A TECHNICAL VIEW ON CNX-NIFTY FOR—22.9.2022

 

CNX-NIFTY

 Open-17766.35--High—17838.70--Low-17663.60---Close-17718.35 on 21.9.2022.

Support:17639.50/ 17530.85/17490.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 17759.30/17777.65/17797/17860/17920/17947.55/17992.70/18096.15/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329.

 (Bold and underlined figures are most important)

It opened on a negative note then recovered to some extent but again slipped down and finally ended the day with a loss of 97.90 points. But during the day it has filled the yesterday’s gap which please note. It is still into corrective mode and whatever up move is there is just a pullback move as of now.

As expected it could not sustain above its important parameter for a day even and slipped below almost all of its short term moving averages today and also fallen within its important range of 17831----17692(this range will change every day) but just slightly above its major down trend line which is placed at 17681(it may change every day) for the day, all these indicates weakness in it. Please note that for the continuation of the up move it has to remain above all the aforesaid parameters 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 else it may drift down. It is important to mention here that if it moves above 17920 and sustain on the closing basis then chances are that it may retest its all-time high of 18604.45 or may go beyond it also, but sustained close above 18114.65 may almost ensure that it could make a new high. It is exhibiting high volatility and every time it moves up it fails to sustain at the higher levels which clearly shows inherent weakness in it and this potentially indicates that it is most likely to head downward in coming days provided it fails to cross its critical points of 17920 &18114.65 in short span of time i.e. in next 3-4 trading session.      

The long term technical setup still looks o.k. as of now but short term setup is slightly dicey, as it is still in correction mode. Furthermore all the four important technical indicators are still weak, which is highly concerning and can drag it down. Please note that if these indicators do not improve fast and it can improve only if it gives good and sustained up move for the next few day, but looking at last few days price movement it seems less likely to happen, therefore further fall from here cannot be ruled out in fact looks inevitable in coming days provided it do not move above its critical points as mentioned in the above paragraph.

In view of the above observation, for safe trader’s long trade can only be tried once it closes above 17920 and sustain else avoid. But aggressive traders can try long trade if it moves above 17760 and maintain for some time with a stop loss of 17680 or can buy on decline near 17540 with a stop loss of 17470. Please note that long trade for pullback gains could be a risky affair and long trade below 17680 could be a risky bet for the day, which may be kept in mind. Although it is in a long term uptrend but still into short corrective mode, therefore short trade can also be tried after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 17850---17920 with a stop loss of 17970 or sell if it moves below 17680 and then below 17485 with a stop loss of 17765 & 17550. The short term trend is in corrective mode, but medium and 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—22.9.2022

 

CNX-BANK NIFTY

Open-41282.60-High-41501.70-Low-40889.15-Close-41203.45 on 21.9.2022.

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 then went down further and finally ended the day with a loss of 264.85 points. It is in long term uptrend but today gotten into corrective mode again. Please note that to get out of corrective mode it has to close above 41230.82 & 41400 and sustain. But to catch up the strong up momentum again it has to cross its double top of 41829.60 & 41840.15 and sustain on the closing basis then it could hit much higher levels, else it may drift down eventually. But as long as it holds 39895 levels chances of crossing the double top will remain strong. Moving up it will face resistance at 41230.82---41400---41829.60---41840.15---42696----44461. Similarly going down from here it will find good support at 40920.62---40724---40685.95----40549---40349---40288---40160.20---40073---39895----39760----39638---39586.44---39455, it is into corrective mode ,break below 40920.62 will weaken it further, sustained break below the range of 40549---40205---40073(figure will change every day) may trigger fresh fall with an accelerated pace and finally sustained break below 39895 on the closing basis may jeopardize the long term uptrend ,which may please be noted..

The long term technical setup is still looking good. But it is into corrective mode again which is slightly concerning. Please note that out of four important technical indicators only one indicator is showing distinct weakness on the daily chart, which is a bad indication, because the price movement is not that great in fact it is also weak, so if the weakness in prices continues then the other three indicators would also turn negative and can drag it down.   However, as long as it holds 39895 on the closing basis chances of regaining up momentum will always be there. But it is important to cross and sustain above the double top of 41829.60 & 41840.15 on the closing basis for the continuation of the strong uptrend, which please note.

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 41502 and maintain for some time with a stop loss of 41190 or can be tried on decline near 40770 but not below it with a stop loss of 40680. Although, it is in the long term uptrend but slipped into correction again 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 41750--41840 with a stop loss of 41940 or sell if it moves below 40680 and then below 39895 with a stop loss of 40900 & 40100. It is into short term correction again but 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—21.9.2022

 

CNX-NIFTY

 Open-17770.40--High—17919.30--Low-17744.40---Close-17816.25 on 20.9.2022.

Support:17797/17777.65/117759.30/17639.50/ 17530.85/17490.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 17860/17920/17947.55/17992.70/18096.15/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and in the process as envisaged it  filled the gap it created on 16.9.2022 and finally ended the day with a gain of 194 points. But please note 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 down to 17667 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.

As anticipated it has bounced back above its short term moving averages, decisively above its major down trend line and also above its important range of 17690---17812(this range will change every day) today, in a stipulated time which is a positive sign, but it has to be seen for the next 3-4 trading sessions whether it sustains above these parameters or not. Furthermore 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 1-2 trading session else it may drift down again. It did went very close to 17920 intraday today but could not cross and closed way below it which is a weak sign. However, moving up from here it will face resistance at 17920---17951.75---17963---17992.70---18096.15----18114.65---18217---18350.95---18604.45.Similarly moving down most importantly it has to hold the range of 17812---17690(this range will change every day) to keep the hope alive for the continuation of the up move. Going down further it has bed of 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 long term technical setup looks o.k. as of now but short term setup is slightly dicey, as it is still in correction mode and today’s sharp rise was a pullback move only. Please note that it can get out of corrective mode if it closes above 17951.75 and sustain. Furthermore all the important technical indicators are still weak except for one on the daily chart, which is concerning and can drag it down, if these indicators do not improve fast, but the way it rallied today, if it keep this momentum on for the next few days then the other indicators may also turn positive and up move can continue else it can start drifting down again.

In view of the above observation, for safe traders long trade can only be tried once it closes above 17920 and sustain else avoid. But aggressive traders can try if it holds the range of 17812---17690 for some time with a stop loss of 17650 or can buy on decline near 17540 with a stop loss of 17470. Please note that long trade below 17690 could be a risky bet for the day. Although it is in a long term uptrend but still in corrective mode, therefore short trade can also be tried after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 17950---17990 with a stop loss of 18040 or sell if it moves below 17650 and then below 17485 with a stop loss of 17750 & 17550. The short term trend is in corrective mode, but medium and 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—21.9.2022

 

CNX-BANK NIFTY

Open-41304.15-High-41677.65-Low-41207.30-Close-41468.30 on 20.9.2022.

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

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a good gain of 563.90 points. It is in long term uptrend and is out of short corrective mode but to catch up the strong up momentum again it has to cross its double top of 41829.60 & 41840.15 and sustain on the closing basis then it could hit much higher levels, else it may drift down. But as long as it holds 39895 levels chances of crossing the double top will remain strong. Moving up it will face resistance at 41829.60---41840.15---42696----44461. Similarly going down from here it will find good support at 41400---41230.82---40920.62---40724---40685.95----40429---40349---40288---40160.20---40046---39895----39760----39638---39586.44---39455 break below 41400 & 41230.82 will again push it into short corrective mode, break below 40920.62 will weaken it further, and finally sustained break below the range of 39948----39895---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. All the important technical indicators are positive except for one now on the daily chart, which is a still o.k. Kindly note, that if it continues the up move then the other indicator can also turn positive. However, as long as it holds 39895 on the closing basis chances of regaining up momentum will always be there. But it is important to cross and sustain above the double top of 41829.60 & 41840.15 on the closing basis for the continuation of the uptrend, which please note.

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 maintain above 41469 for some time with a stop loss of 41190 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 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 41840--41940 with a stop loss of 42100 or sell if it moves below 40650 and then below 39895 with a stop loss of 40790 & 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—20.9.2022

 

CNX-NIFTY

 Open-17540.65--High—17667.20--Low-17429.70---Close-17622.25 on 19.9.2022.

Support:17639.50/ 17530.85/17490.70/17387.15/17354.05/17345.20/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 17639.50/17759.30/17777.65/17797/17860/17920/17947.55/17992.70/18096.15/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329.

 (Bold and underlined figures are most important)

It opened on a flat to positive note and went down initially but then recovered and finally ended the day with a gain of 91.40 points. It is important to mention here that the gap it created on 16.9.2022 is still there and if it makes an effort to fill this gap in next 2-3 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 is still below its short term moving averages, below its major down trend line and most importantly way below its critical points of 18114.65 & 17920 which is a very weak sign and today’s rise was just a pullback up move. Please note that to get back into the up grove again it has to move above at least the range of 17677---17810(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 2-3 trading session else down move will continue with in between short relief rallies. Moving down 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 long term technical setup looks o.k. as of now but short term setup is slightly dicey, because 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 do not improve fast and it can only improve if it gives sustained sharp up moves for the next 2-3 trading session in a row, but that seems less likely at this point of time. So be watchful in the long trade now. 

In view of the above observation, it is still into long term uptrend but into deep short term correction mode now, 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 17770---17830 with a stop loss of 17870 or sell if it moves below 17530 with a stop loss of 17630 and then sell below 17497 with a stop loss of 17550. 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.