.95 on 9.8.2021

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 bounced back after two days corrective move and closed with a gain of 219.70 points. It seems that it is on track to move up further, but please note that break below 35723(it may change) on the closing basis will push it into very short term corrective mode and  going down it will find good support at 35648---35576---35186---34859.90---34632.60---34525---34410---34115---33908. 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. 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 it has been trying to cross the critical point of 36248 for the last four days but failed and if it is not able to cross it in next 1-2 trading session then it may possibly start drifting down again which may please be noted.

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 was still negative last weekend which is concerning but if it continues it’s up move then it may also come into positive territory this weekend and if does not then it may start drifting down. So till it comes into positive mode it is suggested that not to be fearless but be cautious and careful in your long trades.

In view of the above observation, for safe traders long trade can be tried if it moves above 36248 and maintain for some time or buy on decline near 35809 but not below it. However aggressive traders can also try long trade on decline near 35723 but not below it.  Please note that buying below 35809 could be a risky affair for the day. 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 35809 but not below it with a stop loss 35690. It is for both the traders and could be a risky trade.

Or

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

2. Sell if it moves below 35809 and maintain for some time with a stop loss of 35900. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36200---36248 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---10.8.2021

 

CNX-NIFTY

 Open—16281.35--High—16320.75—Low—16179.05---Close-16258.25 on 9.8.2021.

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.                                                                                                                                                           

Resistance: -16345/16423/16583/16631/16690/17360/17503/19575/20390.           

 (Bold and underlined figures are most important)

After one day correction it bounced back today and closed with a meager gain of 20.05 points. It is still good to move up and the upside target or resistance points would be at 16264---16345---16423---16584---16631---16690---16750,   please note that moving up the range of 16264—16345---16423 would be a very tough resistance range and it could correct in this range and it did corrected within the range intraday today also, therefore it seems that it will be tough to cross this range, so be vigilant and alert in this range. Please note that break below 16152(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 16223---16152---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 last weekend which is concerning but if it continues it’s up move then it may also come into positive territory this weekend and if does not then it may start drifting down. So till it comes into positive mode it is suggested that not to be fearless but be cautious and careful in your long trades.

In view of the above observation, long trade can be tried if it holds 16238 for some time or if it moves above 16295 and maintain for some time. It is suggested to avoid buying below 16238 for the day. However aggressive traders can try buy on decline at appropriate points or near 16152 but not below it. It is in strong up move but even then short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday gains.

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 16295 and maintain for some time with a stop loss of 16240. It is for both the traders.

Or

Buy if it holds 16238 levels for some time with a stop loss of 16190. It is for both the traders.

Or

Buy on decline at appropriate points or near 16152 but not below it with a stop loss of 16100. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 16340---16350 for some time with a stop loss of 16375. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16238 and maintain for some time with a stop loss of 16275. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16150 and maintain for some time with a stop loss of 16200. 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—9.8.2021

 

CNX--BANK NIFTY

Open-35875.80---High-36080.10--Low—35700.45---Close-35809.25 on 6.8.2021

Support: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;35811/35985.25/36248/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

The correction continued the 2^nd day but it closed with a meager loss of 25.50 points. It was most normal correction after 3 days of rise, but please note that break below 35723(it may change) on the closing basis will push it into very short term corrective mode and  going down it will find good support at 35648---35576---35186---34859.90---34632.60---34525---34410---34115---33908. 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. Going up to the level of 37708.75 it will face resistance at 36248---36497---36615---37232---37417 points. It is important to note that it has been trying to cross the critical point of 36248 for the last three days but failed and if it is not able to cross it in next 2-3 trading session then it may possibly start drifting down move again which may please be noted.

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 this weekend which is concerning but if it continues it’s up move then it may also come into positive territory next weekend and if does not then it may start drifting down. So till it comes into positive mode it is suggested that not to be fearless but be cautious and careful in your long trades.

In view of the above observation, for safe traders 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. However aggressive traders can also try long trade if it moves above 35986 and maintain for some time. 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 35650. It is for both the traders and could be a risky trade.

Or

Buy if it moves above 35986 and maintain for some time with a stop loss of 35800.It is for the aggressive traders and could be highly risky trade

2. Sell if it moves below 35650 and maintain for some time with a stop loss of 35740. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36180---36248 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---9.8.2021

 

CNX-NIFTY

 Open—16304.40--High—16336.75—Low—16223.30---Close-16238.20 on 6.8.2021.

Support: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.                                                                                                                                                           

Resistance: -16240/16320/16397/16583/16631/16690/17360/17503/19575/20390.

 (Bold and underlined figures are most important)

It corrected after 4 days of rise and closed with a loss of 56.40 points. It was a most normal correction and it could still move up to 16255---16337---16415---16584---16631---16690---16750,   please note that moving up the range of 16255—16415 would be a very tough resistance range and it could correct in this range and it did corrected within the range today, therefore it seems that it will be tough to cross this range, so be vigilant and alert in this range. Please note that break below 16152(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 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 this weekend which is concerning but if it continues it’s up move then it may also come into positive territory next weekend and if does not then it may start drifting down. So till it comes into positive mode it is suggested that not to be fearless but be cautious and careful in your long trades.

In view of the above observation, long trade can be tried if it holds 16223 for some time or if it moves above 16265 and maintain for some time. It is suggested to avoid buy on decline for the day. It is in strong up move but even then short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday gains.

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 16265 and maintain for some time with a stop loss of 16200. It is for both the traders.

Or

Buy if it holds 16223 levels for some time with a stop loss of 16190. It is for both the traders.

2. Sell on the rise near or within the range of 16330---16350 for some time with a stop loss of 16375. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16223 and maintain for some time with a stop loss of 16265. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16150 and maintain for some time with a stop loss of 16200. 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—6.8.2021

 

CNX--BANK NIFTY

Open-36093.95---High-36115.45--Low—35661.30---Close-35834.75 on 5.8.2021

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;35985.25/36248/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It corrected today and closed with a loss of 193.30 points. It seems that it was a normal correction after 3 days of rise, but please note that break below 35723(it may change) on the closing basis will push it into very short term corrective mode and then going down it will find good support at 35576---35186---34859.90---34632.60---34525---34410---35115---33908. 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. Going up to the level of 37708.75 it will face resistance at 36248---36497---36615---37232---37417 points. It is important to note that it has been trying to cross the critical point of 36248 for the last two days but failed and if it not able to cross it in next 3-4 trading session then it may possibly begin down move which may please be noted.

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 or may be next. So till it comes into positive territory it is suggested that not to be fearless but be cautious and careful in your long trades.

In view of the above observation, for safe traders 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. However aggressive traders can also try long trade if it moves above 35986 and maintain for some time 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 35640. It is for both the traders and could be a risky trade.

Or

Buy if it moves above 35986 and maintain for some time with a stop loss of 35800.It is for the aggressive traders and could be highly risky trade

2. Sell if it moves below 35640 and maintain for some time with a stop loss of 35740. 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---6.8.2021

 

CNX-NIFTY

 Open—16288.95--High—16349.45—Low—16210.30---Close-16294.60 on 5.8.2021.

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.                                                                                                                                                           

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

 (Bold and underlined figures are most important)

The up move continued and it closed with a small gain of 35.80 points. It could further move up to 16330---16408---16584---16631---16690---16750,   please note that moving up the range of 16330—16408 would be a very tough resistance range and it could correct in this range, so be vigilant and alert in this range. Please note that break below 16152(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 16245---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 comes into positive mode it is suggested that not to 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 16350 and maintain for some time or on decline at appropriate points or near 16152 and then near 15962.25 but not below it. It is in strong up move but even then short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday gains.

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 16350 and maintain for some time with a stop loss of 16280. It is for both the traders.

Or

Buy on decline at appropriate points or near 16152 and then near 15962 but not below it with a stop loss of 16125 &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 16410---16430 for some time with a stop loss of 16450. It could be a risky trade but worth trying for intraday gain.

Or

Sell near if it does not move above 16350 in first one and half hour of trade even intraday with a stop loss of 16380 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.