A TECHNICAL VIEW ON CNX-BANK NIFTY FOR--21.7.2022

 

CNX-BANK NIFTY

Open—36061.30---High—36182.70---Low—35876.55---Close—35972.10 on 20.7.2022.

Support35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55. 

Resistance35985.25/36083.70/36375.35/36497.35/36651.85/36718.80/36876.35/37232.20/37581.05/37708.75/37988.60.

(Bold and underlined figures are most important).

It opened with an up gap and closed with a gain of 251.75 points. It decisively crossed its important range of 35481—35585---35762,  which is a good sign and as long as it hold this range the up move is likely to continue with intermittent down correction, but sustained break below this range and finally break below 35092(figure will change every day) may put the on-going uptrend in jeopardy. Moving up it will face resistance at 35975---36083.70---36183---36293---36375.35---36497.35---36651.81---36718.80. It is important to mention here that technically it can fill the gap in next 3-4 day and if it does makes an effort to fill the gap it can come down to 35762 levels, furthermore in last 4 trading session it closed near the high of the day for 2 days, for 1 day it closed in mid range but today it closed moderately above the low of the day, therefore it indicates that it could correct tomorrow, which may please be noted.

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. Be alert in long trade if it moves below its important range of 35762---35585---35481 and sustain on the closing basis. It is also important to note here that this rally is a pullback rally and it may end abruptly also, so since it already had a 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 for safe traders long trade can be tried if it moves above 36084 and maintains for some time with a stop loss of 35950 it is suggested to avoid buy on decline for the day. But aggressive traders can also buy on decline near or within the range of 35762---35585---35481 with a stop loss of 35400, please note that long trade below 35876 could be a risky bet for the day. The up move is on and it is buying on decline market now but today’s price movement suggests that it could correct tomorrow, so be watchful in long trade. Although it is in short term uptrend 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 36280---36350 with a short stop loss of 36450 or sell below 35876 with a short stop loss of 35980 but the authentic stop loss would be 36100,  can  add short position if it breaks and sustain below 35481 with a stop loss of 35600. The short trade could be a risky bet but worth trying at this point of time. 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—21.7.2022

 

CNX-NIFTY

 Open—16562.80--High—16588—Low—16490.95---Close-16520.85 on 20.7.2022.

Support:16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:16565/16588/16695/16701.55/16752.40/16793.85/16824.70---833---837/16888.70/16891.70/16894/17006--003.

 (Bold and underlined figures are most important)

It opened with a huge up gap and closed with a gain of 180.30 points. It decisively crossed its important point of 16415(figure will change every day) which is a good sign and as long as it hold this level up move is likely to continue with intermittent down correction, sustained break below this mark will put the on-going uptrend in jeopardy. Moving up it will face resistance at 16565---16588---16649—16695---16767---16794---16894---16995---17140---17298---17354.05---17387.15. It is important to mention here that technically it can fill the gap in next 3-4 day and if it does makes an effort to fill the gap it can come down to 16360 levels, furthermore in last 4 trading session it closed near the high of the day for 3 days but today it closed near the low of the day, therefore it indicates that it could correct tomorrow, which may please be noted.

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. Be alert in long trade if it moves below its important point of 16415 (it changes every day) and sustain on the closing basis. It is important to note here that this rally is a pullback rally and it may end abruptly also, so since it already had a 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 for safe traders it is suggested to avoid long trade for the day. But aggressive traders can try long trade if it maintains above 16521 for some time with a stop loss of 16470 or can try buy on decline near 16415 but not below it with a stop loss of 16350, please note that long trade below 16470 and below 16415 for sure could be a risky trade for the day. The up move is on and it is buying on decline market but today’s price movement suggests that it could correct tomorrow, so be watchful in long trade. Although it is in short term uptrend 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 16590--16620 with a short stop loss of 16660 or sell below 16470 with a short stop loss of 16540 and add position if it breaks and sustain below 16415 with a stop loss of 16480. The short trade could be a risky bet but worth trying at this point of time. 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. 

m 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--20.7.2022

 

CNX-BANK NIFTY

Open—35113.25---High—35761.65---Low—35110.50---Close—35720.35 on 19.7.2022.

Support35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance35762/35810.90/35926/35985.25/36083.70/36375.35/36497.35/36651.85/36718.80/36876.35/37232.20/37581.05/37708.75/37988.60.

(Bold and underlined figures are most important).

The up move continued for the 3rd day in a row and it closed with a good gain of 361.65 points. Most importantly today it closed above its critical point of 35469.65 & 35543.10 on the line and the bar chart respectively which is an extremely positive sign and indicate that the up move is likely to continue. But it is still shade below its most critical range of 35481—35585---35762, sustained close above 35762 will push the rally ahead. But break below 35469.15(figure may change with the price movement) on the closing basis could be an alert sign, and break below 34651.20 & 34463(figure may change with the price movement) as of now may signal the end of the rally. However, as long as it holds 35085(figure changes every day) chances of continuation of the up move will be alive. Moving up it will face resistance at 35762---35851---35975---36083.70---36211---36375.35---36497.35.

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 it may end abruptly also, so since it already had a 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 35762 with a stop loss of 35650 or can buy on decline near 35085 with a short stop loss of 34900.But aggressive traders can also try buy on decline at appropriate points with self defined stop loss or near 34650 but not below it with a stop loss of, please note that long trade below 35585 and finally below 35085 could be a risky bet 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 36275---36350 with a short stop loss of 36450 or sell below 35481 with a short stop loss of 35600 or sell if it does not move above 35762 in first hour of trade with a stop loss of 35900. The short trade could be a risky bet but worth trying at this point of time. The short term bias is positive but medium and long term bias is still bearish as of now.

In view of the above observation for safe traders long trade can be tried if it moves and maintains above 35762 with a stop loss of 35650 and avoid buy on decline for the day. But aggressive traders can also try buy on decline near 34800 but not below it with a stop loss of 34630, please note that long trade below 35081 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 35760---35875 with a stop loss of 35980  or sell below 34650 with a stop loss of 34775 or sell if it does not move above 35470 in first hour of trade with a stop loss of 35600 . 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—20.7.2022

 

CNX-NIFTY

 Open—16187.05--High—16359.50—Low—16187.05---Close-16340.55 on 19.7.2022.

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)

The up move continued for the 3rd day in a row and it closed with a gain of 62.05 points. It is exhibiting strength therefore it seems that this rally is likely to continue for some more days. 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 16415(figure will change every day) and sustain on the closing basis then it will get meaningful strength and sustained 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 it may end abruptly also, so since it already had a 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 16360 with a stop loss of 16260 or can buy on decline near 16180 with a short stop loss of 16140.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 16180 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 16460---16500 with a short stop loss of 16550 or sell below 16140 with a short stop loss of 16230 or sell if it does not move above 16360 in first hour of trade with a stop loss of 16390. The short trade could be a risky bet but worth trying at this point of time. 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 NASDAQ COMPOSITE –19.7.2022

 

NASDAQ COMPOSITE

Open—11379.80--High—11454.69—Low—11295.53—Close—11452.42 on 15.7.2022.

Support:11424.61/11113.16/11037/11005.93/10852.95/10822/10762.71/10565.14/10519.49/10217.31/10182.46/9838.37/9663.61/9403.

 Resistance:11689.70/11965.54/12074.06/12214.71/12293.05/12397.05/12544.26/12555.35/12598.28/12786.80/12969.78/12985.05/13008/13072/13098/13206.63.

(Bold and underlined figures are most important)

Its overall long term technical setup is looking 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 the on-going rally. The on-going up move is just a pullback rally and it may end abruptly also. But if it moves above 11898 and sustain on the closing basis then this rally can extend further else it may fizzle out, so it is benchmark point for upside to continue, but now it is way below it. However moving up it will face stiff resistance at 11564---11633---11689.70----11885---11898---11948---12074---12214---12293.05. Similarly moving down break below 11380 may weaken it and break below 11050 may accelerate the fall. But it has very strong support in the range of 10976---10565---10400 and if it hold this range it may witness bounce back again but if it moves below 10400 and sustain on the closing then the downside move is expected to accelerate and then it is likely to hit 8000---7700 levels, which may please be noted. Therefore the range of is a 10976---10565---10400 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--19.7.2022

 

CNX-BANK NIFTY

Open—34841.85---High—35382.50---Low—34804.40---Close—35358.70 on 18.7.2022.

Support:35327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance:35481.70/35511/35543.10/35585.20/35762/35810.90/35926/35985.25/36083.70/36375.35/36497.35/36651.85/36718.80/36876.35/37232.20/37581.05/37708.75/37988.60.

(Bold and underlined figures are most important).

As expected the up move continued for the 2^nd day and it closed with a robust gain of 676.05 points. Most importantly today it closed above its critical point of 35081(it changes every day) is good sign and as long as it holds this mark chances of moving up will be alive. But it has not yet crossed the upper end of the range as mentioned below, which is slightly concerning.  

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 moving down and gives upside breakout from the points as mentioned in the above paragraph. Moving up it will face stiff resistance at 35481----35543.10---35585---35762---35850---36083.70. 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---35851 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 moves and maintains above 35481 with a short stop loss of 35300 and avoid buy on decline for the day. But aggressive traders can also try buy on decline near 34800 but not below it with a stop loss of 34630, please note that long trade below 35081 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 35760---35875 with a stop loss of 35980  or sell below 34650 with a stop loss of 34775 or sell if it does not move above 35470 in first hour of trade with a stop loss of 35600 . 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.