A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—16.9.2022

 

CNX-BANK NIFTY

Open-41533.70-High-41840.15-Low-41153.50-Close-41209.50 on 15.9.2022.

Support:40881/40685.95/40453/40160.20/40043/39895/39546.50/39424.85/39301.25/ 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: 41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and as anticipated it made a new all-time high of 41840.15 but could not sustain and slipped down to end the day with a loss of 196.20 points. In fact it made double top at 41829.60 & 41840.15, therefore now for the up momentum to continue it has to cross the double top and sustain on the closing basis, but as long as it holds 39895 chances of crossing this double top would be alive but sustained break below 39895 may put the uptrend in jeopardy and may open the moderate to sharp downside for it, which may please be noted. However moving up from here it will face key resistance at 41230.82---41367.25--- 41829.60---41840.15---42696---44461.However moving up from here it will face key resistance at 41829.60---42696---44461. Similarly moving down it will find good support at 40920.62---40881---40757.70---40685.95----40453---40349---40205---40160.20---40046---39895----39760----39638---39586.44---39455 it has slipped into very short corrective mode today as it closed below its threshold point of 41230.82 , break below 40920.62 will weaken it further, break below 39895 on the closing basis will be an extreme alert point and may put the uptrend in jeopardy and sustained break below the range of 39760----39638---39586.44---39455 may trigger fresh fall with an accelerated pace. It’s a buy on dip market till it holds 39895 levels on the closing basis.

The overall technical setup is looking strong. Please note that out of four important technical indicators only one indicator is still showing some weak sign on the daily chart, but today after making new high and almost a double top it slipped down to close near the low of the day, which is concerning, therefore if it hold 39895 levels on the closing basis then up move is likely continue with intermittent correction, but it will pick up speed only above 41840.15.

In view of the above observation, for safe traders long trade can only be tried if it move above it double top of 41829.60 & 41840.15 and sustain else avoid. But aggressive traders can try long trade if it moves above 41231 and maintain for some time with a stop loss of  40900 or can be tried on decline near or within the range of 40300-----40000----39895 with a stop loss of 39600. Although, it is in the long term uptrend but slipped into short 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 41850 with a stop loss of 42000 or sell if it moves below 40900 and then below 39895 with a stop loss of 41170& 40050. It slipped into very short corrective mode today, so watch out how this correction culminates, but the medium and the long term trend is up 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—15.9.2022

 

CNX-NIFTY

 Open-17771.15--High—18091.55--Low-17771.15--Close-18003.75 on 14.9.2022.

Support: 17992.70/17947.55/17925.95/17920/17860/17797/17794/17777.65/17759.30/17639.50/17490.70/17485.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329..

 (Bold and underlined figures are most important)

On world market negative cues it opened with huge down gap but filled the gap during the day and in the process filled yesterday’s gap also and finally ended the day with a loss of 66.30 points. It went below its critical point of 17920 intraday today but eventually bounced back and closed well above it which shows good strength in it and a hugely positive sign. Kindly note that if it holds 17920 levels and then crosses 18114.65 on the closing basis then there will be a strong possibility that it could retest its all time high of 18604.45 or may go beyond it also, but if it fail to cross 18114.65 levels and break below 17920 on the closing basis and sustain then it could drag it down. Moving up its key resistance points would be at -18088.75---18114.65---18217---18308---18350.95---18503---18604.45---19329. Similarly moving down it will find good support at 17992.20---17948.24---17920---17824---17797---17784----17713---17644---17624 break below 17948.24 will push it into very short corrective mode, break below 17920 will be an extreme alert point and sustained close below it may put the uptrend in jeopardy, break below 17824 may weaken it further, break below 17700 & 17670 may trigger fresh fall with an accelerated pace, 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. It is buying on dip market now as long as it holds 17920 on the closing basis.

The overall technical setup is looking strong. The technical indicators have improved and  out of four only one important technical indicators is still showing some weak sign on the daily chart, alone this weakness is not that concerning, therefore if it holds 17920 levels and then crosses 18114.65 on the closing basis then up move should continue with intermittent correction, else it could start moving down.

In view of the above observation for safe traders long trade can be tried if it moves above 18115 and maintain for some time with a stop loss of 18050 or can buy on decline at appropriate points or near 17920 but not below it with a stop loss of 17860. But aggressive traders can also try long trade if it moves above 18071 and maintain for some time with a stop loss of 17980 or on decline near or within the range of 17740---17680 with a stop loss of 17640. Please note that the long trade below 17920 could be a risky affair. 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 18115---18140 with a stop loss of 18180 or sell if it moves below 17860 with a stop loss of 17950. The short, medium and long term trend is up 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-BANK NIFTY FOR—15.9.2022

 

CNX-BANK NIFTY

Open-40308.80-High-41626.90-Low-40288.90-Close-41405.40 on 14.9.2022.

Support:41367.25/40881/40685.95/40453/40160.20/40043/39895/39546.50/39424.85/39301.25/ 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: 41829.60/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

On world market negative cues it opened with huge down gap but filled the gap during the day and finally ended the day with a good gain of 532.30 points. It is exhibiting extra ordinary strength and is well above its critical point of 39895 which is an extremely good sign and if it sustain above it on the closing basis then it could retest its all-time high of 41829.60 in coming days or may go beyond it also But if it fails to hold 39895 levels on the closing basis then it may start drifting down. Moving up from here it will face key resistance at 41829.60---42696---44461. Similarly moving down it will find good support at 41367.25---41067.90----40881---40757.70---40685.95----40453---40349---40205---40160.20---39960---39895----39880----39455 break below 41067.90 will push it into very short correction mode, break below 40757.70 will weaken it further, break below 39895 on the closing basis will be an extreme alert point and may put the uptrend in jeopardy and sustained break below the range of 39880---39455 may trigger fresh fall with an accelerated pace. It’s a buy on dip market till it holds 39895 levels on the closing basis.

The overall technical setup is looking strong. The technical indicators have improved and  out of four only one important technical indicators is still showing some weak sign on the daily chart, alone this weakness is not that concerning, therefore if it hold 39895 levels on the closing basis then up move should continue with intermittent correction, else it could start moving down.

In view of the above observation, long trade can be tried if it moves above 41627 and maintain for some time with a stop loss of 41390 or can be tried on decline near or within the range of 41000-----40850 with a stop loss of 40740 and then near and within the range of 40440---40100--- 39895 but not below it with a stop loss of 39750. 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 41850---41950 with a stop loss of 42100 or sell if it moves below 40740 and then below 39895 with a stop loss of 41070& 40050. The short, medium and long term trend is up 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—14.9.2022

 

CNX-NIFTY

 Open-18044.45--High—18088.30--Low-18015.45--Close-18070.05 on 13.9.2022.

Support: 17992.70/17947.55/17925.95/17920/17860/17797/17794/17777.65/17759.30/17639.50/17490.70/17485.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329..

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a gain of 133.70 points. Please note that the gap it created today and on 8.9.2022 is still there and if it makes an effort to fill this gap in next 3-4 & 1 trading session respectively which is technically possible then it can come down to 17980 & 17650. Please note that if it does not fill the gap in the stipulated time then chances of filling the gap will recede for the time being. It is showing good strength and most importantly it is well above its critical point of 17920 which is hugely positive. Kindly note that if it holds 17920 levels on the closing basis then there is a strong possibility that it could retest its all time high of 18604.45 or may go beyond it also, but sustained break below 17920 could drag it down. Moving up its key resistance points would be at 18114.65---18217---18308---18350.95---18503---18604.45---19329. Similarly moving down it will find good support at 17992.20---17939.99---17920---17864---17797---17784----17713---17644---17624 break below 17939.99 will push it into very short corrective mode, break below 17920 will be an extreme alert point and may put the uptrend in danger, break below 17864 may weaken it further, break below 17644 & 17624 may trigger fresh fall with an accelerated pace, 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. It is buying on dip market now as long as it holds 17920 on the closing basis.

The overall technical setup is looking strong. The technical indicators have improved and  out of four only one important technical indicators is still showing some weak sign on the daily chart, which is not that concerning, therefore if it holds 17920 levels on the closing basis then up move should continue with intermittent correction, else it could start moving down.

In view of the above observation for safe traders long trade can be tried if it moves above 18115 and maintain for some time with a stop loss of 18050 or can buy on decline at appropriate points or near 17920 but not below it with a stop loss of 17870. But aggressive traders can also try long trade on decline near or within the range of 17736---17670 with a stop loss of 17620. Please note that long trade below 17920 could be a risky bet for the day. 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 18150---18170 with a stop loss of 18220 or sell if it moves below 17870 with a stop loss of 17945. The short, medium and long term trend is up 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-BANK NIFTY FOR—14.9.2022

 

CNX-BANK NIFTY

Open-40802.10-High-40904.30-Low-40693.95-Close-40873.10 on 13.9.2022.

Support:40685.95/40453/40160.20/40043/39895/39546.50/39424.85/39301.25/ 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: 40881/ 41367.25/41829.60/42696/44461.

 (Bold and underlined figures are most important)

It opened with an up gap but almost filled the gap during the day and finally ended the day with a gain of 299.10 points. But please note that the gap it created on 8.9.2022 is still there and if it makes an effort to fill this gap in next 1 trading session which is technically possible then it can come down to 39572. Please note that if it does not fill the gap in the stipulated time then chances of filling the gap will recede for the time being. It is exhibiting good strength and it is well above its critical point of 39895 which is an extremely good sign and if it sustain above it on the closing basis then it could retest its all-time high of 41829.60 in coming days or may go beyond it also but if it fails to hold 39895 levels on the closing basis then it may start drifting down, so be watchful. Moving up from here it will face key resistance at 40685.95---40881---41367.65—41829.60---42696---44461. Similarly moving down it will find good support at 40685.95---40515.83---40453---40349---40205---40160.20---39960---39895----39638.71---39546.48---39455.90---39417----38871.46 break below 40515.83 will push it into very short correction mode, break below 40205.63 will weaken it further, break below 39895 on the closing basis will be an extreme alert point and may put the uptrend in danger, break below the range of 39638---39546.48---39455.90 may trigger fresh fall and finally break below 39410 may accelerate the fall. It’s a buy on dip market till it holds 39895 levels on the closing basis.

The overall technical setup is looking strong. The technical indicators have improved and  out of four only one important technical indicators is still showing some weak sign on the daily chart, which is not that concerning, if it hold 39895 levels on the closing basis then up move should continue with intermittent correction, else it could start moving down.

In view of the above observation, long trade can be tried if it moves above 40905 and maintain for some time with a stop loss of 40680 or can be tried on decline at appropriate points with self defined stop losses or near and within the range of 40170---40000--- 39895 but not below it with a stop loss of 39630. However aggressive traders can also try long trade on decline near 39455 with a stop loss of 39290. Please note that long trade below 39895 could be a risky bet for the day. 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 41100---41200 with a stop loss of 41300 or sell if it moves below 40680 and then below 39895 with a stop loss of 40905& 40050. The short, medium and long term trend is up 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.