A TECHNICAL VIEW ON CNX-NIFTY FOR-18.4.2022—22.4.2022

 

CNX-NIFTY

 Open—17599.90--High—17663.65—Low—17457.40---Close-17475.65 on 13.4.2022.

Support:17452.90/17442.35/17387.15/17354.05/17326/17216/17043/17003.90/16891.70.           

Resistance: -17559/17600/17613/17639/17704/17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.

 (Bold and underlined figures are most important)

The week under review from 11.4.2020—13.4.2022 was a truncated week and it closed near the low of the week and below its first critical point of 17560 which is concerning but it is still above other critical points of 17464.75---17436.90---17387.15---17354.05, so as long as it holds these points there is a possibility that it may bounce back and the up rally may resume but it will gain strength only if it moves above 17795 & 17853 and sustain on the closing basis. Please note that moving down it has bed of supports from its long term moving averages which are in the range of 17440---16700 so there is strong possibility that it could stage a bounce back from this range but sustained break below 17354 will weaken it and break below the range of 17224—17000 could possibly end the on-going up move and finally sustained break below 16700 on the closing basis could put the long term uptrend in potential danger, which may please be noted. Please note that on the down move the potential bounce back range could be 17224---17000 & 16900---16700.

It is into corrective mode now and it can come out of it if it moves above 17538 and then above 17853, furthermore certain important technical indicators have also turned weak on the daily chart ,which is concerning and if it does not improve fast it could drag it down 17150—17100 levels or below, so be alert and careful. The long term trend is still up but the short term trend is down as of now.

In view of the above observation safe traders can try long trade only if it moves above 17560 and sustain on the closing basis or if it holds 17440 levels for some time with self defined stop loss, else avoid. However aggressive traders can try long trade near or within the important range as mentioned above with a self defined stop losses. Please trail your stop loss in case of profitable trade to avoid losses. As it is in the corrective mode therefore one should be very vigilant and cautious in the long trade. Since it is in corrective mode, therefore short trade can also be tried on the reasonable rise at appropriate points or on the price breakdown with self defined stop losses for a possible intraday corrective gain. The short term bias is negative 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-11.4.2022-15.4.2022

 

CNX-BANK NIFTY

Open—37619.70---High—37884.20---Low—37405.20---Close—37752.05 on 8.4.2022.

Support:37708.75/37581.05/37346.80/37319.05/36827.60/36651.85/36373.60/36298.35/36151.95/35696/35585.20/35481.70/35327.90/35016.30/34817.50/34233/34018.45. 

Resistance:37891.90/38112.75/38377.25/38461.70/38765.85/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

During the current week from 4.4.2020—8.4.2022 under review , it remained well above its critical points of 36827.60---36373.60---36298.35---35761.13---35585.20---35481.70 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 37971---38134---38765.85---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 momentum, however up journey from here may not be that smooth but on as of now. Lastly and most importantly if it moves above 39895 and sustain on the closing basis then it is likely that it could retest its all-time high of 41829.60 or may move higher. 

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 37885 and maintain for some time with a stop loss of 37700 or buy on decline at appropriate support points with self defined stop losses but not below 37350 with a stop loss of 37250 and then near the critical points as mentioned above with self defined stop losses but not below 35585 with a stop loss of 35400. But safe traders should avoid long trade below 37560. 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-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.