A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—1.10.2020

 

CNX--BANK NIFTY

Open-21405.25--High-21549.35--Low-21128.50—Close-21451.80 on 30.9.2020

Support: 21403.15/21128/21031/21027/20926/20404.0/20316.20/20122.25/19507.

Resistance:21462.40/21611.40/21807/21811.50/21886.70/21967/22139.10/22479.55.

Critical Points moving up: 21480---21544---21859---22202---22250---22286--22418.          

Critical Points moving down:-21274---21108---20942---20736---20686---20404.90.

(Bold and underlined figures are most important)

As expected it staged a pullback rally for the last 4 days but despite that it has not been able to sustain above its critical and important points of 21479.54(this figure can change) & 21544, which indicate extreme weakness in it. Please note that if it fails to move above 21544 on the closing basis then it may not resume the up move and if it sustain below 21479.54 on the closing basis then the ongoing pullback rally is over for sure and down move may resume. Moving down it may find support at 21274---21108---20942---20736---20686---20404. Similarly moving up it will face stiff resistance at 21544---21859---22202---22250---22286---22418. The overall technical setup looks weak therefore in all likelihood pullback rally seems to be over and down should begin.  

Since pullback rally seems to be over therefore long trade should be avoided for the day, however it can be tried by the aggressive traders, if it moves and maintain above 21544 for some time, but it could be a risky trade mind you. It is therefore strongly suggested for the day to try short trade on the rise or sell on the price breakdown for taking advantage of the down move.

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.

TRADING STRATEGY

1. Buy if it moves and sustain above 21544 for some time with a stop loss of 21530. It could be highly risky trade.

2. Sell on the rise near or within the range of 21750---21860 with a stop loss of 21950. It could be a risky trade but worth trying.

Or

Sell if it moves below 21400 and maintain for some time with a stop loss of 21550.It could be a risky trade but worth trying. 

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR –1.10.2020

 

CNX-NIFTY

 Open—11244.45--High—11295.40—Low—11184.55---Close-11247.55 on 30.9.2020.

Support:11181/11111.45/11056/10985.58/10882/10783/10676/10551/10328.50.                          

Resistance: 11289.90/11305.40/11341.40/11373.60/11383.55/11460.35/11507.65.

Critical Points moving down: 11181—11108---11027---10985---10911---11893--10783.43.

Critical Points moving up: -11292—11327---11384---11423---11455.

(Bold and underlined figures are most important)

As envisaged in my post for 28.9.2020, it seems that the pullback rally may be over as today was the 3^rd day of the rally and it has already hit the last possible rally exhaustion point of 11302 also (see my post for 28.9.2020, the actual high was 11305.40, it made on 29.9.2020), however if this rally still has the steam then it should move and sustain above 11327 on the closing basis then it could further extend the rally up to the level of 11384--11423---11455, chances of which looks less likely at this point of time. Therefore it seems a distinct possibility that the ongoing pullback move is over and down move should resume now. Please note that as of now sustained break below 11181(this figure can change) can push it into short corrective mode and sustained break below 11089 & 10783 levels on the closing basis can put it into deep correction mode. Moving down it may find support at 11108---11089---10985---10911---10893---10783.  

Since pullback rally seems to be over therefore long trade should be avoided for the day, however it can be tried by the aggressive traders, if it moves and maintain above 11327 for some time, but it could be a risky trade mind you. It is therefore strongly suggested for the day to try short trade on the rise or sell on the price breakdown for taking advantage of the down move.

 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.

TRADING STRATEGY

1. Buy if it moves and maintain above 11327 for some time with a stop loss of 11280. It could be a risky trade.

2. Sell on the rise near or within the range of 11340---11384 with a stop loss of 11425. It could be a risky trade but worth trying.

Or

Sell if it falls below 11220 and maintain for some time with a stop loss of 11255. It could be a risky trade but worth trying.

Or

Sell if it falls below 11181 and maintain for some time with a stop loss of 11230.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—28.9.2020

 

CNX--BANK NIFTY

Open-20740.80--High-21064.30--Low-20430.70—Close-20982.35 on 25.9.2020

Support: 20926/20404.0/20316.20/20122.25/19507.

Resistance:21031.45/21122.10/21403/21462/21807/21967.

Critical Points moving up: 21303---21544---21587---21859---22202.          

Critical Points moving down:-20960---20926----20404.90.

(Bold and underlined figures are most important)

It is extremely weak on the technical footing and after hitting a recent low of 20404.90 on 24.9.2020 it bounced back on 25.9.2020 to closes at 20982.35 with a gain of 525.50 points. It was a pullback move and if it manages to hold 20960 level then this up move may last for another 3-4 days. Moving up it will face resistance at 21303---21544---21587---21859---22250 levels and this rally can end at any of these points or earlier also or sustained break below 20960 on the closing basis will signal the end of the pullback rally, which may please be noted. Today’s pullback move does not indicate that the down correction is over therefore traders should be alert in long trades.

In view of the above observation safe traders should avoid long trade till it gives visible sign of bottom formation, but aggressive traders can try long trade on decline but not below 20960 or if it moves and maintain above 21032 for some time. Please note that the pullback rallies are treacherous in nature and often ends abruptly trapping the traders on the wrong foot, therefore be careful in long trade. It is suggested to adopt sell on the rise strategy or sell on the price breakdown till clarity on bottom formation emerges.  

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.

TRADING STRATEGY

1. Buy on decline near but not below 20960 with a stop loss of 20880.  

Or

Buy if it moves and sustain above 21032 for some time with a stop loss of 20940.

2. Sell on the rise near or within the range of 21550---21625 with a stop loss of 21700. It could be a risky trade but worth trying.

Or

Sell if it moves below 20926 and maintain for some time with a stop loss of 21032. 

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR –28.9.2020

 

CNX-NIFTY

 Open—11910.40--High—11072.60—Low—10854.85---Close-11050.25 on 25.9.2020.

Support:11027/10985.58/10882/10783/10676/10551/10328.50/10194.50/9970.80/9944.40.         

Resistance: 11056.55/11111.45/11185.15/11242.65/11341.40.

Critical Points moving down: 11027—10985---10840---10783.43---10670.

Critical Points moving up: -11107---11174---11210—11292—11302.

(Bold and underlined figures are most important)

As envisaged it gave a pullback move on 25.9.2020 the up move was strong then what was expected, therefore it may last for another 3-4 days at max, provided it moves and sustain above 11090 on the closing basis. Moving up it will face resistance at 11107---11174---11210---11292---11302 levels and this rally can end at any of these points or earlier also or sustained break below 10985 on the closing basis will signal the end of the pullback rally, which may please be noted. Today’s pullback move does not indicate that the down correction is over therefore traders should be alert in long trades.

In view of the above observation safe traders should avoid long trade till it gives visible sign of bottom formation, but aggressive traders can try long trade on decline but not below 10985 or if it moves and maintain above 11090 for some time. Please note that the pullback rallies are treacherous in nature and often ends abruptly trapping the traders on the wrong foot, therefore be careful in long trade. It is suggested to adopt sell on the rise strategy or sell on the price breakdown till clarity on bottom formation emerges.   

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.

TRADING STRATEGY

1. Buy on decline near 10985 but not below it with a stop loss of 10925.

Or

Buy if it moves and maintain above 11090 for some time with a stop loss of 11030.

2. Sell on the rise near or within the range of 11190---11210 with a stop loss of 11250. It could be a risky trade but worth trying.

Or

Sell if it falls below 10985 and maintain  for some time with a stop loss of 11060.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR –25.9.2020

 

CNX-NIFTY

 Open—11011--High—11015.30—Low—10790.20---Close-10805.55 on 24.9.2020.

Support:10783/10676/10551/10328.50/10194.50/9970.80/9944.40.                                               

Resistance: 10882.25/10894.05/10985.58/11056.55/11111.45/11185.15/.

Critical Points moving down: 10783.43---10670---10544---10300---9970.

Critical Points moving up: -10931—10985.58--11050---11107---11209.

(Bold and underlined figures are most important)

Further to my last post for 14^th Sept-2020, it did surge ahead in next two days and hit a high of 11618.10 but could not hold on at the higher levels on the closing basis and as envisaged broke the benchmark point of 11447 and resumed the down move again and hit a low of 10790.20 today. It has been relentlessly falling for the last six days and today it has come to a point where it has bed of supports in the range of 10783---10670 and most importantly it took support just above 10783 which is the benchmark point for now and sustained break below this mark on the closing basis can push it into deep correction mode which may please be noted. In view of the good support range and six days fall it can stage a short pullback rally from here in a day or two if it holds 10783 level before resuming the down move again and in this up move it could move up to 10931----10985.58---11090 levels, sustained close above 11090 may provide some strength to the pullback rally and then the rally may extend, but the technical setup looks extremely weak as of now therefore it is not likely to move beyond 11050. Looking at the overall chart setup it seems that the possible pullback rally would be weak one and can fizzle out any moment. Moving down it will find support at 10615---10551---10500---10370---10300—10150. Please note that sustained break below 10551 on the closing basis will accelerate the fall further and sustained break below 10150 on the closing basis will signal the end of the uptrend.

It is in the corrective mode now therefore long trade should be avoided in general till it gives visible sign of bottom formation, but since it is near its good support range of 10783—10670 therefore aggressive traders can try long trade in this range for taking advantage of a possible pullback rally but if it gives an indication of closing down below the benchmark point of 10783 then please exit the long trade in any case. Please note that the pullback rallies are treacherous in nature and often ends abruptly trapping the traders on the wrong foot, therefore be careful in long trade. It is suggested to adopt sell on the rise strategy or sell on the price breakdown till clarity on bottom formation emerges.   

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.

TRADING STRATEGY

1. Buy near or within the range of 10783---10670 with a stop loss of 10640.It could be a risky trade. Exit long trade in any case if it closes below 10783.

2. Sell on the rise near or within the range of 10990---11090 with a stop loss of 11120. It could be a risky trade but worth trying.

Or

Sell if it falls below 10670 and maintain below it for some time with a stop loss of 10800.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR –14.9.2020

 

CNX-NIFTY

 Open—11447.80--High—11493.50—Low—11419.90---Close-11464.45 on 11.9.2020.

Support:11460.35/11447/11373.60/11325.85/11289.80/11269.52/11248/11111.45/11056.           

Resistance: 11584.95/11633/11694.85/11706.06/11761/11794.25.

Critical Points moving down: 11447---11418---11329---11289/11269.52---11248--11056.

Critical Points moving up: -11490--11507.65--11562---11650---11673—11761---11794.25.

(Bold and underlined figures are most important)

Although it is above its benchmark point of 11447 for the last two days but to show strength it has to surge ahead reasonably from here in next 1-2 days to confirm that the up move should continue else it could break the benchmark point and resume the down move again. It is therefore precariously poised now and could move either way, but the overall technical bias is on the upside whereas some technical indicators suggest otherwise. It is therefore suggested to strictly follow the benchmark point of 11447 and avoid long trade below it. Moving up it will face resistance at 11490---11507---11585---11651---11673 levels and if it is weak pullback rally then it can exhaust at any of these points or earlier but if it moves and sustain above 11673 on the closing basis then it could retest its recent high of 11794.25 or go beyond. Similarly moving down it will find support at 11417.84---11328.90 and sustained break below 11328.90 of as now on the closing basis will signal the end of this pullback rally. 

In view of the above observation long trade can be tried if it maintains above 11447 but not below it, however aggressive traders can try long trade on decline also but not below 11328.90, but it could be a risky trade mind you. It is suggested to try short trade also in the appropriate price range or on the price breakdown for taking advantage of the possible down move or breakdown of the rally.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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.

TRADING STRATEGY

1. Buy if it sustain above 11447 with a stop loss of 11400.

Or

Buy on decline near 11328.90 with a stop loss of 11265. It could be a risky trade.

2. Sell on the rise near or within the range of 11570---11600 with a stop loss of 11640. It could be a risky trade.

Or

Sell if it falls below 11447 and maintain below it for some time with a stop loss of 11490. It could be a risky trade but worth trying.

Or

Sell if it falls below 11265 and maintain for some time with a stop loss of 11330.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.