A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—11.10.2022

 

CNX-BANK NIFTY

Open-38641.55-High-39315.70-Low-38518.30-Close-39093.10 on 10.10.2022.

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

Resistance: 39117.15/39197/39301.25/ 39424.85/39546.50/39895/40043/40160.20/40288.90/40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened with a down gap but filled the gap during the day and as envisaged it bounced back from the pullback threshold point of 38399 & 38437 but ended the day with a loss of 84.95 points. It is already into major correction mode as it is well below its threshold point of 39586.44 but today it closed shade above from its threshold point of 39084 for short correction mode for its recent rise break below this will push it into short corrective mode. But please note that as long as it holds its pullback threshold point of 38399 & 38437, chance of bounce back will always be there. Kindly note that to get into the up grove again it has to move above its most important and critical points of 39586.44 & 39895 and sustain on the closing basis else it will oscillate in a broad range of 39586.44---38399 and sustained break below 38399 may witness further fall. Moving down from here it may find good support at 39084---38760---38497----38437---38399---38235---38029---37911---37830, similarly moving up it will find stiff resistance at 39532---39586.44---39614---39895---40039---40139---40665---40789---40819---40950.   

It is important to mention here that its long term moving averages are placed in the range of 37282—36324(figure will change every day),  break below 37282 will be an alert sign for the long term uptrend and sustained break below 36324 may put the long term uptrend in potential danger which may please be noted.  Please note that this range will act as a very strong support for it and it may bounce back from this range also for couple of times as it bounced back near this area sometimes back also  but it is very much likely to break this range eventually this is what technical indicators suggest as of now. Please note that sustained break below the range may witness an accelerated fall.

The short term technical setup is slightly weak. It is already into major correction mode, below some short & medium term moving averages on the daily chart and most importantly a head & shoulder pattern is visible and if it gives sustained break below its neckline of 37943 & 37386.15 then it may go down deeply and the maximum down side target could be 33500, similarly if it moves above 39759.15 the head & shoulder pattern will fail this may be kept in mind. Furthermore all the four important technical indicators are weak as of now, which is concerning. Please note that if these indicators do not improve fast it can drag it down further and it can improve only if it gives good and sustained up move. Please note that if it fails to give sharp up move in a shortest possible time say in next 3-4 trading sessions and move above its critical points of 39895 and sustain then it may start to drift down again. The undertone is mixed but with slightly bearish tilt as of now.

In view of the above observation, it is into major correction mode but at the same time well above the pullback threshold points of 38399 & 38437 also. Therefore both side trades can be tried depending on the price movement till it breaches 38399 levels. For safe traders long trade can be tried if it moves above 39285 and maintain for some time with a stop loss of 39020 or on decline near 38400 with a stop loss of 38275, but aggressive traders can also try long trade on decline near 38030 with a stop loss of 37920. Please note that in general 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 but it can be tried at the most critical points. Similarly short trade can be tried on the rise near or within the range of 39600---39700 with a stop loss of 39950 or sell if it moves below 39084 with a stop loss of 39320 or sell below 38400 with a stop loss of 38650.It is into major correction mode but long term trend still seems to be 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—10.10.2022

 

CNX-NIFTY

 Open-17287.20--High—17337.35--Low-17216.95---Close-17314.65 on 7.10.2022.

Support:17298/17291/17140/ 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: 17345.20/17354.05/17387.15/17429.70/17484.30/17490.70/17530.85/17639.50 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 had good but volatile movement during the week ended on 7.10.2022. As it defended its long term moving average range of 17083—16788(figure will change every day) therefore it bounced back from this range and gave a smart pullback up move and it did crossed its most important and crucial point of 17354.05 & 17387.15 intraday but could not close above it, furthermore it slightly moved above its approximate pullback ending target point of 17422 ( actual-17428.80)intraday but retreated back, therefore it seems that the pullback rally may be over for now(see my post for 3.10.2022), please note that to keep the hope alive for the continuation of the up move it has to close above 17354.05 & 17387.15 and sustain on the closing basis else it may resume the down move again. But it is important to mention here that as long as it holds its long term moving average range of 17083—16788(figure will change every day) it may bounce back from this range but sustained break below this range may witness sharp down move which may please be noted. Meanwhile it is already into major correction mode if it stays below 17408.75 and it will slip into very short term correction  mode for the recent rise it had if it stays below 17268,however as long as it holds 17066 & 17024 chances of the pullback up move will still be there. Moving down from here it may find good support at 17168---17088---17066---17024---17007---16908---16883, similarly moving up it will find stiff resistance at 17263---17333---17354---17387---17422---17472---17581---17643---17685---17778----17827---17920.    

Its short term technical setup is still looking weak as it is below some of its short term moving averages on the daily chart, below some medium and long term moving averages also, furthermore all the four important technical indicators are still weak on the daily chart, which is highly concerning. Please note that if these indicators do not improve fast it can drag it down further and it can improve only if it gives good and sustained up move for the next few day, it did stage a sharp recovery during the week but could not move above its critical points of 17354.05 & 17387.15 on the closing basis. Please note that if it fails to give sharp up move in a shortest possible time say in next 4-5 trading sessions and move above its critical points stated above then it may start drifting down again. It is important to mention here that despite  good rise the technical indicators are still pointing that it could hit 16500 levels or may be much lower levels in coming days/weeks/months. The undertone is bearish as of now.

In view of the above observation, it is into major correction mode but at the same time above the pullback threshold points of 17024 & 17066 also. Therefore both side trades can be tried depending on the price movement. For safe traders it is suggested to try long trade once it closes above 17387.15 and sustain or on the decline near 17083 with a stop loss of 17000, but aggressive traders can try long trade if it moves above 17338 and maintain for some time with a stop loss of 17255 or can buy on decline at appropriate points with self defined stop loss or near or within the range of 16890-----16790 with a stop loss of 16730. Please note that in general 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 but it can be tried at the most critical points. Similarly short trade can be tried on the rise near or within the range of 17430---17470 with a stop loss of 17520 or sell if it moves below 17250 with a stop loss of 17340 or sell below 17216 with a stop loss of 17280.It is into major correction mode but long term trend still seems to be 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-BANK NIFTY FOR—10.10.2022

 

CNX-BANK NIFTY

Open-39093.50-High-39235.05-Low-38807.50-Close-39178.05 on 7.10.2022.

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

Resistance: 39197/39301.25/ 39424.85/39546.50/39895/40043/40160.20/40288.90/40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It had good but volatile movement during the week ended on 7.10.2022. As it closed above its pullback threshold points of 38399 & 38437 on 30.9.2022, it staged a good pullback up move during the week and hit a high of 39608.35 for the week which was close to one of the approximate pullback ending point of 39614 and then retreated back. Please note that to get back into strong up momentum again it has to move above 39895 and sustain on the closing basis then it could retest again its all-time high of 41840.15 or may go beyond it also else it may drift down with in between relief rallies. Meanwhile it is already into major correction mode if it stays below 39586.44 and it will slip into very short term correction  mode for the recent rise it had if it moves below 39084, however as long as it holds pullback threshold points of 38399 & 38437 chances of the pullback up move will be there. Moving down from here it may find good support at 38760---38497----38235---38029---37911---37830, similarly moving up it will find stiff resistance at 39586.44---39614---39895---40039---40139---40665---40789---40819---40950.   

It is important to mention here that its long term moving averages are placed in the range of 37258—36309(figure will change every day),  break below 37258 will be an alert sign for the long term uptrend and sustained break below 36309 may put the long term uptrend in potential danger which may please be noted.  Please note that this range will act as a very strong support for it and it may bounce back from this range also for couple of times as it bounced back near this area sometimes back also  but it is very much likely to break this range eventually this is what technical indicators suggest as of now. Please note that sustained break below the range may witness an accelerated fall.

 The short term technical setup is slightly weak. It is already into major correction mode, below some short & medium term moving averages also on the daily chart and most importantly a head & shoulder pattern is visible and if it gives sustained break below its neckline of 37943 & 37386.15 then it may go down deeply, this may be kept in mind. Furthermore all the four important technical indicators are weak, which is highly concerning. Please note that if these indicators do not improve fast it can drag it down further and it can improve only if it gives good and sustained up move , it did stage a sharp recovery during the preceding week but could not move above its critical points of 39895 on the closing basis. Please note that if it fails to give sharp up move in a shortest possible time say in next 4--5 trading sessions and move above its critical points stated above then it may start drifting down again. It is important to mention here that despite  good rise the technical indicators are still pointing that it could hit 36500 levels or may be much lower levels in coming days/weeks/months. The undertone is mixed but with bearish tilt as of now.

In view of the above observation, it is into major correction mode but at the same time above the pullback threshold points of 38399 & 38437 also. Therefore both side trades can be tried depending on the price movement. For safe traders long trade can be tried if it moves above 39285 and maintain for some time with a stop loss of 39100 or on decline near 38400 with a stop loss of 38275, but aggressive traders can also try long trade on decline near 38030 with a stop loss of 37920. Please note that in general 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 but it can be tried at the most critical points. Similarly short trade can be tried on the rise near or within the range of 39500---39600 with a stop loss of 39770 or sell if it moves below 39084 with a stop loss of 39300 or sell below 38800 with a stop loss of 39100.It is into major correction mode but long term trend still seems to be 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—3.10.2022

 

CNX-NIFTY

 Open-16798.05--High—17187.10--Low-16747.70---Close-17094.35 on 30.9.2022.

Support: 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: 17140/17291/17298/17345.20/17354.05/17387.15/17429.70/17484.30/17490.70/17530.85/17639.50/ 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 negative note and then slipped down but recovered smartly during the day and finally ended the day with a good gain of 276.25 points. It is into medium term correction mode and after seven days of strait fall as expected it bounced back and closed above its important pullback threshold points of 17024 & 17066(figures may change) and if it sustains above these points on the closing basis then the pullback rally may extend further and it can move up to 17195.25—17263---17291---17333.50--17422, please note that pullback rally may end at any of these points or earlier also or it is for sure to end if it breaks below 17024 and sustain on the closing basis and then it may resume down move again.    

It is looking  weak on the technical chart as it  is below all its short term moving averages on the daily chart , below some medium and long term moving averages also, it is well below its major down trend line , it is making lower top & bottom on the line and bar chart both, decisively below its rising trend line  and most importantly it is decisively below its most critical point of 17387.15 & 17354.05 all together these  are extremely weak indications which can surely drag it down further in the coming days. It is important to mention here that its long term moving averages are placed in the range of 17086—16774(figure will change every day), which is a very strong support area and after staying within the range for the last two days it bounced back above it today, it may retest this range again may be couple of times and bounce back too but it is very much likely to break this range eventually this is what technical indicators suggest as of now. Please note that break below 17086 will be an alert sign for the long term uptrend and sustained and break below 16774 may put the long term uptrend in potential danger and it may witness accelerated fall, which may please be noted. Please note that to get into the up grove again it has to sustain above the long term moving average range of 17086---16774 figure will change every day), and then move above its critical point of 17354.05 & 17387.15 and sustain on the closing basis then there will be some ray of hope for resuming the up move again else down move may continue with intermittent short relief rallies.

The long term technical setup is threatened so be watchful, it is already into medium term correction mode, furthermore all the four important technical indicators are distinctly weak, which is highly concerning. Please note that if these indicators do not improve fast it can drag it down further and it can improve only if it gives good and sustained up move for the next few day, it did stage a sharp recovery today but looking at last few days price movement it seems less likely that it could continue with the up move with today’s pace, therefore as of now further fall looks inevitable in coming days after the on-going pullback rally is exhausted. It is important to mention here that the indicators as of now suggest that it could hit 16500 levels or may be much lower levels in coming days/weeks/months. The undertone is bearish as of now.

In view of the above observation, it is into medium term correction mode. Therefore it is suggested to adopt sell on the rise or sell on the price breakdown strategy till a visible sign of correction completion emerges. But today it closed above its pullback threshold point of 17024 & 17066 so the pullback rally may extend if it hold these points, therefore those who wish to take advantage of the pullback gains can try long trade if it maintains above 17086 for some time with a stop loss of 17000. Please note that in general 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 but it can be tried at the most critical points. It is suggested to sell on the rise near or within the range of 17240—17280 with a stop loss of 17390 or sell if it moves below 17024 and maintain for some time with a stop loss of 17100. It is into medium term correction mode now and long term trend is also severely threatened. So watch out and be extremely careful in long trades.

 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—3.10.2022

 

CNX-BANK NIFTY

Open-37660-High-388811-Low-37386.35-Close-38631.95 on 30.9.2022.

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

Resistance: 38765.55/38855.55/39117.15/39197/39301.25/ 39424.85/39546.50/39895/40043/40160.20/40288.90/40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened on a flat to positive note and then slipped down but recovered smartly during the day and finally ended the day with a whopping gain of 984.20 points. It is into medium term correction mode and after seven days of strait fall as expected it bounced back and closed above its important pullback threshold point of 39399 & 39437(figures may change) and if it sustains above these points on the closing basis then the pullback rally may extend further and it can move up to 39088----39532----39614---40039, please note that pullback rally may end at any of these points or earlier also or it is sure to end if it breaks below 38399 and sustain on the closing basis and then it may resume down move again.    

It is looking weak on the chart as it is well below its all short term moving averages and below some medium term averages also, broken multiple bottom on the line and bar chart, decisively broken its rising trend line and most importantly it is decisively below its most important and critical or say make or break point of 39895, all together these are highly concerning and indicate further fall ahead. Please note that to get into the up grove again it has to move above its short term moving averages and then above its critical point of 39895 and sustain on the closing basis else down move will continue in coming days with in between short relief rallies. Moving down from here it will find support at 38437---38399--- 37708.75—37386.35---37249.50---36248.60—35761.13---35585.20---35481.20, as it is below its threshold point of 38796 therefore it is already into medium term corrective mode, break below 37708.75 will weaken it further, break below 35761.13 will push it into major long term corrective mode and sustained break below 35585.20 & 35481.20 may accelerate the fall.

It is important to mention here that its long term moving averages are placed in the range of 37169—36268(figure will change every day),  break below 37169 will be an alert sign for the long term uptrend and sustained break below 36266 may put the long term uptrend in potential danger which may please be noted.  Please note that this range will act as a very strong support for it and it may bounce back from this range also for couple of times as it bounced back near this area today  but it is very much likely to break this range eventually this is what technical indicators suggest as of now. Please note that sustained break below the range may witness an accelerated fall.

 The long term technical setup is also on the verge of severe threat so be watchful, it is already into medium term correction mode, furthermore all the four important technical indicators are distinctly weak, which is highly concerning. Please note that if these indicators do not improve fast it can drag it down further and it can improve only if it gives good and sustained up move for the next few day, it did stage a robust recovery today but looking at last few days price movement it seems less likely that it could continue with the up move with today’s pace, therefore as of now further fall looks inevitable in coming days after the on-going pullback rally is exhausted. It is important to mention here that the indicators as of now suggest that it could hit 36500 levels or may be much lower levels in coming days/weeks/months. The undertone is bearish as of now.

In view of the above observation, it is into medium term correction mode. Therefore it is suggested to adopt sell on the rise or sell on the price breakdown strategy till a visible sign of correction completion emerges. But today it closed above its pullback threshold point of 39399 & 39437 so the pullback rally may extend if it hold these points, therefore those who wish to take advantage of the pullback gains can try long trade if it holds above 38475 for some time with a stop loss of 38250. Please note that in general 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 but it can be tried at the most critical points. It is suggested to sell on the rise near or within the range of 39200—39400 with a stop loss of 39550 or sell if it moves below 38399 and maintain for some time with a stop loss of 38675. It is into medium term correction mode now and long term trend is also severely threatened. So watch out and be extremely careful in long trades.

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.