A BROAD TECHNICAL VIEW ON CNX--BANK NIFTY FOR THE WEEK STARTING FROM- 1.6.2020

CNX--BANK NIFTY

Open-18962--High-19358.05--Low-18729.90—Close-19297.25 on 29.5.2020

 

Support:19051/19010/18941/18703.45/18252.43/18100/17938/17719/17606/17311.25/17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

 

Resistance:19455.55/19536/19586/19887/19998/20010/20109.71/20514.75/20820/20995/21122.10/21348.15/21462.40/21670/21967/22380/22418.

 

 (Bold and underlined figures are most important)

It opened on a negative note at 18962 and made a low of 18729.90 and then moved in a short range for some time and consolidated in the afternoon and started moving up and made a high of 19358.05 and ended the day near the high at 19297.25 with a small gain of 127.44 points. It exhibited huge volatility during the week but finally ended the week on a firm note which indicates strength for further up move.

Technically it is showing reasonable strength but less in comparison with CNX-Nifty. It will show good strength if it moves above 20010 and sustain on the closing basis then it will open the upside up to 22418, which may please be noted. But as long as it holds 18252 & 18100 on the closing basis the up move may remain intact. Moving up from here it will face stiff resistance at 19455.55---19536---19735---20010 and then at 20109.71---20122.25---20324---20608----21122.50----21462----21967.

The technical parameters in short term indicates that the ongoing up move may last for few days, so long trade can be tried on decline at appropriate points but not below 18252.43 & 18100 for sure, but not to forget one thing that this is an up move within the long term downtrend and it may fizzle out without giving proper signal and may trap the traders unaware which may please be noted. It is therefore suggested to be extra vigilant and cautious in the long trade. Please note that the instinctive short trade should be avoided but short trade should be attempted only at the specific price points because this rally may end abruptly and it has happened in the past also.

TRADING STRATEGY 

1. Buy on decline at appropriate points but not below 18250 with a stop loss of 18000.

Or

    Buy if it maintain above 19460 with a stop loss of 19200.

    

2. Can try selling at critical range 19735---20000 with a stop loss of 20150.

Or

 Try selling if it does not cross 19460 even intraday in first two hours of trade with a stop loss of 19600.

IMPORTANT NOTE:- The benchmark point now is 20010 and if it moves above it on the closing basis and sustain then it will open up  bigger upside.

Remark: - The long term trend is down. It looks extremely weak technically; therefore long trade should be completely avoided by the safe trader but aggressive trade can try long trade as suggested above. Short trade seems to be a better option therefore should be attempted as suggested above. The long term bias is hugely bearish.    

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --28.5.2020

CNX-NIFTY

 

Open-9082.20--High-9334—Low-9004.25—Close-9314.95 on 27.5.2020

 

Support:9220/9158/9141/9131/9116/9090/9062.17/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

 

Resistance:9327.85/9348.12/9390.31/9468.75/9584.50/9685.55/9687.55/9700/9889.05/.

 

 (Bold and underlined figures are most important)                                                                       

It unexpectedly gave a robust up move today clocking a gain of 285.90 points. It has closed way above its critical points of 9062.17 & 9090.80, above its short term moving averages on the daily chart and given breakout from the short term down trend line which is a bullish sign. It exhibited tremendous strength all round and if it could hold on to the momentum it showed today it could definitely move higher.  But moving ahead a sustained close above its most important and critical points of 9327.85—9348.12---9390.31 is essentially required to open the bigger upside. Please note that sustained close above 9390.31 can take it closer to 10000 mark again.

In view of today’s up move one should be extra careful in short trade and should not try it frequently as of now but it should be attempted at the specific points with strict stop losses because it is a pullback rally and can take about turn any time. Long trade can be tried on decline but with extreme caution and care.    

TRADING STRATEGY 

1. Buy on decline but not below 9190 with a stop loss of below 9120.

Or

    Buy if it maintain above 9390.31 for some time with a stop loss of

    below 9300.

    

2. Try selling if it does not cross 9390.31 even intraday in first two hours of trade with a stop loss of above 9430.

Or

     Sell near or within the range of 9475---9560 with a stop loss of 9620.

 NOTE: - If it gives indication of closing above 9390.31 then short trade should be squared off in any case.

Remark: - The long term trend is down. But if it could maintain today’s up momentum and sustain above the most important and critical points on the closing basis as mentioned above then it could move much higher. So exercise caution in short trade now but should be tried as suggested above. Long trade should be tried as suggested above but with caution. The long term bias is bearish.   

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.

 

Contact me for strategic guidance to enter and exit trade.

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 28.5.2020

CNX--BANK NIFTY

Open-17603.40--High-18874.25--Low-17560.35—Close-18710.55 on 27.5.2020

 

Support:18470/18287/18252.43/18100/17938/17719.55/17606/17537.65/17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

Resistance:18795.10/18941/18962.28/19010.53/19051/19320/19400/19536/19769/19881/19934/20010/20260/20514.75/20586.22/21122.10/21348.15/21462.40.

 (Bold and underlined figures are most important)

It was resting on its support range of 17320---17105 and was moving in a short range but today it unexpectedly gave a robust up move registering a huge gain of 1270.20 points. It has closed way above its critical points of 18100 & 18252.43, above some of its short term moving averages on the daily chart and given breakout from the short term down trend line which is a bullish sign. It exhibited tremendous strength and if it could hold on to the momentum it showed today it could definitely move higher. Please note that close above 18252.43 has opened the upside up to 18965 and close above this can open the upside up to 19536—19732 but on the way up to this range it will face stiff resistance at 19010---19150---19225---19320---19400 so up journey may not be smooth.

However in view of today’s up move one should be extra careful in short trade and should not try it frequently as of now but it should definitely be attempted at the specific points with strict stop losses because it is a pullback rally and can take about turn   any time. Long trade can be tried on decline but with extreme caution and care.   

TRADING STRATEGY      

 

1. Buy on decline but not below 18250 with a stop loss of 

    18000.

Or

    Buy if it maintain above 18795 for some time with a stop loss of

    18650.

   

2. Try selling if it does not cross 18795 even in intraday in first two hours of trade with a stop loss of above 18980.

Or

 Sell if it maintains below 18100 for some time with a stop loss of

 18280.

Or

Sell near or within the range of 19540---19740 with a stop loss of

19860.

Remark: - The long term trend is down. But if it could maintain today’s up momentum and sustain above its critical points on the closing basis then it could move higher. So exercise caution in short trade now but it should be tried as suggested above. Long trade should be tried as suggested above but with caution. The long term bias is bearish.   

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR--27.5.2020

CNX-NIFTY

 

Open-9099.75--High-9161.65—Low-8996.65—Close-9029.05 on 26.5.2020

 

Support:9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555.

 

Resistance:9038/9062.17/9090.80/9116.25/9160/9220/9327.85/9348.12/9390.31/9468.75/9685.55/9687.55.

 

(Bold and underlined figures are most important)                                                                  

It opened on a positive note at 9099.75 and made a high of 9161.65 then slipped down and made a low of 8996.65 and ended the day near the low at 9029.05 with a marginal loss of 10.20 points. The important thing is that it could not sustain at the higher level and closed again below its critical point of 9062.17 & 9090.80, which is a weak sign. Therefore long trade seems a risky affair till it closes above its critical points of 9062.17 & 9090.80 and sustain. So selling on the rise strategy should be the better option as of now.

Please note that the other observation, views and trading strategy in my post for the week starting from 26.5.2020 is valid for 27.5.2020 also. Except that the long trade should be avoided now.

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 favorable 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.

 

Contact me for strategic guidance to enter and exit trade.

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR- 27.5.2020

CNX--BANK NIFTY

Open-17537.65--High-17681.70--Low-17311.25—Close-17440.45 on 26.5.2020

Support:17320/17286.40/17248.42/17143/17105/16635/16350/16193.25/16116.25/15850/15440/15162.

 

Resistance:17830/18100/18252.43/18565.06/18703.45/18941/19051/19200/19350/19460/19585/19680/19825/19934/20010.

 (Bold and underlined figures are most important)   

It opened on a positive note at 17537.65 and made a high of 17681.70 and then went down and made a low of 17311.25 and ended the day at 17440.35 with a gain of 161.45 points. Despite positive close today it does not show the required strength which can take it higher, but it has multiple support in the range of 17320---17105,therefore before breaking this range it may oscillate in the range of 17320----17830---18100---18253. In view of the terrible weakness in it long trade should be completely avoided till it closes above its critical points of 18100 & 18253 and sustain, therefore every rise should be utilized for selling as of now.

Please note that the other observation, views and trading strategy in my post for the week starting from 26.5.2020 is valid for 27.5.2020 also.

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 favorable  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.

 

Contact me for strategic guidance to enter and exit trade.

 

 

 

A BROAD TECHNICAL VIEW ON CNX-NIFTY FOR THE WEEK STARTING FROM---26.5.2020

CNX-NIFTY

 

Open-9067.90--High-9149.60—Low-8968.55—Close-9039.25 on 22.5.2020

 

Support:9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

 

 

Resistance:9062.17/9090.80/9116.25/9160/9220/9327.85/9348.12/9390.31/9468.75/9685.55/9687.55.

 

 (Bold and underlined figures are most important)                                                                       

It opened on a negative note at 9067.90 and made a high of 9149.60 then slipped down and made a low of 8968.55 and ended the day at 9039.25 with a loss of 67 points. The important thing is that it closed below its critical point of 9062.17.

 

Although it closed below its critical point of 9062.17 after staying above it for two days, which is a weak sign, but it has very strong support in the range of 9020---8900 therefore till it breaks the 8900 mark it may oscillate in the range of  8900---9100—9160----9220----9327.85----9390.31. So it may swing both ways now, therefore in the present situation both side trades can be tried depending on the price movement. It has two critical points now at 9062.17 & 9090.80 and sustained close above these points can only take it higher else this rally may exhaust. Similarly if it trades below 9000 it will give weak signal and sustained break below 8900 on the closing basis can trigger sharp fall.

 

It is important to mention here that the ongoing up move which started from 8806.75 is a pullback rally and may exhaust abruptly, moreover it is long term down trend and therefore one should be extremely vigilant and cautious particularly in long trade. Short trade can also be attempted at specific points with strict stop losses.  

 

TRADING STRATEGY 

1. Buy if it maintain above 9062.17 with a short stop loss of below 9020, but the authentic stop loss would be 8950.

Or

    Buy if it maintain above 9090.80 with a stop loss of below 9020.

   

    

2. Can try selling at critical range 9180----9220(S/L- 9250), 9327.85—9390.31 (S/L—9460).

Or

 Sell I it maintains below 9060 with a stop loss of above 9110.

Or

Sell if it maintain below 8940 with a stop loss of above 9045.

Remark: - The long term trend is down. It is in a range now therefore both side trades can be tried depending on the price movement, but one has to be extremely cautious in both side trades particularly in long trade, which may be kept in mind.  The long term bias is bearish.    

 

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 favorable 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.

 

Contact me for strategic guidance to enter and exit trade.

 

A BROAD TECHNICAL VIEW ON CNX--BANK NIFTY FOR THE WEEK STARTING FROM- 26.5.2020

CNX--BANK NIFTY

Open-17554.25--High-17952.25--Low-17105—Close-17278.90 on 22.5.2020

 

Support:17286.40/17248.48/17143/17105/16826/16450/16193/16116.25/15879.55/15626/15440/15157/14853.

 

Resistance:17286.40/ 17400/17890/18175/18252.43/18941/18962.28/19051/19200/19635/19769/19881/19934/20010/20260/20514.75/20586.22/21122.10/21348.15/21462.40.

 

 (Bold and underlined figures are most important)

 

It opened with a down gap at 17554.25 and made a high of 17952 then slipped down sharply and made a low of 17105 and ended the day at 17278.90 with a loss of 456.19 points. It is exhibiting extreme weakness on the charts for quite some time which is a bad sign and indicates that down side may be wide open.

 

Although it is showing tremendous weakness on all technical parameters but it has important support at 17248 &17105, furthermore it has retraced more than 80% from the recent top of 21967 and bottom of 16116.25 and has taken support at its important points, so it may possibly stage a short up move from here before breaking these levels and retest or break the bottom of 16116.25. Moving up it will face very stiff resistance at 17400---17890---18175----18252.43. Kindly note that if it maintains above 17400 it could inch up higher but it will only gain some strength if it moves above 18175----18252.43 and sustain on the closing basis.

 

It is important to mention here that the long and short term trend both are down therefore for safe trader long trade is  a complete avoid as of now ,however aggressive trader who wish to take advantage of the possible short up move may try long trade but mind you it could be a  risky  affair. It is therefore suggested to adopt selling on the rise strategy till some strength is visible.  

 

TRADING STRATEGY     

1. Buy if it maintain above 17248 with a stop loss of below 17000. It could be a risky trade.

    

2. Sell on the rise in the range of 17890---18175----18260 with a stop loss of 18430.

Or

 Sell if it maintains below 17248 with a stop loss of 17400.

Or

Sell if it maintains below 17105 with a stop loss of 17300.

IMPORTANT NOTE:- The benchmark point as of now is 17248 and if it sustain below it on the closing basis then it will definitely break the bottom of 16116.25 and open the downside up to 13407 levels which may please be noted.

Remark: - The long term trend is down. It looks extremely weak technically; therefore long trade should be completely avoided by the safe trader but aggressive trade can try long trade as suggested above. Short trade seems to be a better option therefore should be attempted as suggested above. The long term bias is hugely bearish.    

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.

 

Contact me for strategic guidance to enter and exit trade.