A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—18.10.2022

 

CNX-BANK NIFTY

Open-39295.60-High-39974.70-Low-39146.70-Close-39920.45 on 17.10.2022.

Support: 39895/39546.50/39424.85/39301.25/ 39197/39117.15//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: 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 negative note and then steadily moved up and finally ended the day with a gain of 614.85 points.  Please note that the gap it created on 14.10.2022 is still there and if it makes an effort to fill the gap in the next 2-3 trading sessions which is technically possible then it can come down to 39061, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.

It came out of major corrective mode and also moved above it most critical and important point of 39895, please note that if it sustain above it on the closing basis then the up move should continue with intermittent correction and it could retest it’s all time high of 41840.15 or may go beyond it also, similarly sustain break below this may drag it down. Moving up from here it will find resistance at 40039---40139---40665---40789---40819---40950---41677.65---41840.15 points, it is likely to correct from any of these levels and then resume the up move again. Similarly going down it may find good support at 39895---39614----39586.44---39546.48---39084----38885---38759---38715---38497----38437---38399---38235---38029---37911---37830, sustained break below 39895 may weaken the up momentum which please note.

The short term technical setup has improved considerably. Furthermore all the four important technical indicators have turned positive today on the daily chart this is an extremely good sign for the continuation of the up move, provided it manages to hold its critical point of 39895 on the closing basis. The bias is up as of now.

In view of the above observation, for safe traders long trade can be tried if it holds 39895 levels for some time with a stop loss of 39700 or if it moves above 39975 and maintain for some time with a stop loss of 39700 avoid buy on decline for the day. But aggressive traders can also try buy on decline near or within the range of 39586---39350 with a stop loss of 39200. Please note that long trade below 39895 could be a risky affair for the day. Although, it is out of major corrective mode and is in up momentum but short trade can also be tried on the rise or on the price break down for intraday gains. Sell on the rise near or within the range of 40650---40750 with a stop loss of 40875 or sell if it moves below 39600 with a stop loss of 39930. It is still in the long term uptrend.  

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—17.10.2022

 

CNX-NIFTY

 Open-17322.30--High—17348.55--Low-17169.75---Close-17185.70 on 14.10.2022.

Support: 17140/17006/16995/ 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: 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 huge up gap  but could went up much further and finally ended the day with a gain of 171.35 points. It is exhibiting volatility which is not good for a steady up move. Please note that the gap it created today is still there and if it makes an effort to fill the gap in the next 3-4 trading sessions which is technically possible then it can come down to 17112, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.

It moved well above its pullback threshold point of 17066 and also above its long term moving average range of 17088—16799(figure will change every day), but the  way it is showing volatility how long it will stay above these points it questionable, however as long as it is above these two parameters chances are that it could build on the up move ,but  to get back into steady up move 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 will persist which may drag it down eventually. It is important to mention here that the long term moving average range of 17088—16799(figure will change every day)  is a very strong support range for it and it has bounced back from this range quite often in the near past but coming back near or within the range again and again in a short span of time is a very weak sign, furthermore 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. Moving up from here it may find stiff resistance at 17196---17268---17333---17354---17387---17408.75. Similarly going down from here it may find good support at 17168---17088---17066---17024---16950---16908---16883---16794---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 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 and move above its critical points of 17354---17387 & 17408.75 and sustain on the closing basis then it may continue to drift down. 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 and into short correction mode also for its recent rise. Therefore for safe trader’s long trade can only be tried once it closes above 17408.75 or on decline near or within the range of 17088---17066 with a stop loss of 16980. But aggressive traders can try long trade if it moves above 17246 and maintain for some time with a stop loss of 17160 or on decline near or within the range of 16890-----16799 with a stop loss of 16740, but mind you long trade on decline and particularly below 17014 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 17310---17350 with a stop loss of 17420 or sell if it moves below 17169 with a stop loss of 17210 or sell below 16950 with a stop loss of 17070. 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—17.10.2022

 

CNX-BANK NIFTY

Open-39446.05-High-39570.85-Low-39196.30-Close-39305.60on 14.10.2022.

Support:39301.25/ 39197/39117.15//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: 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 huge up gap  but could went up much further and finally ended the day with a gain of 681.60 points. It is exhibiting volatility which is not good for a steady up move. Please note that the gap it created today is still there and if it makes an effort to fill the gap in the next 3-4 trading sessions which is technically possible then it can come down to 39061, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.

It is still into major correction mode as it is 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 steady 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 but break below 38399 may witness further fall. Moving down from here it may find good support at 39161---39084----38885---38759---38715---38497----38437---38399---38235---38029---37911---37830, similarly moving up it will find stiff resistance at 39532---39570.85---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 37372—36407(figure will change every day),  break below 37372 will be an alert sign for the long term uptrend and sustained break below 36407 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 important to mention here that 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 out of four important technical indicators one has improved but three are still 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 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 well above its pullback threshold points of 38399 & 38437 and closed firmly today. Therefore  long trade can be tried if it moves above 39375 and maintain for some time with a stop loss of 39180 or can buy on decline near or within the range of 38625---38437 with a stop loss of 38275 for pullback gains.  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. Since it is in major correction mode  therefore short trade can also be tried on the rise near or within the range of 39650---39750 with a stop loss of 39930 or sell if it moves below 39196 with a stop loss of 39350.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—14.10.2022

 

CNX-NIFTY

 Open-17087.35--High—17112.35--Low-16956.95---Close-17014.35 on 13.10.2022.

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 negative note and tried to recover but could not and gradually slip down and finally ended the day with a loss of 109.25 points. It has again gone below its pullback threshold point of 17024 & 17066(figure may Change) but still within the long term moving average range of 17086—16794(figure will change every day). Please note that this a very strong support range for it and it has bounced back from this range quite often in the near past but coming back near or within the range again and again in a short span of time is a very weak sign, furthermore 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. Kindly note that it has to move above its pullback threshold points of 17024 & 17066(figure may Change) and sustain on the closing basis to give some hope of further rise, but to get back into steady up move 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 will persist which may drag it down eventually. Going down from here it may find good support at 16950---16908---16883---16794---16640---16563---16487---16296---15870---15765, similarly moving up it may 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 , some medium and some long term moving averages on the daily chart and some below weekly chart also, made lower top on the line chart today, furthermore all the four important technical indicators  are  weak on the daily chart, all together these developments are 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 and if it fails to give sharp up move in a shortest possible time 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 and into short correction mode also for its recent rise. Therefore for safe trader’s long trade can only be tried once it closes above 17124 avoid buy on decline for the day. But aggressive traders can try long trade if it moves above 17102 and maintain for some time with a stop loss of 17010 or on decline near or within the range of 16890-----16794 with a stop loss of 16730, 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 17160---17210 with a stop loss of 17275 or sell if it moves below 16950 with a stop loss of 17030.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—14.10.2022

 

CNX-BANK NIFTY

Open-38957.65-High-3906130-Low-38437.95-Close-38624 on 13.10.2022.

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 negative note and tried to recover but could not and gradually slip down and finally ended the day with a loss of 494.55 points. It is already into major correction mode as it is well below its threshold point of 39586.44 and also slipped into short correction mode today for its recent rise as it is below its 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. 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 but 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 38715---38935----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 37346—36387(figure will change every day),  break below 37346 will be an alert sign for the long term uptrend and sustained break below 36387 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 below some short & medium term moving averages on the daily chart, made lower top and bottom on the line chart which is highly concerning 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 and move above its critical points of 39586.44 & 39895 and sustain then it may continue to drift down and chances of moving above these points looks bleak at this point of time. The undertone is mixed but with slightly bearish tilt as of now.

In view of the above observation, although it is above its pullback threshold points of 38399 & 38437 but it had made lower top and bottom on the line chart which is concerning and turned it into sell on the rise market. Therefore for safe trader’s long trade can only be tried if it closes above 39119 else avoid. But aggressive traders can try long trade on decline near 38400 but not below it with a stop loss of 38250 for pullback gains.  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. 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 39100---39250 with a stop loss of 39350 or sell if it moves 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.