A TECHNICAL VIEW ON CNX-BANK NIFTY FOR THE WEEK-6.6.2022-10.6.2022

 

CNX-BANK NIFTY

Open—35929.55---High—35958.45---Low—35175.10---Close—35275.05 on 3.6.2022.

Support-35175.10/35016.30/34817.50/34751/34658.70/34374.35/34233/34115.20/34018/33908.95/33180.60/33001.75/32415.25/32155.55/32115.50/31906.55/30891/30405.65/29687.20. 

Resistance:35481.70/35511.40/35585.20/35696/35761.13/35795---811/35985.25/36083.70/36151.95/36317/36497.35/36615.20/36827.60/36876.35/37232.20/37232.20/37581.05/37708.75/37891.90/37988.60/38112.75/38377.25/38461.70/38765.85/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

Kindly see my last post for 16.5.2022—20.5.2022 where I mentioned that if holds the range of 32613---32133 it may stage a relief rally but that may not last until it moves above the range of 35481.70----35762  and sustain on the closing basis, it did rallied  from lower range and gave an upside move of more than 3000 points on the intraday basis in last 15 days but could not sustain above the critical range of 35481.70----35762    , furthermore this week end closing  indicates that the up-move is losing steam and the relief rally may be over if it does not move above  the above mentioned critical range and sustain on the closing basis. It was already in the long term corrective mode and now the on-going up rally has entered a short term corrective mode as it slipped below its threshold point of 35356.40 so, it may witness further fall from here, however as long as it holds the mark of 34438.50(this figure will be scaled down if it breaches 32155.35 mark) chances of resuming the up move may be alive. But break below 34438.50 will drag it down further to 33908--33464---33001.75---32700---32415.25—32155.35---32133---30405---29687.70 levels, please note that break below 33464 will push it into bear market. It is important to mention here that sustained break below 32133 will further push it down and break below 30405 will potentially end the long term uptrend and finally sustained break below 29687.70 will accelerate the fall and can drag it down much lower. Therefore this is an important support range but if it comes near to this range time and again then it will be a weak indication and then in all probability it will break the range in coming days, which may please be noted.

It is still into long term correction mode and the up rally was just a pullback move but now it seems that the on-going up rally is losing steam as it has started making lower top & bottom on the line chart now after making higher top & bottom for some time, therefore this rally may have ended if it fails to move above its critical range of 35481.70----35762---35827 and then above 36085 and sustain on the closing basis. Furthermore almost all important technical indicators are weak on the weekly & monthly chart, which is highly concerning. However the indicators are positive on the daily chart for some time hence this rally, but now price is indicating weakness, which is a bad sign. Overall it indicates weakness; therefore further fall looks very much likely in coming days provided it does not move above the mentioned points. The short term trend possibly turned weak now and the long term trend is already in danger.

In view of the above observation as momentum is losing the steam, therefore it is suggested that the safe traders should avoid long trade now and can only try if it sustains above 35827 on the closing basis. However, aggressive traders can try long trade if it moves above 35630 and maintain for some time with a stop loss of 35460 or on the decline near 35175 and then near or within the range of 33908--33464---33001.75---32700---32415.25—32155.35---32133 with a self defined stop loss. Please trail your stop loss in case of profitable trade to avoid losses. Please note that long trade at this juncture could be a very risky affair, therefore one should be very vigilant and cautious in the long trade at this point of time. Since it is showing sign of weakness it is suggested to adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gives visible signs of resuming the up move again. The long term bias is still negative 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.

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 THE WEEK-6.6.2022—10.6.2022

 

CNX-NIFTY

 Open—16761.65--High—16793.85—Low—16567.90---Close-16584.30 on 3.6.2022.

Support:16438.85/16410.20/16376.05/16363.44/16203.25/16162.55/15962—15903/15775.20/15735.75/15671.45/15635—632/15578—566/15513.45/15450.90/15431.75.      

Resistance: -16695.50/16793.85/16809.65---836.80/17003.90/17053.25/17216/17326/17354.05/17387.15/17452.90/17613/17639.

 (Bold and underlined figures are most important)

Kindly see my last post for 16.5.2022—20.5.2022 where I mentioned that if holds the range of 15735---15671---15450 it may stage a relief rally but that may not last until it moves above 16710 and sustain on the closing basis, it did rallied  from there and gave an upside move of 1000 points on the intraday basis in last 15 days , but this week end closing indicate that the up-move is losing steam and the relief rally may be over if it does not move above 16650 and then above 16800 and sustain on the closing basis. It may get into short corrective mode if it moves below the range of 16544—16522 and sustain, however as long as it holds the mark of 16363 chances of resuming the up move may be alive. But break below 16363 will drag it down further to 16050---15986.85---15735.75—15671.45---15450 levels, please note that break below 15986.85 will push it into long term correction mode again and break below 15450 will potentially end the long term uptrend. Therefore this is an important support range but if it comes near to this range time and again then it will be a weak indication and then in all probability it will break the range in coming days, which may please be noted.

It is still into medium term correction mode and the up rally was just a pullback move but now it seems that the on-going up rally is losing steam as it has made lower top on the line chart now after making higher top & bottom for some time, therefore this rally may end if it fails to move above 16650 & 16800 and sustain. Furthermore almost all important technical indicators are weak on the weekly & monthly chart, which is highly concerning. However the indicators are positive on the daily chart for some time hence the rally, but now price is indicating weakness, which is a bad sign. Overall it indicates weakness; therefore further fall looks very much likely in coming days provided it does not move above the above mentioned points. The short term trend is slightly positive as of now but the long term trend is still in danger.

In view of the above observation as momentum is losing the steam, therefore it is suggested that the safe traders should avoid long trade now and can only try if it sustains above 16650 on the closing basis. However, aggressive traders can try long trade if it moves above 16650 and maintain for some time with a stop loss of 16575 or on the decline near 16522 and then near or within the range of 16438—410—363 with a stop loss of 16590 and 16300 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Please note that long trade at this juncture could be a risky affair, therefore one should be very vigilant and cautious in the long trade at this point of time. Since it is showing sign of weakness it is suggested to adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gives sign of resuming the up move again. The long term bias  is still negative 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.

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 THE WEEK-16.5.2022-20.5.2022

 

CNX-BANK NIFTY

Open—33925.95---High—34002.20---Low—33007.90---Close—33121.35 on 13.5.2022.

Support: 33007.90/32415.25/32376.50/32155.55/31906.55/30891/30405/29687.20. 

Resistance:33908.95/34018.45/34115.20/34233/34817.50/35016/35327.90/35481.70/35511.40/35585.20/35696/35761.13/35926.30/36151.95/36298.35/36373.60/37264.45/37319.05/37346.80/36651.85/36827.60/37581.05/37708.75/37891.90/37988.60/38112.75/38377.25/38461.70/38765.85/38855.55/39197.20/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

The week under review from 9.5.2020—13.5.2022 was very volatile and it had wild movement, but as anticipated eventually it moved down and closed near the low of the week, breaking its all important points which is a very bad sign. The long term uptrend also is in deep trouble and danger and it may give a ray of hope for moving up only, if it moves above the range of 35481.70----35762 and sustain on the closing basis, else down move will continue, please note that as it is way below the above range now, so the chances of crossing this range looks very bleak at this point of time. Furthermore its bear market threshold point is 33464 and it has closed below it, therefore it looks that the down move should continue, however moving down it will find support at 32613---32155---32133---30405---29687.70 and if it hold the range of 32613---32133 then it may stage a relief rally but that may not last until it moves above the range of 35481.70----35762  and sustain on the closing basis. It is important to mention here that sustained break below 32133 will further push it down and break below 30405 will potentially end the long term uptrend and finally sustained break below 29687.70  will accelerate the fall and can drag it down much lower.

It slipped into long term corrective mode and also into bear market territory this week and it can come out of it, if it moves above 33464 & 35762. Furthermore almost all important technical indicators have also turned weak on the daily, weekly and monthly chart, which is highly concerning. The indicators are exhibiting tremendous weakness as of now, therefore further fall looks inevitable and it may drag it down to 30550 levels or below in coming days. Please note if it moves above 34439 (this figure will be scaled down if it breaches 32155.35 mark) levels  and sustain then there is a possibility of a bounce back else down move will continue with in between short relief rallies, so be alert and careful particularly in the long trade. The long term uptrend is in deep trouble and short & medium term trend is also deeply down as of now.

In view of the above observation safe traders should avoid long trade till correction completion sign emerges. However, aggressive traders can try long trade near or within the range 32613---32133 and then near 30500 but not below it with a stop loss of 31800 and 30250 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Since it is in long term corrective mode long trade could be a risky affair, therefore one should be very vigilant and cautious in the long trade. It is suggested to avoid long trade now and adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gets out of corrective mode. The bias is hugely bearish 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 THE WEEK-16.5.2022—20.5.2022

 

CNX-NIFTY

 Open—15977--High—16083.60—Low—15740.85---Close-15782.15 on 13.5.2022.

Support:15735.75/15671.45/15578/15513/15450.90/15431/15336/14984/14883.86/14745/14414.           

Resistance: -15914—15962 /15986.42/16162.55/16203.25/16376.05/16410.20/16782.40/16809.61/16815.90/16824.70/16836.80/16891.70/17003.90/17043/17216/17326/17354.05/17387.15/17414.70/17452.90/17559/17600/17613/17639/17704/17795/17948/18018/18152/18210/18350/18604.45.

 (Bold and underlined figures are most important)

The week under review from 9.5.2020—13.5.2022 was very volatile and it had wild movement, but as anticipated eventually it moved down and closed near the low of the week, breaking its all important points which is a very bad sign. Furthermore the long term uptrend is in deep trouble and danger and it may give a ray of hope for moving up only, if it moves above 16410 and then 16710(figure will change every day) and sustain on the closing basis, else down move will continue, please note that chances of crossing these points looks very bleak at this point of time. Therefore it looks that down move should continue, however moving down it has good support at 15735---15671.45---15450---14883.86---14745---14414, it closed near the very 1^st support point of 15671.45 therefore chances are that if it hold the range of 15735---15671---15450 it may stage a relief rally but that may not last until it moves above 16710 and sustain. It is important to mention here that sustained break below 15450 will potentially end the long term uptrend, sustained break below 14883.86 will confirm that it is into the bear market and finally break below 14745 &14414 will accelerate the fall and can drag it down much lower.

It slipped into long term corrective mode this week and it can come out of it, if it moves above 15987 and sustain on the closing basis. Furthermore almost all important technical indicators are weak on the daily & weekly chart, which is highly concerning. Please also note that indicators are exhibiting weakness on the monthly chart also and if the down slide continues it will confirm the weakness this month end which would be devastating. The indicators are tremendously weakness as of now, therefore further fall looks inevitable and if it fails to hold the range of 15671---15450 it may drag it down to the range of 15000 to 14600 or below. Please note if it moves above 16364 (this figure will be scaled down if it breaches 15671.45 mark) levels  and sustain then there is a possibility of a bounce back else down move will continue with in between short relief rallies, so be alert and careful particularly in the long trade. The long term uptrend is in deep trouble and short & medium term trend is also deeply down as of now.

In view of the above observation safe traders should avoid long trade till correction completion sign emerges. However, aggressive traders can try long trade near or within the range 15735--15671 and then near 15450 but not below it with a stop loss of 15600 and 15375 respectively. Please trail your stop loss in case of profitable trade to avoid losses. Since it is in long term corrective mode long trade could be a risky affair, therefore one should be very vigilant and cautious in the long trade. It is suggested to adopt sell on the rise strategy at appropriate points or sell on the price breakdown with self defined stop losses for a possible intraday corrective gain till it gets out of corrective mode. The bias is hugely bearish 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.

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.