A TECHNICAL VIEW ON CNX-NIFTY FOR—19.7.2022

 

CNX-NIFTY

 Open—16151.40--High—16287.95—Low—16142.20---Close-16278.50 on 18.7.2022.

Support:16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: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)

As expected the up move continued for the 2^nd day and it closed with a good gain of 229.30 points. Most importantly today it closed above its critical point of 16221 & 16275.50 on the line and the bar chart respectively which is an extremely positive sign and indicate that the up is likely to continue. But break below 16220.60(figure may change with the price movement) on the closing basis could be an alert sign and break below 15938.65 &15858.20(figure may change with the price movement) as of now may signal the end of the rally. Moving up it will face resistance at 16376---16418---16472---16490---16526----16565---16630--16695, please note that if it moves 16418 and sustain on the closing basis then it will get meaningful strength and move above 16490 will extend this rally further.

The overall short term technical setup looks good 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 as mentioned in the above paragraph. But kindly note that this rally is a pullback rally and since it already had good run up one should be extremely cautious and vigilant in the long trade at this point of time.

In view of the above observation long trade can be tried if it maintains above 16288 with a stop loss of 16200 or can buy on decline near 16151 with a short stop loss of 16090.But aggressive traders can also try buy on decline at appropriate points with self defined stop loss or near 15938 but not below it with a stop loss of 15850, please note that long trade below 16151 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 16380---16420 with a short stop loss of 16470 or sell below 16140 with a short stop loss of 16230 or sell if it does not move above 16288 in first hour of trade with a stop loss of16330. 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 UPDATE ON S&P 500 INDEX –18.7.2022

 

S&P 500 INDEX

Open—3818--High—3863.62—Low—3817.18—Close—3863.16 on 15.7.2022.

Support:3854.90/3810.32/3789.54/3738.67/3721.56/3694.12/3636.87/3588.11/3544/3393.52/3310.47/3233.94.

 Resistance:3870.90/3886.75/3918.50/3945.86/3950.15/3983.87/4056.88/4062.81/4114.65/4157---65-78/4222.62/4233.13/4278.94/4308.45.

 (Bold and underlined figures are most important)

Its overall long term technical setup is very weak at this point of time and it is already into medium and long term correction mode. It is below its important & critical points and also way below its long term  moving averages  on the daily and below some on the weekly chart also, furthermore the important technical indicators are weak on the weekly and monthly chart as of now ,therefore further fall looks inevitable in coming months, which is concerning.

The short term setup is slightly positive hence this rally. The on-going up move is just a pullback rally and it may end abruptly also. But if it moves above 3916 and sustain on the closing basis then this rally can extend further, so it is benchmark point for the continuation of the up move. Moving up it will face stiff resistance at 3873---3881---3916---3946---3971---4050---4070---4088---4114.65. Similarly moving down break below the range of 3854.90---3816 may weaken it and start falling. But it has bed of support in the range of 3854.90---3662.71 and if it hold this range it may witness bounce back again but if it moves below 3662.71 and sustain on the closing then the downside move is expected to accelerate and then it is likely to hit 3250--3300 levels, which may please be noted. Therefore the range of 3854.90---3662.71 is a value range, mind you. The short term bias is slightly positive but the medium & long term bias is negative as of now.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 UPDATE ON DOW JONES INDUSTRIAL AVERAGE –17.7.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—30775.37--High—31286.95—Low—30775.37—Close—31286.02 on 15.7.2022.

Support:31231.27/30919.50/30635.76/30547.53/30335.33/30145.35/29856.30/29654.59/29568.57/29463.64/ 29199.35.

Resistance:31509.74/31885.09/32009.64/32074.60/32284.35/32449.87/32578.73/32819.51/33155.71/33271.94/33473.80/33613.03/33741.76/34014.41/34113.40.

 (Bold and underlined figures are most important)

Its overall long term technical setup is very weak at this point of time and it is already into medium and long term correction mode. It is below its important & critical points and also way below its long term  moving averages  on the daily and below some on the weekly chart also, furthermore the important technical indicators are weak on the weekly and monthly chart as of now ,therefore further fall looks inevitable in coming months, which is concerning.

The short term setup is slightly positive hence this rally. The on-going up move is just a pullback rally and it may end abruptly also. But if it moves above 31377 and sustain on the closing basis then this rally can extend further, so it is benchmark point for upside to continue. Moving up it will face stiff resistance at 31377—31509.74---31537---31885.09---32442. Similarly moving down break below 31160 may weaken it and break below31000 may accelerate the fall. But it has bed of support in the range of 29856.30---29561.97 and if it hold this range it may witness bounce back again but if it moves below 29561.97 and sustain on the closing then the downside move is expected to accelerate and then it is likely to hit 26500 levels, which may please be noted. Therefore the range of 29856.30---29561.97 is a value range, mind you. The short term bias is slightly positive but the medium & long term bias is negative as of now.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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--18.7.2022

 

CNX-BANK NIFTY

Open—34734.45---High—34899.95---Low—34463.90---Close—34682.65 on 15.7.2022.

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: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 on-going up rally is still on and after 3 days of down correction it bounced back today and closed with a meager gain of 31.44 points. It is still above its critical point of 34439 which is a positive sign and as long as it holds this mark chance of continuation of the up move will be alive.

Furthermore please note that the present range on the line chart now is between 35469.65---34651.20 (this range can change with the price movement) and if it holds 34651.20 on the closing basis and closes above 35469.65 then the rally may continue, but it will pick up strong up momentum only if it crosses it most critical range of 35481—35585---35762 and sustain on the closing basis, similarly a close below 35469.65 and then break below 34651.20 on the closing basis may signal the end of the rally. On the bar chart the range is between 35543.10---34463.90(this range can change with the price movement), breakout above 35543.10 may continue the up move, similarly break below 34463.90 may signal the end of the rally and break below 34439 may accelerate the fall. Therefore the broad range as of now is between 35762---34439, close below 34651.20 will indicate weakness and break below 34439 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 as of now, so the up move is likely to continue provided it holds the key points as mentioned in the above paragraph. Moving up it will face stiff resistance at 34876---35004---35095---35189---35328---35543.10---35850---36083.70. Please note that it will gain meaningful strength if it moves above 35095(this figure changes every day) and sustain on the closing basis then the rally can extend further. I once again reiterate here that it will pick up strong up momentum only if it crosses it most critical range of 35481—35585---35762 and sustain on the closing basis else up move may fizzle out.

In view of the above observation for safe traders long trade can be tried if it maintains above 34685 with a short stop loss of 34550 but the authentic stop loss would be 34400 and avoid buy on decline for the day. But aggressive traders can also try buy on decline near 34439 but not below it with a stop loss of 34300, please note that long trade below 34651 could be a slightly risky proposition 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 35175---35300 with a stop loss of 35490 or with a self defined short stop loss or sell below 34439 with a stop loss of 34550. 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-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.