A TECHNICAL VIEW ON CNX-NIFTY FOR—5.9.2022

 

CNX-NIFTY

 Open-17598.40--High—17643.85--Low-17476.45--Close-17539.45 on 2.9.2022.

Support: 17490.70/17485.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:17639.50/17759.30/17777.65/17992.70/17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

After the robust up move on 30.8.2022 most surprisingly it fell down the next two days and ended the week on a negative note, it is exhibiting huge volatility which is not good for a steady market. Please note that it again fell below some of its short term moving averages and most importantly below its major down trend line which is concerning, if it does not bounce back above its major down trend line again in next 3-4 trading session and sustain on the closing basis then it may drift down. However moving down it has a strong bed of support in the range of 17387.15---17377---17354.05---17345.20---17329.32---17312.90 you would recall that it has bounced back from this range recently couple of times; therefore till it holds this range chances of up may remain intact, sustained break below this range on the closing basis may begin a steady down move which may please be noted.

To get into the steady up move grove it has to move above its major down trend line which is placed at 17730(figure may scale down every day) for the day and sustain above it on the closing basis and then to catch up the strong up momentum it has to move above 17920 and sustain on the closing basis and if it does so then it could retest it’s all time high of 18604.45 or may go beyond it also else it could drift down again. Moving up its key resistance points would be at 17639.50---17777.05--17797---17827---17920---17956.50---17992.20---18114.65---18350.95---18604.45.

The technical setup is still o.k., but it has to be watched over for the next 3-4 trading session whether it gives upside breakout from the major down trend line and then continue the up move or not, because almost all important technical indicators except for one are still showing distinct sign of weakness on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may  come into play and can drag it down, but the silver lining here is that the price pattern is not breaking down. Therefore it seems that it is moving in a range now so wait for the few days for a decisive direction, till then trade the range both ways.

In view of the above observation long trade can be tried if it moves above 17610 and maintain for some time with a stop loss of 17525 or can buy on decline near or within the range of 17387.15---17377---17354.05---17345.20---17329.32---17312.90 with a stop loss of 17250. Although it is still in the long term uptrend but in corrective mode now therefore short trade can also be tried after reasonable rise or on price breakdown for intraday corrective gain. Sell on the rise near or within the range of 17680----17730 with a stop loss of 17780 or sell if it moves below 17475 with a stop loss of 17560. It is still in short term corrective mode, but medium and long term trend still looks o.k. 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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—5.9.2022

 

CNX-BANK NIFTY

Open-39422.30-High-39595.85-Low-39200.45-Close-39421 on 2.9.2022.

Support:39301.25/ 39197/39117.15/38855.55/38765.55/38377.35/38426.65/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance: 39424.85/39546.50/39656.15/39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

After the robust up move on 30.8.2022 it went down the next day but regained the lost ground the following day and ended the week on a positive note. Despite the volatility it is exhibiting good strength. But to get into the strong up momentum it has to move above its critical and most important resistance point of 39546.50---39667.65---39759.15---39895---40160.20---41367.65—41829.60, if it moves above 39895 and sustain on the closing basis then it could retest it’s all time high of 41829.60 or may go beyond it also else it could drift down again. Please note that chance of moving above its most important point of 39895 looks pretty good at this point of time. . Similarly moving down it will have strong support points at 39301.25---39260---39166—38806.70---38796---38134---37943.85---37755.55, break below 39301.25 will be an alert sign , break below 39260 & 39166 will push it into short term correction mode again and break below 38796 will weaken it further and break below 37943.85 may accelerate the fall which may please be noted.

The overall technical setup is looking good. But almost all important technical indicators except for one are still showing distinct sign of weakness on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may come into play and can drag it down, but the good point here is that the price pattern is strong and indicating no sign weakness as of now. Therefore it seems that if price pattern continues to be strong for few more days then indicators will also turn positive and it is likely to move up further then.

In view of the above observation, long trade can be tried if it moves above 39668 and maintain for some time with a stop loss of 39400 or can buy on decline near 39301 but not below it with a stop loss of 39150. Although it is in the long term uptrend but short trade can also be tried after reasonable rise or on price breakdown for intraday corrective gain. Sell on the rise near or within the range of 39800---39850 with a stop loss of 40000 or sell if it moves below 39150 with a stop loss of 39320. The short, medium and long term trend still looks o.k. 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 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—1.9.2022

 

CNX-NIFTY

 Open-17414.95--High--17777.65--Low-17401.50--Close-17759.30 on 30.8.2022.

Support: 17639.50/17490.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

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

 (Bold and underlined figures are most important)

After yesterday’s sharp fall it rallied in an unprecedented manner today and ended the day near the high of the day with a whopping gain of 446.40 points, this type of move I have not witnessed in recent years, please note that one day sharp fall and the very next day robust rise this type of volatility is concerning and not good for a steady market,. But the fact remains that after making lower top and bottom recently on the line and bar chart it has crossed its recent tops on the line and bar chart both but yet to make higher bottom, it has also bounced back above its all short term moving averages, furthermore and most importantly it has given breakout from its major down trend line today, it exhibited extra ordinary strength today and  all these are positive indication, therefore it seems that today’s rally may have reversed the downtrend, however it has to be watched over the next 2-3 trading session for the confirmation of the reversal because these types of moves  may fizzle out fast also as it had happened in the past too, therefore confirmation is a must. Please note that to remain in the up move it has to sustain above its major down trend line which is placed at 17742(figure may scale down every day) for the day but a close below 17705(figure may scale down every day)  for the day will decisively  push it below the trend line ,but to get back into strong up momentum it has to move above 17920 and sustain on the closing basis and if it does so then it could retest its all time high of 18604.45 or may go beyond it also else it could drift down again. Moving up it will face stiff resistance at 17797---17827---17920---17956.50---17992.20---18114.65---18350.95---18604.45. Similarly moving down it will have strong support points at 17625.59---17490.70---17387.15---17354.05---17345.20---17329.32, i is already in the corrective mode as it is still below its threshold point of 17797, break below 17625.59 will weaken it further and break below the range of 17387.15---17354.05---17345.20---17329.32 on the closing basis will jeopardize the up move again which may please be noted.

The technical setup has improved with today’s sharp up move but it has to be watched over for the next 2-3 trading session whether this up move will sustain or not, because almost all important technical indicators except for one are still showing distinct weakness on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may still come into play and can drag it down. Please note that the indicators can turn positive only if the sharp up move continues for few days. It is important to mention here that a vertical rise may have a vertical fall too and vice a versa as it happened in last two days, so be watchful.

In view of the above observation, long trade can be tried if it holds 17742 for some time or if it moves above 17778 and maintain for some time with a stop loss of 17680. Please note that long trade below 17742 could be a risky bet for the day. Although it seems that downtrend is reversed but confirmation is awaited therefore short trade can also be tried after reasonable rise or on price breakdown for intraday corrective gain. Sell on the rise near or within the range of 18050----18110 with a stop loss of 18160 or sell if it moves below 17680 with a stop loss of 17765. Please note that looking at today’s move sell on the price breakdown would be a relatively safe trade but aggressive traders can try both. The short term trend has improved but still in corrective mode, medium and long term trend still looks o.k. as of now. However in light of today’s move be alert and cautious in next 2-3 trading sessions.

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—1.9.2022

 

CNX-BANK NIFTY

Open-38516.95-High-39606.55-Low-38472.70-Close-39536.75 on 30.8.2022.

Support: 39424.85/39197/39117.15/38855.55/38765.55/38377.35/38426.65/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:39546.50/39656.15/39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

After yesterday’s sharp fall it rallied in an unprecedented manner today and ended the day near the high of the day with a whopping gain of 1260.05 points, this type of move I have not witnessed in recent years, please note that one day sharp fall and the very next day robust rise this type of volatility is concerning and not good for a steady market,. But the fact remains that after making lower top and bottom recently on the line and bar chart it has crossed its recent tops on the line and bar chart both but yet to make higher bottom, it has also bounced back above its all short term moving averages, it exhibited extra ordinary strength today, therefore it seems that today’s rally may have reversed the downtrend, however it has to be watched over the next 2-3 trading session for the confirmation of the reversal because these types of moves  may fizzle out fast also as it had happened in the past too, therefore confirmation is a must. Please note that to continue the strong up momentum it has to move above its critical and most important resistance point of 39546.50---39656.15---39759.15---39895---40160.20---41367.65—41829.60, if it moves above 39895 and sustain on the closing basis then it could retest it’s all time high of 41829.60 or may go beyond it also else it could drift down again. Similarly moving down it will have strong support points at 39536.75---39396---39214.15---39166—38796---38134---37943.85---37755.55, break below 39166 will push it into short term correction mode again and break below 38796 will weaken it further and break below 37943.85 may accelerate the fall which may please be noted.

The technical setup has improved with today’s sharp up move but it has to be watched over for the next 2-3 trading session whether this up move will sustain or not, because almost all important technical indicators except for one are still showing distinct weakness on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may still come into play and can drag it down. Please note that the indicators can turn positive only if the sharp up move continues for few days. It is important to mention here that a vertical rise may have a vertical fall too and vice a versa as it happened in last two days, so be watchful.

In view of the above observation, long trade can be tried if it moves above 39607 and maintain for some time with a stop loss of 39440 or can buy on decline near or within the range of 38860---38650 with a stop loss of 38460. It is suggested to avoid long trade on decline for the day. Although it seems that downtrend is reversed but confirmation is awaited therefore short trade can also be tried after reasonable rise or on price breakdown for intraday corrective gain. Sell on the rise near or within the range of 40150---40250 with a stop loss of 40400 or sell if it moves below 39440 with a stop loss of 39607. Please note that looking at today move sell on the price breakdown would be a relatively safe trade but aggressive traders can try both. The short term trend is positive now, medium and long term trend still looks o.k. as of now. However in light of today’s move be alert and cautious in next 2-3 trading sessions.

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—30.8.2022

 

CNX-NIFTY

 Open-17188.65-High-17380-Low-17166.20-Close-17312.90 on 29.8.2022.

Support: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:17354.05/17387.15/17490.70/17639.50/17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with a huge down gap then recovered to some extent and finally ended the day with a loss of 246 points. The pullback rally broke down today and it closed below its critical support range of 17388.15---17387.15---17382--17354.05---17329.32 which is highly concerning, as it closed below 17329.32 therefore it has slipped into deep correction mode and if it does not bounce back above the entire range in next 3-4 trading session and sustain on the closing basis then the fall may continue with in between short relief rallies. Moving down its last major and long term support range would be between 17085---16605(figure may change every day), it may bounce back near or within the range may be few times but technical indicators as of now suggest that eventually it is going to break this range in coming days/weeks. Please note that sustained break below 17085 will weaken it further and sustained break below 16605 on the closing basis will may potentially threaten the long term uptrend and the fall will accelerate which may please be noted. Similarly moving up it will face stiff resistance at 17354.05---17387.15---17446.35---17481.73---17512.47---17579.20---17594.27---17604.95---17676.67---17797.20---17827, sustained close above 17387.15 on the closing basis will give a ray of hope that it may move up further and close above 17604.95 will strengthen it further else down move will continue.

The technical setup has got a jolt with today’s fall and the uptrend seems to be in jeopardy now, furthermore after making, higher top & bottom on the line and the bar chart for a long time it has made a lower top and lower bottom on the line & bar chart for the first time which is highly concerning, it is also below its short term moving averages on the daily chart is also a bad indication. Please note that together with the above weak parameters the most important factor is that almost all important technical indicators are showing distinct weakness on the daily chart, therefore if it does not bounce back sharply in next 3-4 trading session and move above its critical points then the further fall from here looks inevitable and it may go down sharply with in between short relief rallies. It seems that it has changed track now and from buy on dip market it is now sell on the rise market till it signals otherwise which please note.

In view of the above observation, since it slipped into deep corrective mode therefore long trade should be avoided now and short trade strategy should be adopted till it gives visible sign of reversing the trend. Therefore it is suggested to sell on the rise near or within the range of 17387----17420 with a stop loss of 17440 or sell near 17380 if it does not move above it in first hour of trade with a stop loss of 17440 or sell if it remains below 17345.20 or moves below 17280 with a stop loss of 17395 & 17355. However highly aggressive traders can try long trade at appropriate point for pullback gains with self defined stop losses but please note that pullback rallies are treacherous in nature and can end abruptly also therefore can trap the trader unaware, so please be cautious in the long trade. The short term trend is in corrective mode and it is into deep correction now, medium and long term trend still looks o.k. as of now, but since it is into deep 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—30.8.2022

 

CNX-BANK NIFTY

Open-38111.60-High-38397.10-Low-37943.85-Close-38276.70on 29.8.2022.

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 huge down gap then mildly recovered and finally ended the day with a colossal loss of 710.45 points. The pullback rally broke down today and  as it closed below its threshold point of 38796 it slipped into medium term correction mode which is concerning. Moving down its next support range would be 38134---37996.56---37755.55---37754.65----37594.15---37491 break below this may weaken it further, please note that its last critical and long term support range would be between 36609---35730--- (figure may change every day) ---35585.20---35481.20, it may bounce back near or within the range may be few times but technical indicators as of now suggest that eventually it is going to break this range in coming days/weeks. Please note that sustained break below 36609 will weaken it further and sustained break below 35481.20 on the closing basis may potentially threaten the long term uptrend and the fall will accelerate which may please be noted. Similarly moving up it will face stiff resistance at 38372---38556---38637----38708---38768---38851---38960----38987.15, sustained close above 38372 on the closing basis will give a ray of hope that it may move up further and close above 38987.15 will strengthen it further else down move will continue.

The technical setup has got a jolt with today’s fall and the uptrend seems to be in jeopardy now, furthermore after making, higher top & bottom on the line and the bar chart for a long time it has made a lower top and lower bottom on the line & bar chart for the first time which is highly concerning, it is also below its short term moving averages on the daily chart is also a bad indication. Please note that together with the above weak parameters the most important factor is that almost all except for one important technical indicators are showing distinct weakness on the daily chart, therefore if it does not bounce back sharply in next 3-4 trading session and move above its critical points then the further fall from here looks inevitable and it may go down sharply with in between short relief rallies. It seems that it has changed track now and from buy on dip market it is now sell on the rise market till it signals otherwise which please note.

In view of the above observation, since it slipped into medium term corrective mode therefore long trade should be avoided now and short trade strategy should be adopted till it gives visible sign of reversing the trend. Therefore it is suggested to sell on the rise near or within the range of 38650----38700 with a stop loss of 38800 or sell near 38397 if it does not move above it in first hour of trade with a stop loss of 38500 or sell if it moves below 38111 and then below 37943 with a stop loss of 38300 & 38125 respectively. However highly aggressive traders can try long trade at appropriate point for pullback gains with self defined stop losses but please note that pullback rallies are treacherous in nature and can end abruptly also therefore can trap the trader unaware, so please be cautious in the long trade. The short term trend is in corrective mode and it is into deep correction now, medium and long term trend still looks o.k. as of now, but since it is into deep 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.