A TECHNICAL VIEW ON CNX-NIFTY FOR—15.7.2022

 

CNX-NIFTY

 Open—16018.85--High—16070.85—Low—15858.20---Close-15938.65 on 14.7.2022.

Support:15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:15962.25/15986.42/15991/16133.57/16162.55/16172.60/16203.25/16275.50/16376.05/16410.20/16472/16490//16565/16695/16701.55/16752.40/16793.85/16824.70---833---837/16888.70/16891.70/16894/17006--003.

 (Bold and underlined figures are most important)

The correction continued for the 3rd day today and it closed with a meager loss of 28 points. But despite that there is not much of a change in its technical setup. It is still below its critical support range of 16017---15991---15986.42, it is below its long term correction threshold point of 15986.42 and also in the short term correction for the recent up rally, which is concerning. Therefore till it moves above the range of 15986.42---15991---16017 at least and sustain on the closing basis, chances of up move looks slim. Please note that one important technical indicator has turned negative but the other three are still positive, furthermore it has not yet broken its recent bottom on the line & bar chart as yet, therefore chance of bounce back is still there ,but it is making lower lows and lower high for the last three days which is a weak sign. It is therefore suggested to avoid long trade till the sign of continuation of the up move emerges. Most importantly please note that close below 15810(this figure may change) as of now will signal the end of the rally. So watch out.

Since it is in long and short term correction mode therefore safe traders should avoid long trade till it closes above 16221 and sustain. However aggressive traders can try long trade for pullback gains if it moves above 16017 and maintains for some with a stop loss of 15920  for a target of 16100---16140 or on decline near 15810 but not below this with a stop loss of 15740. It is important to mention here that long trade in a corrective market could be a risky affair therefore one should be extremely cautious and careful in the long trade at this point of time. Since it is in corrective mode therefore short trade should be attempted on the rise near or within the range of 15986.42---15991---16017 with a stop loss of 16060 for a target of 15893---15858---15803, or try short trade on the price breakdown i.e. sell below 15920 with a stop loss of 16030.  It could be a risky trade but worth trying for intraday gains in a corrective market. The short term bias is still up but in corrective mode now, medium and 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--14.7.2022

 

CNX-BANK NIFTY

Open—35259.80---High—35308.15---Low—34757.60---Close—34827.80 on 13.7.2022.

Support:34817.50/34658.70/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance:35016.30/35105/35327.90/35481.70/35511//35585.20/35762/35810.90/35926/35985.25/36083.70/36375.35/36497.35/36651.85/36718.80/36876.35/37232.20/37581.05/37708.75/37988.60.

(Bold and underlined figures are most important).

The correction continued for the 2^nd day and it closed with a loss of 304.45 points. Today it slipped below its critical support point of 35105(it changes every day), furthermore it is already into long term correction mode as it is way below its long term correction threshold point of 35762 and today slipped in for the short term correction also as far as the up rally which started from 32290 is concerned, which is concerning. Therefore till it moves above the important point of 35105 and finally moves above the range of 35481—35585---35762 and sustain on the closing basis, chances of good up move looks slim. However last threshold point of 34439 will keep the hope alive for bouncing back. Please note that all important technical indicators are still positive on the daily chart, furthermore it has not yet broken its recent bottom on the line and bar chart as yet, therefore chance of bounce back is still there although it is making lower high and lower lows for the last two days which is a bad sign. It is therefore suggested to avoid long trade till the signs of continuation of the up move emerge.

Since it is in long and short term correction mode therefore safe traders should avoid long trade till it closes above 35762 and sustain. However aggressive traders can try long trade for pullback gains if it moves above 35105 and maintains for some with a stop loss of 34900  for a target of 35327---35481---35858 or on decline near  or within the range of 34775---34439 but not below this range with a stop loss of 34250. It is important to mention here that long trade in a corrective market could be a highly risky affair therefore one should be extremely cautious and careful in the long trade at this point of time. Since it is in corrective mode therefore short trade should be attempted on the rise near or within the range of 35250--35400 with a stop loss of 35500, or try short trade on the price breakdown i.e. sell below 34740 with a stop loss of 34850. It could be a risky trade but worth trying for intraday gains in a corrective market. The short term bias is still up but it is in corrective mode, medium and 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—14.7.2022

 

CNX-NIFTY

 Open—16128.20--High—16140—Low—15950.15---Close-15966.65 on 13.7.2022.

Support:15962.25—914---903-895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:15986.42/15991/16133.57/16162.55/16172.60/16203.25/16275.50/16376.05/16410.20/16472/16490//16565/16695/16701.55/16752.40/16793.85/16824.70---833---837/16888.70/16891.70/16894/17006--003.

 (Bold and underlined figures are most important)

The correction continued for the 2^nd day and it closed with a loss of 91.65 points. Today it slipped below its critical support range of 16017---15991---15986.42, it is below its long term correction threshold point of 15986.42 and in for the short term correction also as far as the up rally which started from 15183 is concerned, which is concerning. Therefore till it moves above the range of 15986.42---15991---16017 at least and sustain on the closing basis, chances of up move looks slim. Please note that one important technical indicator has turned negative but the other three are still positive, furthermore it has not yet broken its recent bottom on the line and bar chart as yet, therefore chance of bounce back is still there although it is making lower high and lower lows for the last three days which is a bad sign. It is therefore suggested to avoid long trade till the signs of continuation of the up move emerge.

Since it is in long and short term correction mode therefore safe traders should avoid long trade till it closes above 16221 and sustain. However aggressive traders can try long trade for pullback gains if it moves above 16017 and maintains for some with a stop loss of 15940  for a target of 16100---16140 or on decline near 15810 but not below this with a stop loss of 15740. It is important to mention here that long trade in a corrective market could be a risky affair therefore one should be extremely cautious and careful in the long trade at this point of time. Since it is in corrective mode therefore short trade should be attempted on the rise near or within the range of 15986.42---15991---16017 with a stop loss of 16060 for a target of 15893---15858---15803, or try short trade on the price breakdown i.e. sell below 15940 with a stop loss of 16030.  It could be a risky trade but worth trying for intraday gains in a corrective market. The short term bias is still up but it is in corrective mode, medium and 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—13.7.2022

 

CNX-NIFTY

 Open—16126.20--High—16158.75—Low—16031.15---Close-16058.30 on 12.7.2022.

Support:15991//15986.42/15962.25—914---903---895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:16133.57/16162.55/16172.60/16203.25/16275.50/16376.05/16410.20/16472/16490//16565/16695/16701.55/16752.40/16793.85/16824.70---833---837/16888.70/16891.70/16894/17006--003.

 (Bold and underlined figures are most important)

It sharply corrected today and closed with a loss of 157.70 points. It slipped into very short corrective mode today as it is below its threshold point of 16095.89 and break below the range of 16017---15991---15986.42 will weaken it further and close below 15810(as of now, this figure may change) may signal the end of this rally.  But it is still positive on the daily chart on all important parameters as of now, so up move may continue once this correction ends and provided it hold its key points. It is important to mention here that in all probability it is a pullback rally and you are well aware that these rallies can end abruptly as it happened in the past also and I have always alert you about it from time to time, so although up move is still on and short term bias is up now, but one should be extremely alert and vigilant in the long trade at this juncture.

 However moving up it will face stiff resistance at 16095.89---16173---16276---16376---16414---16435---16472---16490---16662---16793.55---16894 and this rally may end at any of these points or earlier also, but if it moves above 16435(this figure change may every day) and sustain on the closing basis then, it may show meaningful strength and the rally can extend further. I once again reiterate that as it broke 16095.89 on the closing basis therefore it slipped into very short corrective mode today and sustained break below the range of 16017---15991---15986.42 on the closing basis may weaken it further and finally if it closes below 15810 then it may signal the end of the rally and down move may start. So be watchful.

In view of the above observation, long trade can be tried if it moves above 16221 and maintains for some with a stop loss of 16130 or on decline  near  or within the range of 16017---15991---15986.42 but not below this range with a stop loss of 15940. Today’s corrective move could be a signal of the end of the rally if it does not bounce back above its key points. Therefore,  it is suggested to be extremely cautious and watchful in the long trade at this point of time. Short trade can also be attempted on the rise near or within the range of 16160---16220 with a stop loss of 16290 or on the price breakdown i.e. sell below 15940 with a stop loss of 16030 for intraday corrective gains. The short term trend is positive as of now, but the medium and long term trend is still in danger.

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--13.7.2022

 

CNX-BANK NIFTY

Open—35298.70---High—35419.65---Low—35047.50---Close—35132.25 on 12.7.2022.

Support:35100/35016.30/34817.50/34658.70/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance:35327.90/35481.70/35511//35585.20/35762/35810.90/35926/35985.25/36083.70/36375.35/36497.35/36651.85/36718.80/36876.35/37232.20/37581.05/37708.75/37988.60.

(Bold and underlined figures are most important).

After 4 days of rise it sharply corrected today and closed with a loss of 337.40 points. But it is still above its important point of 35102(this figure may change every day) and as long as it holds this point chances of moving up will be alive. But it may pick up strong up momentum only once it crosses its critical resistance range of 35481—35585---35762. It is still positive on the daily chart on all important parameters as of now, so the up move may continue. It is important to mention here that in all probability it is a pullback rally and you are well aware that these rallies can end abruptly as it happened in the past also, so although up move is indicating strength and short term bias is up now, but one should be extremely alert and vigilant in the long trade at this juncture.

Moving up it may face stiff resistance at 35327.90---35481---35485---357162---35850---35958.45---36084 and this rally may end at any of these points or earlier also. But I once again reiterate that if it moves above the range of 35481—35585---35762 and sustain on the closing basis then it may pick up strong up momentum and rally can extend further. In this context please note that if it holds 35105 levels (this figure will change every day) on the closing basis, then the chances will remain intact for the up move to continue. Similarly moving down break below 34961(figure will scale up if it crosses it recent high of 35543.10) on the closing basis can push it into very short term corrective mode and sustained break below 34775.50(figure will scale up if it crosses it recent high of 35543.10)  may make the correction little deeper and sustained break below 34439 on the closing basis will indicate that up move will be difficult to resume and finally break below 33940 on the closing basis will indicate potential weakness in the on-going uptrend and break below 33815.90(figure may change as rally progress) on the closing basis may  end the ongoing up move for good and it may start down journey again. So watch out

In view of the above observation, long trade can be tried if it holds 35105 and maintains for some with a stop loss of 34900 or on decline near or within the range of 34775---34440 with a stop loss of 34300. Please note that long trade below 35105 could be a risky affair for the day. Today’s corrective move could be a signal of the end of the rally; if it does not bounce back above its key points. Therefore, it is suggested to be extremely cautious and watchful in long trade at this point of time. Short trade can also be attempted on the reasonable rise and 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 in danger. 

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.