A TECHNICAL VIEW ON CNX-NIFTY FOR—18.7.2022

 

CNX-NIFTY

 Open—16010.80--High—16066.95—Low—15927.30---Close-16049.20 on 15.7.2022.

Support:15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: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 on-going up rally is still on and after 3 days down correction it bounced back today and closed with a gain of 110.55 points. It moved above its critical range of 16017---15991---15986.42 which is a positive sign and as long as it holds this range chances of the continuation of the up move will be alive.

Furthermore please note that the present range on the line chart now is between 16221---15938 (this range can change with the price movement) and if it holds 15938 on the closing basis and closes above 16221 then the rally may continue, similarly a close below 16221 and then break below 15938.65 on the closing basis may signal the end of the rally. On the bar chart the range is between 16275.50---15858.20(this range can change with the price movement), breakout above 16275 may continue the up move and break below 15858.20 may signal the end of the rally. Therefore the broad range as of now is between 16275.50---15858.20, close below 15938 will indicate weakness and break below 15858.20 on the closing basis may end the rally for good and it will turn sell on the rise market, whereas now it is buy on dip market, which may please be noted. But since it had good run up one should be extremely cautious and vigilant in the long trade at this point of time.

The overall short term technical setup looks o.k.as of now, furthermore some important technical indicators are positive on the daily chart and most importantly it is making higher top and bottom on the line and bar chart, so the up move is likely to continue provided it holds the key points on the downside and give upside break from the range as mentioned in the above paragraph. Moving up it will face stiff resistance at 16116---16179---16192---16275.50---16387---16418---16435---16472---16490---16534. Please note that it will gain meaningful strength if it moves above 16418(this figure changes every day) and sustain on the closing basis then the rally can extend further.

In view of the above observation for safe traders long trade can be tried if it maintains above 16050 with a short stop loss of 15970 but the authentic stop loss would be 15920 and avoid buy on decline for the day. But aggressive traders can also try buy on decline at appropriate points or near 15938 but not below it with a stop loss of 15850, it could be a risky trade for the day. Although the up move is on and it is buy on decline market now but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 16221---16275 with a short stop loss of 16310 or sell below 15920 with a short stop loss of 15995. The short term bias is positive but medium and long term bias is still 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--15.7.2022

 

CNX-BANK NIFTY

Open—34817.95---High—35027.60---Low—34558.45---Close—34651.20 on 14.7.2022.

Support: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:34658.70/34817.50/35016.30/35105/35327.90/35481.70/35511//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 3rd day today and it closed with a loss of 176.60 points. But despite that there is not much of a change in its technical setup as yet.  It is still below its critical support point of 35100(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 also in for the short term correction for the recent up rally, which is concerning. Therefore till it moves above the important point of 35100 and finally moves above the range of 35481—35585---35762 and sustain on the closing basis, chances of good up move looks slim. However the last threshold point is 34439 which will keep the hope alive for bouncing back but break below this mark may accelerate the fall. 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 & 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 33815(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 35762 and sustain. However aggressive traders can try long trade for pullback gains if it moves above 35100 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 preferably near 34439 but not below it  with a stop loss of 34300. 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 35100--35200 with a stop loss of 35350, or try short trade on the price breakdown i.e. sell below 34439 with a stop loss of 34590. 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—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.