A TECHNICAL VIEW ON CNX-BANK NIFTY FOR THE WEEK STARTING FROM-4.7.2022---8.7.2022

 

CNX-BANK NIFTY

Open—33264.75---High—33666.50---Low—33080.45---Close—33539.45 on 1.7.2022.

Support:33463.55/33273.95/33180.60/33080.45/33001.75/32652.15/32613.10/32415.25/32290.55/32155.35/31906.55/31649.45/31170.55/3801/30405.65/30220/29687.70. 

Resistance:33774.05/33908.95/34018.45/34115.20/34147.50/34287/34390.05/34817.50/35016.30/35327.90/35481.70/35511/35585.20/35762/35958.45/36083.70.

(Bold and underlined figures are most important).

Kindly see my last post for the week from 6.6.2022—10.6.2022 (it closed at 35275.05 on 3.6.2022 ) where I mentioned that the up rally is losing steam and it is expected to correct if it does not sustain above the range of 35481.70----35762   and it did corrected by more than 2900 points  on intraday basis but staged a bounced back  from its important support range of 33001---32613---32133 and the rally is still on but the price is not showing enough strength  now ,however if it moves above 34439 and sustain then this rally may extend further, but it may gain some strength if it moves above 35160(figure will change every day) and may pick up good momentum if it moves above the critical range of 35481.70----35762  which is not likely to happen at this point of time, similarly break below the range of 33264---33001 will be a weak sign and may end the on-going pullback rally. But it is important to mention here it has strong support range between 32870---32050(32870---32613---32290—32133---32050) therefore the chances are that it may bounce back from this range a number of time before breaking it, but eventually it is likely to break this range as per important technical indicators reading as of now so be watchful and extremely cautious in the long trade at least for now.

It is into long term correction mode now and the on-going up rally is just a pullback move and it may fizzle out any time soon. This rally is holding on because some important technical indicators on the daily chart are showing positive sign, but it is likely to fade out soon and down move may begin because almost all the important technical indicators are showing extremely weak sign on the weekly and monthly chart therefore a good fall looks inevitable in coming week/months provided it breaks its important range of 32870---32050 as mentioned above. The short term trend is slightly positive as of now but the medium and long term trend is still bearish.

In view of the above observation, it is in long term correction mode, therefore it is suggested that the safe traders should avoid long trade now and can only try if it sustain above 34439 on the closing basis. However, aggressive traders can try long trade if it maintains above 33540 for some time with a stop loss of 33400 or on the decline near or within the range of 33270---33000 with a stop loss of 32800. Please trail your stop loss in case of profitable trade to avoid losses. Please note that long trade for playing the pullback move 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 in long term correction mode, therefore 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 corrective gain till it gives visible sign of getting out of corrective mode. The long term bias is 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.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR THE WEEK-4.7.2022—8.7.2022

 

CNX-NIFTY

 Open—15703.70--High—15793.95—Low—15511.05---Close-15752.05 on 1.7.2022.

Support:15735.75/15671.45/15632/15578/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40/15044/14984.15/14883/14745.85.                                                                                                                                                           

Resistance:15776/15890/15901/15915/15927/15962/15991/16162.55/16203.25/16359.25/16399/16410.20/16555.

 (Bold and underlined figures are most important)

Kindly see my last post for the week from 6.6.2022—10.6.2022 (Nifty closed at 16584.30 on 3.6.2022 ) where I mentioned that the up rally is losing steam and it is expected to correct and it did corrected by 1400 points  on intraday basis and broke its important range of 15735---15671---15450 but staged a bounced back  from its second range of important support points at 15180---15100---15000—14883 and the rally is still on but the price is not showing enough strength  now ,however if it moves above the range of 15986—15991 and sustain then this rally may extend further, but it may gain some strength if it moves above 16475(figure will change every day) which is not likely to happen at this point of time, similarly break below the range of 15700—15650 will be a weak sign and break below 15511 may end the on-going pullback rally, but it is important to mention here that break below the range of 15000—14883 may witness an accelerated fall which may please be noted. Please note that the range of15180---15100---15000—14883 is solid support range therefore the chances are that it may bounce back from this range number of time before breaking it, but eventually it is likely to break this range as per important technical indicators reading as of now so be watchful and extremely cautious in the long trade at least for now

It is into long term correction mode now and the on-going up rally is just a pullback move and it may fizzle out any time soon. This rally is holding on because some important technical indicators on the daily chart are showing positive sign, but it is likely to fade out soon and down move may begin because almost all important technical indicators are showing extremely weak sign on the weekly and monthly chart therefore a good fall looks inevitable in coming week/months provided it breaks its important range of 15180---15000---14883 as mentioned above. The short term trend is slightly positive as of now but the medium and long term trend is still bearish as of now.

In view of the above observation, it is in long term correction mode, therefore it is suggested that the safe traders should avoid long trade now and can only try if it sustain above 15991 on the closing basis. However, aggressive traders can try long trade if it moves above 15781 and maintain for some time with a stop loss of 15660 or on the decline near or within the range of  15511---15450 with a stop loss of 15390. Please trail your stop loss in case of profitable trade to avoid losses. Please note that long trade for playing the pullback move 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 in long term correction mode, therefore 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 corrective gain till it gives visible sign of getting out of corrective mode. The long term bias is 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.