A TECHNICAL VIEW ON CNX-NIFTY FOR-11.4.2022—15.4.2022

 

CNX-NIFTY

 Open—17698.15--High—17842.75—Low—17600.55---Close-17784.35 on 8.4.2022.

Support:17704/17639/17613/17600/17559/17452.90/17387.15/17354.05/17326/17216/17043/17003.90.

Resistance: -17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.

 (Bold and underlined figures are most important)

During the current week from 4.4.2020—8.4.2022 under review it did whip saw around 17795 and finally ended the week shade below it, however it is still looking strong as it is well above its critical points of 17354.05---17387.15---17436.90---17464.75---17559.80, so as long as it holds these points there is a possibility that the up rally may gain strength. But sustained break below any of these points could be concerning and finally sustained break below the range of 17224—17000 could end the on-going up move for a while. Furthermore as I mentioned in my last post that it is in the process of making Inverse Head & Shoulder Pattern, which is a bullish pattern and its neckline is at 17795 it did closed above it for 3 days during the week but then moved down and closed shade lower at the end of the week. But if it moves above it and  sustain on the closing basis for at least 4 days then the pattern will come into play and then it could hit a maximum up target of 19850—20000, but moving up to the target range it will face stiff resistance on the way at 17815---17875---17948---18018---18115---18152---18210---18350---18475---18604.45---18862---19402---19725, please note that the rally may end at any of the above stated points or earlier also, but if it moves above 18018 and sustain on the closing basis then it is likely  that it could retest its all-time high of 18604.45 or may move higher and if it sustains above 18604.45 then it is very much possible that it could head closer to the maximum target of the inverse head & shoulder pattern.

The technical indicators are positive on the daily chart and showing improvement on the weekly chart and some has turned positive also, which indicates that the on-going up move may extend and can last for some time, off course with intermittent correction and provided it holds the above mentioned critical points. The technical setup looks good and the long term and short term bias is positive as of now.  

In view of the above observation long trade can be tried if it moves above 17795 or 17843 and maintain for some time with a stop loss of 17700 and 17770 respectively or buy on decline at appropriate support points with self defined stop losses but not below 17600 with a stop loss of 17540 and then near the critical points as mentioned above but not below 17354 with self defined stop losses. Please note that safe traders should avoid long trade below 17795.  Please trail your stop loss in case of profitable trade to avoid losses. As it is in the up move so it is buy on dip market as of now, therefore short trade should be avoided in general, but it can be tried on the reasonable rise at appropriate points or on the price breakdown with self defined stop losses for a possible intraday corrective gains. The bias is positive 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.

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—4.4.2022—8.4.2022

 

CNX--BANK NIFTY

Open—36298.35---High—37209.80---Low—36242.35---Close—37148.50 on 1.4.2022.

Support:36827.60/36651.85/36373.60/36298.35/36151.95/35696/35585.20/35481.70/35327.90/35016.30/34817.50/34233/34018.45. 

Resistance:37232.20/37319.05/37581.05/37708.75/37891.90/38112.75/38377.25/38461.70/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

Further to my last post for 14.3.2022 to 18.4.2022, it has improved considerably and moved above its critical points of 35481.70---35585.20---35761.13---36298.35---36373.60—36827.60 which is a positive sign and as long as it holds these points it is likely to move up and the up rally may gain strength. But sustained break below any of these points could be concerning and finally sustained break below 35481.70 could put the long term uptrend in the potential danger. The technical setup looks good as of now, therefore it is likely to move up, moving up from here it will face stiff resistance at 37320---37709---37971---38134---38855.50---39197---39424.85---39547---39895, please note that the rally may end at any of the above stated points or earlier also, but if it moves above 37709 on the closing basis then it may get the required strength and it may pick up fast up momentum, however up journey from here may not be that smooth. Lastly and most importantly if it moves above 39895 and sustain on the closing basis then it is likely to retest its all-time high of 41829.60 or may move higher. 

It is showing strength price-wise and the technical indicators has also turned positive on the daily chart and showing improvement on the weekly chart also, which indicates that the on-going up move may extend and can last for couple of days or weeks, off course with intermittent correction and provided it holds the above mentioned critical points. The technical setup has improved and the long term and short term bias is positive as of now.  

In view of the above observation long trade can be tried if it moves above 37210 and maintain for some time with a stop loss of 36800 or on decline at appropriate support points with self defined stop losses but not below 36300 with a stop loss of 36000. Please trail your stop loss in case of profitable trade to avoid losses. As it is in the up move so it is buy on dip market as of now, therefore short trade should be avoided in general, but it can be tried on the reasonable rise at appropriate points or on the price breakdown with self defined stop losses for a possible intraday corrective gains. The bias is positive 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.

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-4.4.2022—8.4.2022

 

CNX-NIFTY

 Open—17436.90--High—17703.70—Low—17422.70---Close-17670.45 on 1.4.2022.

Support:17639/17613/17559/17452.90/17387.15/17354.05/17326/17216/17043/17003.90.          

Resistance: -17704/17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.

 (Bold and underlined figures are most important)

As envisaged in my last post for 14.3.2022 to 18.3.2022, it propelled the pullback up move and  converted it into a strong up rally and it moved well above its critical points of 17354.05---17387.15---17436.90---17464.75---17559.80, now as long as it holds these points the up rally will gain strength. But sustained break below any of these points could be concerning and finally sustained break below the range of 17224—17000 could end the on-going up move for a while. Furthermore and most importantly it is in the process of making Inverse Head & Shoulder Pattern, which is a bullish pattern and if it moves above 17795 and sustain on the closing basis then the pattern will come into play and then it could hit a maximum up target of 19850—20000, but moving up to the target range it will face stiff resistance on the way at 17815---17875---17948---18018---18152---18210---18350---18475---18604.45---18862---19402---19725, please note that the rally may end at any of the above stated points or earlier also, but if it moves above 18018 and sustain on the closing basis then it is likely to retest its all-time high of 18604.45 or may move higher and if it sustains above 18604.45 then it is very much possible that it could head closer to the maximum target of the inverse head & shoulder pattern.

It is showing strength price-wise and the technical indicators has also turned positive on the daily chart and showing improvement on the weekly chart also, which indicates that the on-going up move may extend and can last for couple of days or weeks, off course with intermittent correction and provided it holds the above mentioned critical points. The technical setup has improved and the long term and short term bias is positive as of now.  

In view of the above observation long trade can be tried if it moves above 17704 and maintain for some time with a stop loss of 17600 or on decline at appropriate support points with self defined stop losses but not below 17400 with a stop loss of 17340. Please trail your stop loss in case of profitable trade to avoid losses. As it is in the good up move so it is buy on dip market now, therefore short trade should be avoided in general, but it can be tried on the reasonable rise at appropriate points or on the price breakdown with self defined stop losses for a possible intraday corrective gains. The bias is positive 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.

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 UPDATE ON DOW JONES INDUSTRIAL AVERAGE –12.3.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—33279.72--High—33515.61—Low—32911.89—Close—32944.61 on 28.2.2022.

Support:32819.75/32578.73/32284.35/32074.60/31977.32/31272.72/30919.50/30547.53/29881.82/29856.30/29755.53/29463.64/29229.10/28902.13.

Resistance:33155.71/33227.78/33271.93/33473.80/33613.03/33741.72/34014.41/34178.47/34256.75/34666/34692/34715/34850/35092/35192/35511/35631/35824/35983/36190/36514/36562/36679/36952.53.

(Bold and underlined figures are most important)

Its overall technical setup is very weak at this point of time and it is already into medium term correction mode. Furthermore it is below its important & critical points and also way below its long term  moving averages  on the daily chart, therefore its long term uptrend is already in potential danger, which is concerning. Please note that to keep the hope alive for the up move to regain some foothold it has to move above 34200(figure may change upward or downward every day +/- 10 points) and sustain on the closing basis, however if it moves above 33386 and sustain on the closing basis then chances of a pullback rally would be there, else down move will continue with in between short relief rallies. It is important to mention here that break below 32530.25 will push it into long term correction mode. Last but not the least moving down its most crucial and important support points will be at 29856---29758 & 29562 break below these points will confirm the end of long term uptrend and it will get into the bear market which could last for few weeks or months and it may witness an accelerated fall. The above range could be considered as important or value range ,therefore as long as it holds the above range a ray of hope is there that it may regain the up momentum but looking at technical setup now regaining up momentum does not seem easy.

It is important to mention here that its critical technical indicators are already very weak on the daily and weekly chart and now those indicators are showing distinct weakness on the monthly chart also, which is highly concerning, therefore further fall looks imminent from here and it may seek much lower level in coming days, if the price does not improve fast and move above at least some of its critical and important points as mentioned above. The technical setup is terribly weak; therefore the bias is hugely bearish at this point of time.

REMARKS: - Long term uptrend is in potential danger at present and it is already into medium term correction mode, therefore it is suggested to avoid long trade till correction completion signs emerges.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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-14.3.2022—18.3.2022

 

CNX-NIFTY

 Open—16528.80--High—16694.40—Low—16470.90---Close-16630.45 on 11.3.2022.

Support:16565.60/16410/16376.75/16349.95/16203.25/16162.55/16133.80/15962.25—901/15671.45/15635.95/15578/15513.45/15450.90/15431/15336/15044/14984/14591.40.             

Resistance: -16701.65/16782.40/16809.65/16815.90/16836.80/16891.70/17043.65/17216.10/17326/17354.05/17387.15/17452.90/17490.60/17613.15/17639.50/17794.45.

 (Bold and underlined figures are most important)

It had volatile movement and it broke its critical support points during the week but managed to bounce back above some critical points at the end for the week under review i.e. 7.3.2022 to 11.3.2022. It ended the week on a positive note compare to previous week, but that is not enough. It is already into medium term correction mode and way below its, long term moving averages and other long term key points except for few, which is highly concerning and indicate that long term uptrend is already in potential danger now. However as long as it holds 16575(this figure will change every day +/- 5points) on the closing basis the hope of long term uptrend will be alive and as long as it holds 16364(it will be scaled downward if it breaks 15671.45) chances of pullback up move will be alive else down move will continue. Moving down its critical support points could be at 16575---16410---16364---16300---16203.25---16110---15986.42---15671.45, sustained break below 16575(figure will change every day) on the closing basis may end the long term uptrend, break below 16364 will   weaken it further and sustained break below 15986.42 on the closing basis will push it into long term correction mode which could last few weeks or months and it may witness an accelerated fall, therefore the range of 16575—15986 could be considered as important or value range for now and it may stage bounce back from this range. Similarly moving up its critical resistance points would be at 16695---16733---16796---16816---16984---17062---17137-17354.05---17387.15. The up journey seems pretty tough now and it will show good strength only if it moves above 17387.15 and sustain on the closing basis.

 It is already into medium term corrective mode now and some important technical indicators are also weak on the daily and weekly chart which indicates that further fall cannot be ruled out off course with in between short relief rallies. However it is showing some short positive development in the indicators which may propel the on-going pullback rally to a reasonable or decent level provided it holds 16575 & 16364 levels on the closing basis. Furthermore as long as it holds the range of 16575—15986 the hope of bouncing back and a pullback up move continuation would always be there. The overall technical setup is still weak therefore the bias is bearish as of now.   

In view of the above observation for safe traders it is suggested to avoid long trade completely for now, however aggressive traders can try long trade in the range of 16575---15986  at appropriate points with self defined  stop losses or can buy if it maintains above 16631 for some time with a stop loss of below 16550 for a possible pullback up move but please note that pullback rallies are treacherous in nature and could fizzle out abruptly also, so be alert and careful in the long trade. Please note that I would personally avoid the long trade in corrective market. Therefore it is suggested to adopt sell on the rise strategy or sell on the price breakdown till it gives visible indication of correction completion.

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.

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.