A TECHNICAL VIEW ON CNX-NIFTY FOR—7.7.2022

 

CNX-NIFTY

 Open—15818.50--High—16011.35—Low—15800.90---Close-15989.80 on 6.7.2022.

Support:15986.42/15962/15927/15915/15901/15890/15776/15735.75/15671.45/15632/15578/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40/15044/14984.15/14883/14745.85.                                                                                                                                                           

Resistance:15991/16025.80/16162.55/16203.25/16359.25/16399/16410.20/16555.

 (Bold and underlined figures are most important)

It is exhibiting extreme volatility which is not a good sign, yesterday after big upside move in first half it plunged down and closed near the low of the day and today it recouped yesterday losses and closed near the high of the day but closed shade below the upper band of its critical range of 15986—15991.The pullback rally is on and if it moves above 15991 and sustain on the closing basis then this rally may extend. It is important to mention here that some of the important technical indicators on the daily chart are still showing positive sign(but looking extremely bad on the weekly and monthly chart), furthermore it is also above its short term moving averages now and also making higher top & bottom on the line chart, therefore there is fair chance that this rally may extend provided it moves above 15991 and sustain on the closing basis, but it may be short lived. Moving up it will face stiff resistance at 15991---16026---16050---16100—16179—16203---16285---16320—16414---16450(some points may change every day). It is needless to mention here that pullback rally are treacherous in nature and may end abruptly, therefore this rally can exhaust at any of these points or earlier, but if it moves above 16450 and sustain then it could get meaningful strength and rally can extend further. Similarly close below 15810 will weaken this rally and close below 15752 will confirm the end of this rally, which ay please be noted.

In view of the above observation, safe traders should avoid long trade till it closes above 15991 and sustain. However the aggressive traders can try long trade if it moves above 16026 and maintain for some time with a stop loss of 15950 or can buy on decline at appropriate points or near 15750 but not below it with a stop loss of 15690. Please note that after making a bottom at 15183.40 on 17.6.2022 it already rallied by more than 800 points as of now therefore initiating a long trade for a pullback gains at this juncture could be a highly risky affair. It is therefore suggested to be extremely cautious and vigilant in long trade at this point of time. Short trade can also be attempted on the rise at appropriate points or on the price breakdown for intraday corrective gains. The short term trend is positive as of now, but the medium and long term trend is still down.

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—6.7.2022

 

CNX-NIFTY

 Open—15909.15--High—16025.75—Low—15785.45---Close-15810.85 on 5.7.2022.

Support:15776/15735.75/15671.45/15632/15578/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40/15044/14984.15/14883/14745.85.                                                                                                                                                           

Resistance:15890/15901/15915/15927/15962/15986.42/15991/16025.80/16162.55/16203.25/16359.25/16399/16410.20/16555.

 (Bold and underlined figures are most important)

The pullback rally was on for the last few days and it showed good strength on the up move in the first half today and crossed its critical range of 15986—15991 intraday and hit a high of 16025.75 for the day, but it plunged down in second half and closed well below this range, which is concerning. Please note that if it fails to close above this range in next 2 trading session then this rally may exhaust here and start moving down and break below 15752 on the closing basis will weaken it further and break below 15700 on the closing basis may confirm the end of the rally and may accelerate the fall. However in case if it crosses its critical range of 15986—15991 and closes above it and sustain then this rally may extend. Moving up it will face stiff resistance at 15986—15991---16050---16100—16179—16203---16285---16320—16414---16460(some points may change every day). But looking at today’s movement a sharp up move is very less likely and possibly the on-going pullback rally may have ended today. So watch out.

In view of the above observation, safe traders should avoid long trade till it closes above 15991 and sustain. However the aggressive traders can try long trade if it moves above 15852 and maintain for some time with a stop loss of 15800 or can buy on decline near 15750 but not below it with a stop loss of 15690. Please note that it is still in the long term corrective mode and initiating a long trade for a pullback gains could be a highly risky affair. It is therefore suggested to be extremely cautious and vigilant in long trade initiated for pullback gains at this point of time. I would personally avoid long trade now. Since it is in long term corrective mode short trade should be attempted on the rise at appropriate points or on the price breakdown for corrective gains. The short term trend is positive as of now, but the medium and long term trend is still down.

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--6.7.2022

 

CNX-BANK NIFTY

Open—34084.70---High—34361.05---Low—33757---Close—33815.90 on 5.7.2022.

Support:33774.05/33463.55/33273.95/33180.60/33080.45/33001.75/32652.15/32613.10/32415.25/32290.55/32155.35/31906.55/31649.45/31170.55/3801/30405.65/30220/29687.70.

 

Resistance:33774.05/33908.95/34018.45/34115.20/34147.50/34287/34390.05/34439/34817.50/35016.30/35327.90/35481.70/35511/35585.20/35762/35958.45/36083.70.

(Bold and underlined figures are most important).

The pullback rally was on for the last few days and it showed good strength on the up move in the first half today and hit a intraday high of 34361.05 but could not cross its critical point of 34439, but it plunged down sharply in second half and closed near the low of the day, which is concerning. Please note that if it fails to close above this range in next 2 trading session then this rally may exhaust here and start moving down and break below 33440 on the closing basis will weaken it further and break below 33265 on the closing basis may confirm the end of the rally and may accelerate the fall. However in case if it crosses its critical point of 34439 and closes above it and sustain then this rally may extend. Moving up it will face stiff resistance at 34439---34635---35136---35187---35481.20---35585.20---35762. But looking at today’s movement a sharp up move is very less likely and possibly the on-going pullback rally may have ended today. So watch out.

In view of the above observation, safe traders should avoid long trade till it closes above 34439 and sustain. However the aggressive traders can try long trade if it moves above 33941 and maintain for some time with a stop loss of 33800 or can buy on decline at appropriate points or near  or within the range of 33550---33265 but not below it with a stop loss of 33050. Please note that it is still in the long term corrective mode and initiating a long trade for a pullback gains could be a highly risky affair. It is therefore suggested to be extremely cautious and vigilant in long trade initiated for pullback gains at this point of time. I would personally avoid long trade now. Since it is in long term corrective mode short trade should be attempted on the rise at appropriate points or on the price breakdown for corrective gains. The short term trend is positive as of now, but the medium and long term trend is still down.

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 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.