A TECHNICAL VIEW ON CNX-NIFTY FOR---25.10.2021

 

CNX-NIFTY

 Open—18230.70--High—18314.25—Low—18034.35---Close-18114.90 on 22.10.2021.

Support:18034.35/17947.75/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.      

Resistance: -18332.70/18604.50/18778/18817/18950/19505/19549/19575/19639/20390.09/20405/20656.           

 (Bold and underlined figures are most important)

It opened on a positive note and went up further but could not sustain at the upper level and slipped down and finally closed with a loss of 63.20 points. It is into very short term correction mode now and to come out of it, it has to move above 18332.70 and sustain on the closing basis, here please note that even if closes above 18169(figure may change, it did move well above this mark intraday but could not close above it) and sustain on the closing basis then chances are that it could stage a pullback rally and can make an effort to come out of corrective mode and may resume the up move again, else correction may deepen and may continue for some time. Moving down its critical support points could be at 18078.55---18028---17938---17860---17775---17724---17452(figure may change), it is already into very short term correction mode now, break below 18078.55---18028 will push it into short term correction mode break below 17860 will push it into deep short term correction mode, break below 17750 will weaken it further and sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18240---18285.80---18302.75---18332.70---18360---18407---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also which may please be noted.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. It is in correction mode now therefore further fall cannot be ruled out if it remains below its critical point of 18179.32 & 18332.70 on the closing basis. Please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall. It is therefore suggested to be extra alert and cautious in long trade till correction completion sign emerges.

In view of the above, since it is into correction mode therefore for safe traders long trade can be tried only if it closes above 18169 or 18332.70 and sustain or when it gives a visible indication of correction completion at the lower levels. However aggressive traders can try long trade if it moves above 18169 and maintain for some time  or on decline at appropriate points or near the range of 18078.55---18048---18028 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong long term uptrend as of now.

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 18169 and maintain for some time with a stop loss of 18110. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near or within the range of 18078—18048---18028 but not below it with a stop loss of 17950. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it does not move above 18169 in first one and half hour of trade with a stop loss of 18240. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell on the rise near or within the range of 18255---18285 with a stop loss of 18320. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18028 and maintain for some time with a stop loss of 18090. 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—25.10.2021

 

CNX--BANK NIFTY

Open—40192.65---High—40587.35--Low—40149.55---Close—40323.65 on 22.10.2021.

Support:40291/40011.15/39292.80/38377.25/38112.75/37708.75/37315.20/36876.35. 

Resistance: -40498/40587.35/40680/40746/40806/40855/41173/41811/41965/42036/42222.

(Bold and underlined figures are most important)

It continued the up move today and hit a new all-time high of 40587.35 and closed with a gain of 293.45 points. It is showing extra ordinary strength for the continuation of the up move, furthermore it has crossed its most critical resistance range and the range for the day will be 40265—40010---39704(figure will increase every day) and if it remains above this range on the closing basis then it could be in a very strong up momentum, but break below this range may lose the up momentum also which may please be noted. Moving up from here it will face resistance at 40498---40680---40855---41173---41811---41965---42036---42222, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Similarly moving down its critical support points could be at 40265---39711.55---39629---39540.60---39225.60---39060---39011.25 (figure may change), it may bounce back from any of these points, sustained break below 40265 will be an alert sign, break below the range of39711.55---39629---39540.60 will push it into very short term correction mode, break below 39225.60 will push it into short term correction mode, break below 39011.25 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator are also positive as of now, which may accelerate the up momentum in coming days. I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above, long trade can be tried if it holds 40265 for some time or buy on decline at appropriate points or near the range of 39711---39629--39540 but not below it. It is in the long term uptrend but correction always happens, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong uptrend.

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 or near or within the range of 39711—39629---39540 but not below it with a stop loss of 39260. It is for both the traders and could be a highly risky trade.

Or

Buy if it holds 40265 for some time with a stop loss of 40100. It is for both the traders and could be a risky trade.

2. Sell if it does not move above 40650 in first one and half hour of trade with a stop loss of 40750. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 40100 and maintain for some time with a stop loss of 40270. It could be a risky trade but worth trying for intraday gains.

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—22.10.2021

 

CNX--BANK NIFTY

Open—39676.55---High—40200.45--Low—39428.10---Close—40030.20 on 21.10.2021.

Support:40011.15/39695/39375/39093/38914/38888/38780/38743/38545/38377.75/38112.75/37708.75/37315.20/37200/36615/36525.95/36317/36248/36151.95/35531/34817.50. 

Resistance: - 40200.45/40291/40498/40680/40746/40806/40855/41169.

(Bold and underlined figures are most important)

It opened on a positive note today and went up further and hit a new all-time high of 40200.45 and closed with a decent gain of 512 points. It is showing extra ordinary strength for the continuation of the up move, therefore it seems that further rise is ahead off course with intermittent correction. Moving up from here it will face resistance at 40291---40498---40680---40855---41173---41811---41965---42036---42222, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Please note that its most important and critical resistance range is between 40215---39955---39610(figure will change every day) and if it moves above this range and sustain on the closing basis then it could be in a very strong up momentum. Similarly moving down its critical support points could be at 39518---39416---39333---39245---38930---38764---38715.65 (figure may change), it may bounce back from any of these points, break below 39518 will be an alert sign, break below the range of39416---39333---39245 will push it into very short term correction mode, break below 38930 will push it into short term correction mode, break below 38715 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator are also positive as of now, which may accelerate the up momentum in coming days. I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above , long trade can be tried if it moves above 40220 and maintain for some time or buy on decline at appropriate points or near 39518 but not below it. It is in the long term uptrend but correction always happens, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong uptrend.

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 or near 39518 but not below it with a stop loss of 39280. It is for both the traders and could be a highly risky trade.

Or

Buy if it moves above 40220 and maintain for some time with a stop loss of 40000. It is for both the traders and could be a risky trade.

2. Sell if it does not move above 40220 in first one and half hour of trade with a stop loss of 40320. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 39518 and maintain for some time with a stop loss of 39600. It could be a risky trade but worth trying for intraday gains.

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---22.10.2021

 

CNX-NIFTY

 Open—18382.70--High—18384.20—Low—18048---Close-18178.10 on 21.10.2021.

Support:18081/17971/17947.65/17920/17840/17792.95/7756/17700/17613/17576.10/17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.                                                                                                                                                           

Resistance: -18332.70/18350.75/18604.50/18778/19549/19575/19639/20390.09/20656.   

 (Bold and underlined figures are most important)

It continued its down move today and closed with a loss of 88.50 points. It is into very short term correction mode now and to come out of it, it has to move above 18332.70 and sustain on the closing basis, here please note that even if closes above 18179.32(it closed shade below this today) and sustain on the closing basis then chances are that it could stage a pullback rally and can make an effort to come out of corrective mode and may resume the up move again, else correction may deepen and may continue for some time. Moving down its critical support points could be at 18151---18140---18078.55---18048---18028---17938---17860---17724---17452(figure may change), it is already into very short term correction mode now, break below 18078.55---18028 & 17860 will weaken it further and push it into deep short term correction mode and sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18240---18285.80---18302.75---18332.70---18360---18407---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also which may please be noted.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. It is in correction mode now therefore further fall cannot be ruled out if it remains below its critical point of 18179.32 & 18332.70 on the closing basis. However, sharp bounce back from day’s low point today gives some glimmer of hope that it could stage a pullback rally from here. Please note that few technical indicator are still weak which is also concerning. It is therefore suggested to be extra alert and cautious in long trade till correction completion sign emerges.

In view of the above, since it is into correction mode therefore for safe traders long trade can be tried only if it closes above 18332.70 and sustain or when it gives a visible indication of correction completion at the lower levels. However aggressive traders can try long trade if it moves above 18180 and maintain for some time  or on decline at appropriate points or near the range of 18078.55---18048---18028 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong long term uptrend as of now.

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 18180 and maintain for some time with a stop loss of 18130. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near or within the range of 18078—18048---18028 but not below it with a stop loss of 17950. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it remains below 18179 and maintain for some time with a stop loss of 18255. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell on the rise near or within the range of 18340---18360 with a stop loss of 18390. 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—21.10.2021

 

CNX--BANK NIFTY

Open—39545.45---High—39774.55--Low—39292.80---Close-39518.20 on 20.10.2021.

Support:39375/39093/38914/38888/38780/38743/38545/38377.75/38112.75/37708.75/37315.20/37200/36615/36525.95/36317/36248/36151.95/35531/34817.50. 

Resistance: - 39685/40011.15/40291/40498/40680/40746/40806/40855/41169.

(Bold and underlined figures are most important)

It opened on a flat note and had both side movements and finally closed with a meager loss of 22.30 points. It is likely to correct further from here because after 2500 points of vertical rise, it should correct reasonably well to resume the steady up move again therefore this meager correction does not seem enough and it may correct further from here. So one should be alert and cautious in the long trade for the next 1-2 trading sessions because chances are that the correction could deepen. However as long as it holds the range of 39271---39189---39100 on the closing basis the up move should continue with intermittent correction. Moving up it will face resistance at 39695---40011---40291---40498---40680---40855, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Please note that its most important and critical resistance range is between 40155---39893---39591(figure will change every day) and if it moves above this range and sustain on the closing basis then it could be in a very strong up momentum. Similarly moving down its critical support points could be at 39271---39189---39100---38785---38620---38571 (figure may change), it may bounce back from any of these points, break below the range of39271---39189---39100 will push it into very short term correction mode, be alert if it slips below 39271, break below 38785 will push it into short term correction mode, break below 38571 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator are also positive as of now, which may accelerate the up momentum in coming days. I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above , long trade can be tried if it moves above 39775 and maintain for some time or buy on decline at appropriate points or near or within the range of  39271---39189---39100 but not below it. In light of trend reversal it could correct further from here, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but correction always happens , therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong uptrend.

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 or within the range of 39271---39189---39100 but not below it with a stop loss of 39000. It is for both the traders and could be a highly risky trade.

Or

Buy if it moves above 39775 and maintain for some time with a stop loss of 39650. It is for both the traders and could be a risky trade.

2. Sell if it does not move above 39775 in first one and half hour of trade with a stop loss of 39875. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 39000 and maintain for some time with a stop loss of 39300. It could be a risky trade but worth trying for intraday gains.

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---21.10.2021

 

CNX-NIFTY

 Open—18439.90--High—18458.30—Low—18209.35---Close-18266.60 on 20.10.2021.

Support:18254/18197.80/18081/17971/17947.65/17920/17840/17792.95/7756/17700/17613/17576.10/17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.                                                                                                                                                           

Resistance: -18350.75/18604.50/18778/19549/19575/19639/20390.09/20656.       

 (Bold and underlined figures are most important)

It had trend reversal yesterday and as envisaged it corrected sharply today and closed with a loss of 152.15 points. Please note that it has slipped into very short term correction mode today and to come out of it, it has to move above 18332.70 and sustain on the closing basis, here please note that even if closes above 18302.75 and sustain on the closing basis then chances are that it may come out of corrective mode and may resume the up move again else correction may deepen and may continue for some time. Moving down its critical support points could be at 18209---18164---18116---18078.55---18028---17860---17724---17452(figure may change), it is into very short term correction mode now, break below 18078.55---18028 & 17860 will weaken it further and push it into deep short term correction mode and sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18285.80---18302.75---18332.70---18360---18407---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also which may please be noted. But it is important to note that sustained close above 18778 will open up the upside range to 20390---20656, which may please be noted. 

It is important to mention here that its long term technical setup is still strong and good for the uptrend to continue. But after yesterday’s trend reversal it has slipped into very short term correction mode today, which is concerning therefore further fall cannot be ruled out if it remains below its critical point of 18332.70. However, except for one important technical indicator others are still positive as of now which is slightly comforting and may accelerate the up momentum in coming days.

In view of the above, since it has slipped into correction mode therefore for safe traders long trade can be tried only if it closes above 18332.70 and sustain or when it gives a visible indication of correction completion at the lower levels. However aggressive traders can try long trade if it moves above 18333 and maintain for some time  or on decline at appropriate points or near  18078.55 &18028 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains. Please be extra alert in the short trade because it is in strong long term uptrend as of now.

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 18333 and maintain for some time with a stop loss of 18260. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near or within the range of 18078--18028 but not below it with a stop loss of 17950. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it moves below 18209 and maintain for some time with a stop loss of 18275. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell on the rise near or within the range of 18460---18480 with a stop loss of 18510. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 18333 in first one and half hour of trade with a stop loss of 18375. 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.