A TECHNICAL VIEW ON CNX-NIFTY FOR—8.9.2022

 

CNX-NIFTY

 Open-17519.40--High—17650.75--Low-17484.30--Close-17624.40 on 7.9.2022.

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)

It opened with a down gap today but filled the gap during the day and finally ended the day with a loss of 31.20 points. As envisaged it went below some of its short term moving averages again today and it is way below its major down trend line also and both the parameters are very concerning. Please note that to get into the steady up move grove it has to move above its major down trend line first which is placed approximately at 17745(figure may change 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 may drift down again. Moving up its key resistance points would be at 17777.05--17797---17827---17920---17956.50---17992.20---18114.65---18350.95---18604.45. Similarly moving down it will find good support at 17618---17578---17507 break below 17618 will be an alert point and break below 17505 on the closing basis may accelerate the fall, going down further it has a bed of strong 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 move may remain intact, but sustained break below this range on the closing basis may begin a steady down move which may please be noted.

The technical setup is still o.k., but it has to be closely watched over for the next few days that  whether it gives upside breakout from the major down trend line or not and then continue the up move to cross its important resistance point of 17920 , because almost all important technical indicators except for one are still showing weak sign on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may  come into play which can drag it down, but the silver lining here is that as of now the price pattern is not showing any sign of breaking down. Therefore it seems that it is moving in a range now so please wait for few days for a decisive direction, so watch out.

In view of the above observation for safe traders long trade can be tried if it moves above 17670 and maintain for some time with a stop loss of 17600 and avoid buy on decline for the day. However aggressive traders can also try buy on decline near 17539 with a stop loss of 17480 and then near or within the range of 17387.15---17377---17354.05---17345.20---17329.32---17312.90 with a stop loss of 17280. Please note that long trade below 17480 could be a risky bet for the day. Although it is 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 17750----17780 with a stop loss of 17830 or sell if it moves below 17480 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—8.9.2022

 

CNX-BANK NIFTY

Open-39337.75-High-39572.05-Low-39258.25-Close-39455.90 on 7.9.2022.

Support:39424.85/39301.25/ 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: 39546.50/ 39656.15/39667.65/39759.15/39895/40073.75/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

It opened with a down gap today but filled the gap during the day and finally ended the day with a loss of 210.60 points. Although it closed in a negative territory but it is in good touch and still showing strength but that is not enough, please note that from here to pick up a strong up momentum it has to close above 39895 and sustain on the closing basis then there would be a strong possibility that it could retest it’s all time high of 41829.60 or may go beyond it also, but if it fails to move above it and sustain then it may start drifting down, so be watchful at this juncture. Moving up from here it will face stiff resistance at 39667.65--- 39546.48----39571.09---39759.15---39806---39895---39960---40073.75---40160.20---41367.65—41829.60. Similarly moving down it will find good support at 39407.23---39171—38860---38855.55---38765.85---38708---38276.70---38---38236.91---37943.85---37708.75, today it slipped into very short corrective mode as it closed below its threshold point of 39571.09 & 39546.48, break below 39171 may weaken it further and sustained break below 38860 on the closing basis may accelerate the fall which please note.

The overall technical setup is looking strong. But almost all important technical indicators except for one are still showing weak sign 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 going strong and indicating no sign weakness as of now, but today’s movement was slightly concerning. However if price pattern continues to be on the up move for next few more days then indicators may also turn positive and it is likely to move up further then else it could be a dicey situation and then it may head down. So watch out.

In view of the above observation, for safe traders long trade can be tried if it closes above 39895 and sustain or can be tried on decline near 39301 but not below it with a stop loss of 39150. However aggressive traders can also try long trade if it moves above 39670 and maintain for some time with a stop loss of 39530 or can try on decline near 38900 with a stop loss of 38750. Please note that long trade below 39301 could be a risky bet for the day. Although, it is in the long term uptrend but slipped into short term corrective mode today 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 39850---39950 with a stop loss of 40100 or sell if it moves below 39150 with a stop loss of 39350. The short term trend is in corrective mode, 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—7.9.2022

 

CNX-NIFTY

 Open-17695.70--High—17764.65--Low-17587.65--Close-17655.60 on 6.9.2022.

Support:17639.50/ 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: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)

It opened with a small up gap and went up further but could not sustain at the upper level and slipped down and finally ended the day with a meager loss of 10.20 points. It is still above its short term moving averages, which is a positive sign but it has been giving whip saw around it quite often; therefore it is to be seen how long it stays above it. It did move above its major down trend line intraday today but at the end closed well below it, which is a concern. Please note that to get into the steady up move grove it has to move above its major down trend line which is placed approximately at 17745(figure may change 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 may drift down again. Moving up its key resistance points would be at 17777.05--17797---17827---17920---17956.50---17992.20---18114.65---18350.95---18604.45. Similarly moving down it will find good support at 17618---17573---17495 break below 17618 will be an alert point and break below 17495 may accelerate the fall, going down it has a 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, but sustained break below this range on the closing basis may begin a steady down move which may please be noted.

The technical setup is still o.k., but it has to be closely watched over the next few days that  whether it gives upside breakout from the major down trend line or not and then continue the up move to cross its important resistance point of 17920 , because almost all important technical indicators except for one are still showing weak sign on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may  come into play which can drag it down, but the silver lining here is that as of now the price pattern is not showing any sign of breaking down. Therefore it seems that it is moving in a range now so please wait for few days for a decisive direction so watch out.

In view of the above observation long trade can be tried if it moves above 17670 and maintain for some time with a stop loss of 17570 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 17280. Please note that long trade below 17539 could be a risky bet for the day. Although it is 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 17780----17820 with a stop loss of 17860 or sell if it moves below 17485 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—7.9.2022

 

CNX-BANK NIFTY

Open-39892.95-High-40073.75-Low-39564.30-Close-39666.50 on 6.9.2022.

Support:39895/39656.15/39546.50/39424.85/39301.25/ 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: 39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

It opened with a small up gap and went up further but could not sustain at the upper level and slipped down and finally ended the day with a loss of 139.25 points. It is showing extra-ordinary strength and today it moved well above its most critical resistance point of 39895 intraday but at the end closed well below it, which is slightly concerning. Please note that from here to pick up a strong up momentum it has to close above 39895 and sustain on the closing basis then there would be a strong possibility that it could retest it’s all time high of 41829.60 or may go beyond it also, but if it fails to move above it and sustain then it may start drifting down, so be watchful at this juncture. Moving up from here it will face stiff resistance at 39895---39960---40073.75---40160.20---41367.65—41829.60. Similarly moving down it will find good support at 39667.65---39571.09---39546.48---39407.23---39171---38855.55---38765.85---38708---38276.70---38---38236.91---37943.85---37708.75, break below 39546.48 & 39407.23 will push it into very short corrective mode, break below 39171 will weaken it further and break below 38790 may accelerate the fall which please note.

The overall technical setup is looking strong. But almost all important technical indicators except for one are still showing weak sign 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 going strong and indicating no sign weakness as of now, but today’s movement was slightly concerning. However if price pattern continues to be strong for next few more days then indicators may also turn positive and it is likely to move up further then else it could be a dicey situation. So watch out.

In view of the above observation, for safe traders long trade can be tried if it closes above 39895 and sustain or can be tried on decline near 39300 but not below it with a stop loss of 39100. However aggressive traders can also try long trade if it moves above 39670 and maintain for some time with a stop loss of 39530. 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 40160---40260 with a stop loss of 40400 or sell if it moves below 39100 with a stop loss of 39350. 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—6.9.2022

 

CNX-NIFTY

 Open-17546.45--High—17683.15--Low-17540.35--Close-17665.80 on 5.9.2022.

Support:17639.50/ 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: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 two days of down move it bounced back today and ended the day with a gain of 126.35 points. It has also bounced back above its short term moving today, which is a good sign but it has been giving whip saw around it, therefore it is to be seen how long it stays above it. But it is still below its major down trend line, which is concerning. Please note that to get into the steady up move grove it has to move above its major down trend line which is placed approximately at 17745(figure may change 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 may drift down again. Moving up its key resistance points would be at 17777.05--17797---17827---17920---17956.50---17992.20---18114.65---18350.95---18604.45. Similarly moving down it will find good support at 17612---17557---17478 and then 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.

The technical setup is still o.k., but it has to be watched over for the next 2--3 trading session whether it gives upside breakout from the major down trend line or not and then continue the up move to cross its important resistance point of 17920 , because almost all important technical indicators except for one are still showing weak sign 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 as of now the price pattern is not showing any sign of breaking down as yet. Therefore it seems that it is moving in a range now so wait for few days for a decisive direction, till then trade the range.

In view of the above observation long trade can be tried if it moves above 17684 and maintain for some time with a stop loss of 17595 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 17280. Although it is still in the long term uptrend but still 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 17760----17780 with a stop loss of 17820 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—6.9.2022

 

CNX-BANK NIFTY

Open-39412.05-High-39865.20-Low-39407.40-Close-39805.75 on 5.9.2022.

Support:39656.15/39546.50/39424.85/39301.25/ 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: 39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

It is showing extra-ordinary strength and moving towards its most critical resistance point of 39895 and finally ended the day with a gain of 384.75 points. Please note that if it moves above 39895 and sustain on the closing basis then there is a strong possibility that it could retest its all time high of 41829.60 or may go beyond it also, but if it fails to do so then it may start drifting down. Moving up from here it will face stiff resistance at 39895---39960---40160.20---41367.65—41829.60. Similarly moving down it will find good support at 39667.65---39546.48---39411.76---39247.89---39011.68---38855.55---38765.85---38708---38276.70---38077----37943.85---37708.75, break below 39411.76 & 39247.89 will push it into very short corrective mode, break below 39011.68 will weaken it further and break below 38708 may accelerate the fall which please note.

The overall technical setup is looking strong. But almost all important technical indicators except for one are still showing weak sign 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 very 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 39895 and maintain for some time with a stop loss of 39600 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 40160---40260 with a stop loss of 40400 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.