A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—20.9.2022

 

CNX-BANK NIFTY

Open-40685.60-High-41184.25-Low-40509.90-Close-40904.40 on 19.9.2022.

Support:40881/40685.95/40453/40288.90/40160.20/40043/39895/39546.50/39424.85/39301.25/ 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 negative note but recovered later and finally ended the day with a gain of 127.60 points. It is still into short term corrective mode and today rise was just a pullback up move, please note that to get out of corrective mode it has to move above 41231 and sustain on the closing basis. However, its uptrend is still intact as long as it holds 39895 levels on the closing basis. But it will catch up strong up momentum again only once it crosses its double top of 41829.60 & 41840.15 and sustain on the closing basis, else it may drift down. Moving down from here it will find good support at 40920.62---40724---40685.95----40453---40349---40205---40160.20---40046---39895----39760----39638---39586.44---39455 it is already into very short corrective mode as it is below its threshold point of 41230.82 , it gives sign of further weakness as it closed below 40920.62, break below 39895 on the closing basis would be an extreme alert point and may put the uptrend in jeopardy and finally sustained break below the range of 39760----39694---39638---39586.44---39455 may trigger fresh fall with an accelerated pace. Please note that even after making the double top it is still a buy on dip market till it holds 39895 levels on the closing basis.

The overall technical setup is still looking good, but it is into correction mode therefore further fall from here cannot be ruled out. But the good point here is that some important technical indicators are still positive except for one now on the daily chart, which is a positive sign. Kindly note that if the price destruction continues, then the other indicators can also turn weak and that would be a concerning thing. However, as long as it holds 39895 on the closing basis chances of regaining up momentum will always be there.

In view of the above observation, for safe traders long trade can only be tried if it moves above it double top of 41829.60 & 41840.15 and sustain else avoid long trade. But aggressive traders can try long trade if it moves above 41231 and maintain for some time with a stop loss of 41100 or can be tried on decline near 40770 but not below it with a stop loss of 40650. Although, it is in the long term uptrend but into short 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 41450--41550 with a stop loss of 41650 or sell if it moves below 40650 and then below 39895 with a stop loss of 40790 & 40050. It is into very short corrective mode now, so watch out for 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—19.9.2022

 

CNX-NIFTY

 Open-17796.80--High—17820.05--Low-17497.25---Close-17530.85 on 16.9.2022.

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: 17639.50/17759.30/17777.65/17797/17860/17920/17947.55/17992.70/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329..

 (Bold and underlined figures are most important)

It opened with a down gap and then steadily moved down and ended the day near the low of the week with a substantial loss of 346.55 points. It is important to mention here that the gap it created today is still there and if it makes an effort to fill this gap in next 3-4 trading session which is technically possible then it could come up to 17862 level, but if it does not fill the gap in the stipulated time then chances of filling the gap will recede for the time being, which please note.

It was already below its critical point of 18114.65 & 17920 and today it has decisively broken its short term moving averages and broken its recent bottom of 17624.40 & 17539.45 on the line chart and most importantly closed well below its major down trend line, all these development together is highly concerning and the uptrend may be in jeopardy now. Today’s move was devastating and indicate that further fall is ahead, however to get back into the up grove again it has to move above at least the range of 17685---17830(this range will change every day) and sustain on the closing basis and then to pick up strong up momentum it has to move above its critical points of 17920 &18114.65 and sustain on the closing basis in the next 3-4 trading session else down move will continue with in between short relief rallies. Moving down further from here it has bed of strong support in the range of 17408.74---17387.15---17377---17354.05---17345.20 and then important support at double bottom of 17166--17161 you would recall that it has bounced back from this range recently couple of times; therefore till it holds this range chances of regaining the up move may still be alive, but sustained break below this range on the closing basis may begin a steady down move and break below the double bottom of 17166—17161  may accelerate the fall, which may please be noted.

The overall technical setup has got a big jolt today and it has slipped into moderately deep correction mode, furthermore all the important technical indicators have turned weak on the daily chart, which is highly concerning and can surely drag it down if these indicators does not improve fast and it can only improve if it gives sustained sharp up moves for the next 3-4 trading session in a row, but that seems less likely to happen looking at today’s move. So be watchful in the long trade. 

In view of the above observation, it is still into long term uptrend but slipped into deep short term correction mode therefore please note that it has turned sell on the rise market now; so it is suggested to avoid long trade till a visible sign of correction completion emerges. Sell on the rise near or within the range of 17680---17750 with a stop loss of 17800 or sell if it moves below 17490 with a stop loss of 17550 and then sell below 17345 with a stop loss of 17415. But aggressive traders can also try long trade on decline near or within the range of 17408.74---17387.15---17377---17354.05---17345.20 with a stop loss of 17280 and then near 17160 with a stop loss of 17070 for pullback gains. Please note that long trade in a corrective market for pullback gains could a risky affair because pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware. It is into deep corrective mode in the short term, so watch out how this correction culminates, but the medium and the long term trend is still 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—19.9.2022

 

CNX-BANK NIFTY

Open-40977.20-High-41162.50-Low-40502.05-Close-40776.80 on 16.9.2022.

Support:40685.95/40453/40288.90/40160.20/40043/39895/39546.50/39424.85/39301.25/ 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: 40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened with a down gap but filled the gap during the day and finally ended the day with a loss of 432.40 points. After making new all-time high of 41840.15 on 15.9.2022 it has been falling for the last two days and has gotten into short term correction mode today, but the uptrend is still intact as long as it holds 39895 levels on the closing basis. But it will catch up strong up momentum again only once it crosses its double top of 41829.60 & 41840.15 and sustain on the closing basis, else it may drift down. Moving down from here it will find good support at 40724---40685.95----40453---40349---40205---40160.20---40046---39895----39760----39638---39586.44---39455 it is already into very short corrective mode  as it is below its threshold point of 41230.82 , it has further weakened as it has closed below 40920.62 , break below 39895 on the closing basis will be an extreme alert point and may put the uptrend in jeopardy and finally sustained break below the range of 39724----39694---39638---39586.44---39455 may trigger fresh fall with an accelerated pace. Please note that even after making double top it is still a buy on dip market till it holds 39895 levels on the closing basis.

The overall technical setup is still looking good despite 2 days fall. But it is into short corrective mode now and it may correct further from here. The good point here is that some important technical indicators are still positive except for one now on the daily chart, which is a positive sign. Kindly note that if, the price destruction continue then the other indicators can also turn weak and that would be a concerning thing. However, as long as it holds 39895 on the closing basis chances of regaining strong up momentum will always be there.

In view of the above observation, for safe traders long trade can only be tried if it moves 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  41050 or can be tried on decline near or within the range of 40440-----40280 with a stop loss of 40150. 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 or within the range of 41300--41450 with a stop loss of 41550 or sell if it moves below 40150 and then below 39895 with a stop loss of 40320 & 40050. It slipped into very short corrective mode today, so watch out for 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—16.9.2022

 

CNX-NIFTY

 Open-18046.35--High—18096.15--Low-17861.50--Close-17877.50 on 15.9.2022.

Support: 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: 17920/17947.55/17992.70/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329..

 (Bold and underlined figures are most important)

It opened on a positive note and went up further but could not sustain at the upper level and slipped down and finally ended the day with a loss of 126.35 points. Please note that for the continuation of the up move and to retest its all-time high 18604.45 or to go beyond, it has to sustain above its two critical points of 17920 & 18114.65 on the closing basis. Today it went near 18114.65 but could not cross it, furthermore it was above 17920 levels for the last three days but closed well below it today which is a weak sign. Please note that if it fails to bounce back above 17920 & 18114.65 and sustain in next 4-5 trading session then it may start drifting down. However moving up it will face resistance at 17920---17951.75---17992.70---18096.15---18114.65---18217---18308---18350.95---18503---18604.45---19329. Similarly moving down it will find good support at 17876.68---17797---17759----17704---17695---17624 it has slipped into very short corrective mode today as it closed below its threshold point of 17951.75,it is also below its critical point of 17920 and sustained close below it may put the uptrend in jeopardy, break below 17876.68 may weaken it further, break below the range of 17759---17704---17670--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 still looking o.k. as of now. But again out of four important technical indicators now two are weak on the daily chart and the second indicator has turned weak today only which is a bad sign, furthermore it has closed well below its critical point of 17920 also ,therefore all these developments makes it more concerning. I once again reiterate here that if it fails to bounce back shortly above its critical point of 17920 & 18114.65 then it could witness moderate to sharp fall in coming days.

In view of the above observation for safe traders long trade can be tried if it closes above 18115 and avoid buy on decline for the day. But aggressive traders can  try long trade if it moves above 17952 and maintain for some time with a stop loss of 17860 or on decline near or within the range of 17760---17700 with a stop loss of 17610. Please note that the long trade below 17920 could be a risky affair. Although, it is in the long term uptrend but slipped into very 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 or within the range of 18100---18120 with a stop loss of 18160 or sell if it moves below 17860 with a stop loss of 17955. 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-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.