A TECHNICAL VIEW ON CNX-NIFTY FOR—13.10.2022

 

CNX-NIFTY

 Open-17025.55--High—17142.35--Low-16960.05---Close-17123.60 on 12.10.2022.

Support:17006/16995/ 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 positive note and moved in a range for a while and in the late afternoon moved up smartly and finally closed with a gain of 140.05 points. It moved above its pullback threshold points of 17024 & 17066(figure may Change) and also above its long term moving average range of 17086—16794(figure will change every day), which is good sign and as long as long as it holds the aforesaid pullback threshold points pullback rally may extend further else it will drift down again, but to get back into steady up grove again it has to move above its most important and critical points of 17354---17387 & 17408.75 and sustain on the closing basis, else weakness may persist. It is important to mention here that going down it will find very strong support from its long term moving average range of 17086—16794(figure will change every day) so it may bounce back from this range as it had done earlier and today also but certain important technical indicators as of now suggest that eventually it is going to break this range and if it does so then fall may accelerate which may be kept in mind. However moving up from here it will find stiff resistance at 17168----17196---17268---17333---17354---17387---17408.5.  Similarly going down it may find good support at 17024---17066---17086---16908---16883---16791---16640---16563---16487---16296---15870---15765.

Its short term technical setup is still looking weak as it is below some of its short and medium   term moving averages on the daily chart and some below weekly chart also, furthermore out of four important technical indicators one has improved today but three are still weak on the daily chart, 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 and if it fails to give sharp up move in a shortest possible time say in next 1-2 trading sessions and move above its critical points of 17354---17387 & 17408.75 and sustain on the closing basis then it may continue to drift down, chances of sharp up rally is less likely at this point of time. So watch out. The undertone is mixed but with a slight tilt towards downside as of now.

In view of the above observation, it is into major correction mode but moved above its pullback threshold points of 17024 & 17066 and also above its  long term moving average range of 17086—16791(figure will change every day). So long trade can be attempted for pullback gain. For safe traders it is suggested to try long trade if it moves above 17143 and maintain for some time with a stop loss of 17080 and avoid buy on decline for the day, but aggressive traders can try long trade if it holds the range of 17102---17066 with a stop loss of 16950 or can also try long trade on decline  near or within the range of 16890-----16794 with a stop loss of 16740, but mind you long trade on decline and particularly below 16983 could be a risky affair for the day. 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 and important points. Since it is in major correction mode and short correction mode also therefore short trade can also be tried on the rise near or within the range of 17290---17350 with a stop loss of 17435 or sell if it moves below 16980 with a stop loss of 17090.It is into major correction mode and long term trend is also threatened. The bias is bearish 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—13.10.2022

 

CNX-BANK NIFTY

Open-38784.20-High-38935.35-Low-38606.40-Close-39118.55 on 12.10.2022.

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 opened on a positive note and moved in a range for a while and in the late afternoon moved up smartly and finally closed with a gain of 406.10 points. It is already into major correction mode as it is well below its threshold point of 39586.44. But please note that as long as it holds its pullback threshold point of 38437 & 38399, chance of bounce back will always be there. But to get back 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 39895----39586.44---38399----37386 and sustained break below 38399 may witness further fall. Moving down from here it may find good support at 39084---38935---38776---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. Please note that if it moves above 39895 and sustain on the closing basis then it could retest its recently made new all-time high of 41840.15 or may go beyond it also.     

It is important to mention here that its long term moving averages are placed in the range of 37326—36368(figure will change every day),  break below 37326 will be an alert sign for the long term uptrend and sustained break below 36368 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 then it will be a pattern failure this may be kept in mind. Furthermore all the four important technical indicators are weak on the daily chart 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 1-2 trading sessions and move above its critical points of 39586.44 & 39895 and sustain then it may continue to drift down. 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 it is well above its pullback threshold points of 38399 & 38437 also. Therefore both side trades can be tried depending on the price movement till it breaches 38399 levels on the downside and 39895 levels on the upside. For safe traders long trade can be tried if it moves above 39285 and sustain for some time with a stop loss of 39050 and avoid buy on decline for the day. But aggressive traders can try long trade if it moves above 39180 and sustain for some time with a stop loss of 39050 on can buy on decline near 38700 with a stop loss of 38500, but mind you buy on decline and particularly below 38712 could be a risky affair for the day.  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 39780 or sell if it moves below 38600 with a stop loss of 38800 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—12.10.2022

 

CNX-NIFTY

 Open-17256.05--High—17261.80--Low-16950.30---Close-16983.55 on 11.10.2022.

Support: 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: 16995/17006/17140/17291/ 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 positive note but gradually slipped down and closed with a loss of 257.45 points. It has gone below its pullback threshold point of 17024 & 17066 therefore it seems that the pullback rally may be over but a faint confirmation will come if it closes below 16887 but it is still within its long term moving averages range of 17086—16792(figure will change every day). Please note that this is a very strong support range it may bounce back from this range again as it had bounced back earlier also but certain important technical indicators as of now suggest that eventually it is going to break this range and if it does so then fall may accelerate. Similarly to get back into up grove again it has to move above its most important and critical points of 17354---17387 & 17408.75 and sustain on the closing basis, which seems less likely to happen at this point of time. Moving down from here it may find good support at 16908---16883---16791---16640---16563---16487---16296---15870---15765 it may bounce back from any of these points for a very short relief rally but reasonable pullback rally can only be expected once it closes above 17066 and sustain, similarly moving up it will find stiff resistance at 17024---17066---17086---17168----17196---17268---17333---17354---17387---17408.5.   

Its short term technical setup is still looking weak as it is below some of its short ,medium  and long term moving averages on the daily chart and some below weekly chart also, furthermore all the four important technical indicators are still weak on the daily chart, 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 2-3 trading sessions and move above its critical points of 17354---17387 & 17408.75 and sustain on the closing basis then it may continue to  drift down  and looking at today’s move chances of sharp up rally is less likely. The undertone is mixed but with a tilt towards downside as of now.

In view of the above observation, it is into major correction mode and below its pullback threshold points of 17024 & 17066 but it is within its  long term moving average range of 17083—16791(figure will change every day). So for safe traders it is suggested to try long trade once it closes above 17086 and sustain else avoid, but aggressive traders can try long trade if it moves above 17066 and maintain for some time with a stop loss of 17000 or can buy on decline at appropriate points with self defined stop loss or near or within the range of 16890-----16792 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 17168---17268 with a stop loss of 17340 or sell if it remains below 16950 for some time with a stop loss of 17000.It is into major correction mode and long term trend is also threatened. The bias is bearish 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—12.10.2022

 

CNX-BANK NIFTY

Open-39058.85-High-39174.95-Low-38622.75-Close-38712.45 on 11.10.2022.

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 negative note and then gradually moved down and finally ended the day with a loss of 380.65 points. It is already into major correction mode as it is well below its threshold point of 39586.44 but today it slipped into short correction mode for its recent rise also as it moved below the threshold point of 39084. But please note that as long as it holds its pullback threshold point of 38437 & 38399, 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----37304 and sustained break below 38399 may witness further fall. Moving down from here it may find good support at 38497----38437---38399---38235---38029---37911---37830, similarly moving up it will find stiff resistance at 38760---39084---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 37304—36347(figure will change every day),  break below 37304 will be an alert sign for the long term uptrend and sustained break below 36347 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 then it will be a pattern failure 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 2-3 trading sessions and move above its critical points of 39586.44 & 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 and slipped into  short correction for recent rise also but at the same time it is 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 closes above 39285 and sustain or on decline near 38400 with a stop loss of 38275, but aggressive traders can also try long trade if it moves above 38780 and maintain for some time with a stop loss of 38600 or 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 39150---39250 with a stop loss of 39400 or sell if it remains below 38630 for some time with a stop loss of 38800 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—11.10.2022

 

CNX-NIFTY

 Open-17094.35--High—17280.15--Low-17064.70---Close-17241 on 10.10.2022.

Support: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: 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 with a down gap but filled the gap during the day and as envisaged it bounced back from the pullback threshold point of 17066 & 17024  and from the long term moving average range of 17083—16791(figure will change every day) but ended the day with a loss of 73.65 points. It is already into major correction mode as it is well below its threshold point of 17408.75 but it has slipped into short correction mode today for its recent rise also as it slipped below its threshold point of 17268. But please note that as long as it holds its long term moving averages range of 17083—16791(figure will change every day),  chance of bounce back will always be there but sustained break below this range may accelerate the fall. Kindly note that to get into the up grove again it has to move above its most important and critical points of 17354---17387 & 17408.75 and sustain on the closing basis else it will oscillate in a broad range of 17354---17083---16791 and sustained break below 16791 may witness sharp fall. 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 17268---17333---17354---17387---17408.5---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 and medium  term moving averages on the daily chart, furthermore out of four important technical indicators three are still weak on the daily chart, 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 for the next few days. 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 17354---17387 & 17408.75 and sustain on the closing basis then it may start drifting down again. The undertone is mixed but with a tilt towards downside as of now.

In view of the above observation, it is into major correction mode but despite both side swing today it is well above its pullback threshold points of 17024 & 17066 and long term moving average range of 17083—16791(figure will change every day) also. Therefore both side trades can be tried depending on the price movement till it breaches 16791 marks. For safe traders it is suggested to try long trade once it closes above 17408.75 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 17332 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 17387---17410 with a stop loss of 17460 or sell if it remains below 17268 for some time with a stop loss of 17340.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.