A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—18.8.2021

 

CNX--BANK NIFTY

Open-35935.05---High-35993.70--Low—35611.85---Close-35867.45 on 17.8.2021

Support: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;35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It continued moving down and closed with a loss of 227.05 points. It has not yet crossed its critical mark of 36248 after various attempts, which is concerning, however there is no price destruction as yet therefore uptrend may still continue, but please note that break below 35797(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---35531---35186---34859.90---34632.60---34525---34410---34115---33908. Please note that break below 35531 could accelerate the fall. 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 few days now but failed which is indicating weakness. Please note that if it is not able to cross it in next 1-2 days on the closing basis then it may possibly start drifting down again which may please be noted. Last but not the least it is relatively weak on the technical chart in comparison with Nifty-50. Therefore be alert and cautious in long trade at this point of time.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term outlook seems o.k. and one very important technical indicator has also become positive on the daily chart but on the weekly chart it is was negative last weekend which is concerning but if it continues it’s up journey then it may also come into positive territory this weekend and if does not happen 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 36317 and maintain for some time or buy if it hold 35797 on decline but not below it, however aggressive traders can also try long trade if it moves above 36170 and maintain for some time or on decline at appropriate points or near 35531 but not below it. Please note that long trade below 35797 could be a risky affair. 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 36317 and maintain for some time with a stop loss of 36140.It is for both the traders.

Or

Buy on decline at appropriate points or near 35797 but not below it with a stop loss of 35680.It is for both the traders and could be a risky trade.

Or

Buy if it moves above 36170 and maintain for some time with a stop loss of 36000.It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 35531 but not below it with a stop loss of 35400. It is for the aggressive traders and could be a risky trade.

2. Sell if it moves below 35797 and maintain for some time with a stop loss of 35950. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36250---36320 with a stop loss of 36400 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---18.8.2021

 

CNX-NIFTY

 Open—16545.25--High—16628.55—Low—16495.40---Close-16614.60 on 17.8.2021.

Support:16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16677/16688/16996/17415/17504/19575/20390.              

 (Bold and underlined figures are most important)

It moved up further today and closed with a gain of 51.55 points. Please note that it has been moving up for the last 7 straight days so short correction looks imminent and can happen any time. But it looks good for the continuation of the up move with intermittent correction and the upside target or resistance points could be 16778---16688---16770---16857---16920---16996---17415---17504---19575---20390,   please note that moving up the most critical and tough resistance range would be 16770---16857—16920(figures will change every day) so please be careful in this range it may correct here before moving up further or it may top out in this range or earlier also. Similarly moving down its critical support points are at 16518.60---16475---16404---16365.40---16322(these figures may change). Please note that break below 16518.60(this figure may change) will push it into very short term correction mode and break below 16365.40 (this figure may change) could push it into deep short term correction mode and break below 16322 may weaken it further, but as long as it holds 15962.25 level there is no major threat to the long term uptrend. The other support points will be at 16223---16162---16133---16084---15962.25, sustained break below 15962.25 may accelerate the fall which may please e noted.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term outlook is also strong; furthermore one very important technical indicator has also become positive on the daily and weekly chart which is an extremely positive sign. Therefore further rise is ahead in coming days with intermittent corrections. It is a buy on dip market now but one should be cautious if it breaks 16322 and sustain on the closing basis. The bias is bullish as of now.

In view of the above observation, long trade can be tried if it moves above  16630 and maintain for some time or buy on decline at appropriate point or near 16475 but not below it, however aggressive traders can try long trade on decline at appropriate points or near 16322 but not below it. Please note that long trade below 16475 could be a risky affair for the day.  It is in strong up move but still below some of its very 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 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 16630 and maintain for some time with a stop loss of 16590. It is for both the traders. It could be a risky trade.

Or

Buy on decline at appropriate points or near 16475 but not below it with a stop loss of 16440. It is for both the traders.

Or

Buy on decline at appropriate points or near 16322 but not below it with a stop loss of 16275. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 16660---16680 with a stop loss of 16710. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16475 and maintain for some time with a stop loss of 16520. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 16630 in first one and half hour of trade even intraday with a stop loss of 16665. 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---17.8.2021

 

CNX-NIFTY

 Open—16518.40--High—16589.40—Low—16480.75---Close-16563.05 on 16.8.2021.

Support:16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16677/16688/16996/17415/17504/19575/20390.              

 (Bold and underlined figures are most important)

It consolidated and moved up today also and closed with a gain of 33.95 points. It looks good for the continuation of the up move and the upside target or resistance points could be 16688---16740---16821---16885---16996---17415---17504---19575---20390,   please note that moving up the most critical and tough resistance range would be 16753---16838—16900(figures will change every day) so please be careful in this range it may correct here before moving up further or it may top out in this range also. Similarly moving down its critical support points are at 16488.60---16465---16392---16335.50---16312(these figures may change) and please note that break below 16335.50(it may change) could push it into very short term correction mode and break below 16312 may weaken it further, but as long as it holds 15962.25 level there is no major threat to the long term uptrend. The other support points will be at 16223---16162---16133---16084---15962.25, 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 is also strong; furthermore one very important technical indicator has also become positive on the daily and weekly chart which is an extremely positive sign. Therefore further rise is ahead in coming days with intermittent corrections. It is a buy on dip market now but one should be cautious if it breaks 16312 and sustain on the closing basis. The bias is bullish as of now.

In view of the above observation, long trade can be tried if it hold  16543.60 for some time  or buy on decline at appropriate point or near 16465 but not below it, however aggressive traders can try long trade on decline at appropriate points or near 16312 but not below it. Please note that long trade below 16465 could be a risky affair for the day.  It is in strong up move but still below some of its very 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 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 holds 16543.60 for some time with a stop loss of 16500. It is for both the traders. It could be a risky trade.

Or

Buy on decline at appropriate points or near 16465 but not below it with a stop loss of 16425. It is for both the traders.

Or

Buy on decline at appropriate points or near 16312 but not below it with a stop loss of 16275. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 16640---16660 with a stop loss of 16700. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16465 and maintain for some time with a stop loss of 16500. 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—17.8.2021

 

CNX--BANK NIFTY

Open-36100.65---High-36261.55--Low—36032.40---Close-36094.50 on 16.8.2021

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;36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It corrected today and closed with a loss of 75.85 points. It has not yet crossed its critical mark of 36248, however there is no price destruction as yet therefore uptrend may still continue, but please note that break below 35797(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---35531---35186---34859.90---34632.60---34525---34410---34115---33908. Please note that break below 35531 could accelerate the fall. 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 few days now but failed which is also concerning. Please note that if it is not able to cross it in next 2-3 days on the closing basis then it may possibly start drifting down again which may please be noted. Last but not the least it is relatively weak on the technical chart in comparison with Nifty-50.

It is important to mention here that its long term technical setup is good for the uptrend to continue. The short term outlook seems o.k. and one very important technical indicator has also become positive on the daily chart but on the weekly chart it is was negative last weekend which is concerning but if it continues it’s up journey then it may also come into positive territory this weekend and if does not happen 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 36317 and maintain for some time or buy on decline at appropriate points or near 35797 but not below it, however aggressive traders can also try long trade if it moves above 36170 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 36317 and maintain for some time with a stop loss of 36140.It is for both the traders.

Or

Buy on decline at appropriate points or near 35797 but not below it with a stop loss of 35680.It is for both the traders and could be a risky trade.

Or

Buy if it moves above 36170 and maintain for some time with a stop loss of 36000.It is for the aggressive traders and could be a risky trade.

2. Sell if it moves below 35797 and maintain for some time with a stop loss of 35950. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36650---36700 with a stop loss of 36800 It could be a highly risky trade but worth trying for intraday gain.

Or

Sell near if it does not move above 36317 in first one and half hour of trade with a stop loss of 36450. It could be a highly risky trade.

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

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

 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---16.8.2021

 

CNX-NIFTY

 Open—16385.70--High—16543.60—Low—16376.30---Close-16529.10 on 13.8.2021.

Support:16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16677/16688/16996/17415/17504/19575/20390.              

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and moved above its first tough resistance range of 16289---16446 and closed with a robust gain of 164.70 points, which is a very positive sign. It looks good for the continuation of the up move and the upside target or resistance points could be 16688---16740---16821---16885---16996---17415---17504---19575---20390,   please note that moving up the 2^nd critical and tough resistance range would be 16740—16885 so please be careful in this range it may correct here before moving up further. Similarly moving down its critical support points are at 16455---16381---16300(these figures may change) and please note that break below 16300(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 long term uptrend. The other support points will be at 16223---16162---16133---16084---15962.25, 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 is also strong; furthermore one very important technical indicator has also become positive on the daily and weekly chart which is an extremely positive sign. Therefore further rise is ahead in coming days with intermittent corrections. It is a buy on dip market now but one should be cautious if it breaks 16300 and sustain on the closing basis. The bias is bullish as of now.

In view of the above observation, long trade can be tried if it moves above 16545 and maintain for some time or on decline at appropriate point or near 16300 but not below it. It is in strong up move but still below some of its very 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 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 16545 and maintain for some time with a stop loss of 16500. It is for both the traders. It could be a risky trade.

Or

Buy on decline at appropriate points or near 16300 but not below it with a stop loss of 16240. It is for both the traders.

2. Sell on the rise near or within the range of 16660---16680 with a stop loss of 16710. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16300 and maintain for some time with a stop loss of 16350. 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—16.8.2021

 

CNX--BANK NIFTY

Open-36000.75---High-36233.30--Low—35937.10---Close-36169.35 on 13.8.2021

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;36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It continued the up day today and closed with a gain of 232.30 points. It has crossed its recent top on the line chart which is a positive sign but is yet to cross it critical mark of 36248, however there is no price destruction as yet therefore uptrend may continue, but please note that break below 35797(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 few days now but failed which is also concerning. Please note that if it is not able to cross it during early next week starting from 16.8.2021 on the closing basis 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 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 journey then it may also come into positive territory next weekend and if does not happen 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 36317 and maintain for some time or buy on decline at appropriate points or near 35797 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 36317 and maintain for some time with a stop loss of 36140.It is for both the traders.

Or

Buy on decline at appropriate points or near 35797 but not below it with a stop loss of 35680.It is for both the traders and could be a risky trade.

2. Sell if it moves below 35797 and maintain for some time with a stop loss of 35950. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36650---36700 with a stop loss of 36800 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.