A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—25.8.2022

 

CNX-BANK NIFTY

Open-38552.70-High-39120.80-Low-38552.20-Close-39038.50 on 24.8.2022.

Support:38855.55/38765.55/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

It opened on a negative note and then recovered and finally closed with a good gain of 340.85 points. It is in corrective mode and last two days  rise was just a pullback up move which can possibly exhaust at these points 39069---39332--39398 or earlier also and most importantly close below 38297.75 will confirm the end of the pullback up move, but if it moves above 39398 then it may gain some strength. However to resume the strong uptrend again it has to move above its critical resistance points of 39547—39656.15--- 39759.15---39895 and sustain on the closing basis then it may be back on the up track again, else down move will continue with intermittent relief rallies. Moving down its key support points would be at Moving down its key support points would be at 38930.66----38844---38297.75---38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it already into very short correction mode as it is below its threshold point of 39166.87, sustained break below 38930.66 & 38844 will weaken it further and close below 38297.75 may end the pullback up move, sustained break below the range of 37996.56---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and finally sustained break below 36600 may accelerate the fall.   

The overall technical setup is still o.k. because it is still making, higher top & bottom on the line and the bar chart and it has also bounced back above its all short term averages which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, therefore if it does not bounce back sharply and move above its critical points in a shortest possible time then the fall looks inevitable and it may go down sharply with in between short relief rallies. Therefore it is suggested to avoid long trade till it moves its recent top of 39656.15(on the line chart) and then above its last critical point of 39895 on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend seems to be in potential danger, therefore buy on dip strategy should be put on hold for safe traders till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   39895 and sustain avoid buy on decline for the day. However highly aggressive traders can try long trade if it moves above 39121 and maintain for some time with a stop loss of 38950 or can buy on decline at appropriate points or near 38300 but not below it with a stop loss of 38100. But I would suggest avoiding long trade on the decline for the day. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 39380---39480 but not above it with a stop loss of 39570 or sell if it moves below 38297 with a stop loss of 38475. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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 favourable 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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—24.8.2022

 

CNX-NIFTY

 Open-17357.35-High-17625.55-Low-17345.20-Close-17577.50 on 23.8.2022.

Support:17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:17639.50/17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with a down gap today and then recovered and after 2 days of good fall it bounced back today from its critical support range of 17387.15---17382---17354.05---17329.32 and closed with a gain of gain of 86.80 points. It is in corrective mode and today’s rise was just a pullback up move which can exhaust at these points 17592---17668.70---17745---17839---17862 or earlier also and most importantly close below 17490.70 will confirm the end of the pullback up move. Please note that to resume the strong uptrend again first it has to move above its major down trend line which is placed at 17780(this figure will scale down every day) for the day and then move above its critical resistance points of 17920---17957 on the closing basis then it may be back on the up track again, else down move will continue with intermittent relief rallies. Moving down its key support points would be at 17387.15---17382---17354.05---17329.32---17298---17172.80----17158.25----17100. Please note that it already into very short correction mode as it is below its threshold point of 17796, it is also below its next key support level of 17625.59 which has weaken it further, sustained break below the range of 17388.15---17387.15---17382--17354.05---17329.32 on the closing basis may jeopardize the on-going uptrend and finally sustained break below 17090 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back sharply in shortest possible time and move above its critical points then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves above the down trend line and its recent top of 17956.50(on the line chart) on the closing basis and then hold its critical point of 17920 on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold for safe traders till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   17957 and then hold 17920 avoid buy on decline for the day. However highly aggressive traders can try long trade if it moves above 17626 and maintain for some time with a stop loss of 17560 or can buy on decline at appropriate points or near or within the range of 17387.15---17382---17354.05---17329.32 but not below it with a stop loss of 17280.It bounced back from this range today. But I would suggest avoiding long trade on decline for the day. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 17710---17750 but not above it with a stop loss of 17790 or sell if it moves below 17490 with a stop loss of 17585. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term trend is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—24.8.2022

 

CNX-BANK NIFTY

Open-37955.45-High-38869.90-Low-37950.85-Close-38697.65 on 23.8.2022.

Support:38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:38765.55/38855.55/39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

It opened with a big down gap today and then recovered and after 2 days of good fall it bounced back today from near its critical support range of 37996.56---37755.55---37754.65  and closed with a good gain of 399.90 points. It is in corrective mode and today’s rise was just a pullback up move which can exhaust at these points 38855---39069---39332--39398 or earlier also and most importantly close below 38297.75 will confirm the end of the pullback up move. Please note that to resume the strong uptrend again it has to move above its  critical resistance points of 39547—39656.15--- 39759.15---39895 and sustain on the closing basis then it may be back on the up track again, else down move will continue with intermittent relief rallies. Moving down its key support points would be at Moving down its key support points would be at 38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it already into very short correction mode as it is below its threshold point of 39166.87, it is also below its next key support level of 38930.66 which has weaken it further, sustained break below the range of 37996.56---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and finally sustained break below 36600 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back sharply and move above its critical points in a shortest possible time then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves its recent top of 39656.15(on the line chart) and then above its last critical point of 39895 on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold for safe traders till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   39895 and sustain avoid buy on decline for the day. However highly aggressive traders can try long trade if it maintain above today’s close of 38697.65 for some time with a stop loss of 38540 or can buy on decline at appropriate points or near 37755.55---37754.65   but not below it with a stop loss of 37600. But I would suggest avoiding long trade on decline for the day. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 39200---39350 but not above it with a stop loss of 39450 or sell if it moves below 39297 with a stop loss of 39500. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—23.8.2022

 

CNX-NIFTY

 Open-17682.90.15-High-17690.05-Low-17467.35-Close-17490.70 on 22.8.2022.

Support:17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:17639.50/17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with a small down gap today after key upward reversal on 19.8.2022 and went down sharply and finally ended the day with a loss of 267.75 points. Please note that if it fails to bounce back above its major down trend line which is placed at 17800(this figure will scale down every day) for the day and then move above its critical resistance points of 17920---17957 in a shortest possible time on the closing basis then it may be construed that the uptrend may be over for good for some time and it may drift down with intermittent relief rallies. Moving down its key support points would be at 17387.15---17382---17354.05---17329.32---17298---17172.80----17158.25----17100. Please note that it already into very short correction mode as it is below its threshold point of 17796, it also went down below its next key support level of 17625.59 today which will weaken it further, sustained break below the range of 17388.15---17387.15---17382--17354.05---17329.32 on the closing basis may jeopardize the on-going uptrend and finally break below 17095 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back sharply in shortest possible time then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves above the down trend line and its recent top of 17956.50(on the line chart) on the closing basis and then hold its critical point of 17920 on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   17957 and then hold 17920 avoid buy on decline for the day. However highly aggressive traders can try long trade on decline at appropriate points or near or within the range of 17387.15---17382---17354.05---17329.32 but not below it with a stop loss of 17280. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 17650---17710 but not above it with a stop loss of 17765 or sell if it moves below 17465 with a stop loss of 17565. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—23.8.2022

 

CNX-BANK NIFTY

Open-38693.65-High-38732.85-Low-38247.25-Close-38297.75 on 22.8.2022.

Support:38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened with a down gap today after key upward reversal on 19.8.2022 and went down further and finally ended the day with a loss of 700 points. Please note that if it fails to bounce back above its critical resistance points of 39547—39656.15--- 39759.15---39895  in a shortest possible time on the closing basis then it may be construed that the uptrend may be over for good for some time and it may drift down with intermittent relief rallies. Moving down its key support points would be at 38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it already into very short correction mode as it is below its threshold point of 39166.87, it also went down below it next key support level of  38930.66 today which will weaken it further, sustained break below 37996.56 will deepen the correction, sustained break below the range of 37756.24---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and finally break below 36600 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back above it critical points in a shortest possible time then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves above its last critical resistance point of 39895 and sustain on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above 39656.15 or 39895 and avoid buy on decline for the day. However highly aggressive traders can try long trade on decline at appropriate points or near 37755.55---37754.65 but not below it with a stop loss of 37600. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 38575---38675 but not above it with a stop loss of 38790 or sell if it moves below 38247 with a stop loss of 38450. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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.