A TECHNICAL VIEW ON CNX-NIFTY FOR—24.12.2020

 

CNX-NIFTY

 Open—13473.50--High—13619.45—Low—13432.20---Close-13601.10 on 23.12.2020.

Support:13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.4512963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance:13611/13658.60/13769/13721/13777.50/13943/14034/14055/14095/14170/14296/14310.

 (Bold and underlined figures are most important)

It continued the pullback rally today also and ended the day with a gain of 137.90 points. It is well above its most critical and important points which are placed at 13307---12895 & 12780 for 24.12.2020(figures can change every day). Its other key points which are at 13544.54---13530.35---13248.38---13072.50---12430.5---12298.63(except for 12430.50 other figures can change). It has bounced back above all the key points today on the closing basis and if it sustain above it then correction seems to be over. However break below 13544.54 & 13530.35 again can push it back in very short term correction, sustained break below 13248.38 on the closing basis will push it into deep short term correction mode which can last slightly longer, sustained break below 13072.50 will push it into medium term correction mode which can last even longer, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 12298.63 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still good and today it has bounced back above all the key points and also above all the short term moving averages therefore it seems that the correction may be over and it may resume the up move again but it will pick up momentum if it moves and sustain above 13648 on the closing basis. The short term bias has turned positive today and it is needless to mention here that the long term trend is up.

Moving down its critical support points at 13588---13544.54---13531---13454.48---13378.24---13284---13248.38---13145.75---13131.45---13072.50---13023.36---12977.40---12921.04---12790---12730---12709.05---12636.35---12607.70---12430.50. ---12391.91---12298.63.

Moving up its critical resistance points at 13611---13625---13648---13721---13769-----13777.50---13791---13886---13913---13943---14055---14095---14170---14310.

In view of the above observation for safe traders long trade can be tried if it sustain above 13620 for some time or buy on decline but not below 13545. However aggressive traders can try long trade now or on decline but not below 13430. Please note that buy on decline below 13545 could be a risky trade mind you. Since correction looks over but the confirmation will come once it closes above 13648 and sustain on the closing basis. Please note that short trade can be attempted on the rise at appropriate price range or on the price breakdown for taking advantage of the intraday corrective move irrespective of the trend.

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 at CMP with stop loss of 13530. It is for aggressive traders and it could be a risky trade.

Or

Buy if it maintains above 13620 for some time with a stop loss of 13595. It is for safe traders.

Or

Buy on decline near 13545 but not below it with a stop loss of 13510. It is for safe traders.

Or

Buy on decline at appropriate point or near 13430 with a stop loss of 13390.It is for aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 13700---13770 with a stop loss of 13800. It could be a risky trade but worth trying for intraday gain.

Or

Sell if does not move above 13648 even in intraday in first one and half hour of trade with a stop loss of 13670.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 13400 for some time with a stop loss of 13440.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR---24.12.2020

 

CNX--BANK NIFTY

Open-29560.75--High-29941.40--Low—29446—Close-29883.30 on 23.12.2020

Support:29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:30197.85/30202.10/30807/30899/30945.20/30996/31649.45/31660.75/31783/32157/32613.10.

(Bold and underlined figures are most important)

The relief rally continued today also and it closed with a gain of 257.35 points. It is well above its benchmark point of 29314. Its other key points are placed at 30521.51—30467.98---30387.23---30180.11---29214.73---28457.69---27445.57(figures can change)  but it is still well below its first 4 key points therefore very short term correction mode is still on and  the ongoing up move is just a pullback rally as of now, sustained break below 29214.73 on the closing basis will push it into real short term correction mode which can last slightly longer, sustained break below 28457.69 will push it into medium term correction mode which can last even longer and most importantly sustained break below 27445.57 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.  

The overall technical setup is still o.k. and it may resume the up move after correction is over. It continued the relief rally today also but the correction mode is still on , furthermore the negative divergence has also surfaced again which is a bad indication and if it comes into play then it can come down to 28278---24000 levels as of now. It is still below its short term moving averages, furthermore as mentioned above it is well below some of the key points which is a weak sign and if it does not bounce back above those key points and above short term averages in next 1-2 trading session then the corrective move could deepen further with an accelerated pace, which may please be noted.  The short term bias is still negative now but the long term trend is up as of now.

Moving down its critical support points at 29784.75---29441.30---29314---29214.73---29053---28941---28457.69---28351----28144.19—27278.95---26918---26413.

Moving up its critical resistance points at 30197.85----30387----30468—30481---30521.51—30552---30807.25---30945.20---30996---31039---31181----31660---31786—32157—32361---32613.10---32763.

Please note that pullback or relief rally is on and if it has the strength then it may last for another 2-3 days or more and it can move up to 29961---30193---30481---30552 level, it may fizzle out also at any of these points or earlier also but if it moves and sustain above 30552 on the closing basis then it may resume the up move again. In view of this safe traders should avoid long trade till it moves and sustain above 30552 marks on the closing basis, avoid buy on decline for the day. However aggressive traders can try long trade if it maintain above 29961 for some time or on decline near 29456 but not below it for taking advantage of pullback rally, but buy on decline could be a risky affair for the day. In this context please note that pullback rallies are treacherous in nature and can end abruptly also trapping traders on the wrong foot, so be careful in the long trade at this point of time. Since correction is on therefore it is suggested to attempt short trade also on the rise at appropriate price range or on the price breakdown for taking advantage of the down move till clarity on correction completion emerges. It is important to mention here that break below 29441.30 on the closing basis will end this pullback rally for good and sustained break below the benchmark point of 29314 on the closing basis will accelerate the fall.

 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 29456 but not below it with a stop loss of 29400. It is for aggressive traders but it could be a risky trade.

Or

Buy if it maintains above 29961 for some time with a stop loss of 29850. It could be a highly risky trade.

2. Sell on the rise near or within the range of 30200---30400 with a stop loss of 30480. It could be a risky trade but worth trying for intraday gain.

Or

Sell if does not move above 29961 even in intraday in first one and half hour of trade with a stop loss of 30010.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 29400 for some time with a stop loss of 29500. It could be a highly risky trade but worth trying for intraday correction.

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—23.12.2020

 

CNX-NIFTY

 Open—13373.65--High—13492.05—Low—13192.90---Close-13466.30 on 22.12.2020.

Support:13454.48/13399.30/13242/13145.85/13131.4512963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance: 13530.71/13548.90/ 13597.50/13611/13658.60/13769/13721/13777.50/13943/14034/14055/14095/14170/14296/14310.

 (Bold and underlined figures are most important)

After yesterday’s sharp fall it staged a pullback rally today and closed with a gain of 137.90 points. But it is well below its first most critical and important point of 13660 and this point will be at 13680 for 23.12.2020 however it is still above the other two points which are placed at 12895 & 12780 for 23.12.2020(figures can change every day). Its other key points which are at 13544.54---13530.35---13248.38---13072.50---12430.5---12298.63(except for 12430.50 other figures can change) but it is well below its first two key points of 13544.54 & 13530.35 so the very short term correction mode is still on and it may last for another 1-2 days but sustained break below 13248.38 on the closing basis will push it into deep short term correction mode which can last slightly longer, sustained break below 13072.50 will push it into medium term correction mode which can last even longer, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 12298.63 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still o.k. and it may resume the up move after correction is over. It staged a pullback today but the correction is still on,   furthermore the negative divergence has also surfaced again which is a bad indication and if it comes into play then it can come down to 12850—12780 levels as of now. It has also broken its short term moving averages after a long time, furthermore it is well below one of the key and critical points which is a weak sign and if it does not bounce back above its key points and above short term averages in next 2-3 trading session then the corrective move could deepen further with an accelerated pace, which may please be noted. The short term bias is negative now but the long term trend is still up as of now.

Moving down its critical support points at 13454.48---13378.24---13284---13248.38---13145.75---13131.45---13072.50---13023.36---12977.40---12921.04---12790---12730---12709.05---12636.35---12607.70---12430.50. ---12391.91---12298.63.

Moving up its critical resistance points at 13531---13544.54---13588---13625---13648---13769-----13777.50.

Please note that after yesterdays severe fall today’s pullback rally was most normal one, but if it has the strength then it may last for another 2-3 days or more and it can move up to 13531---13545---13625---13648 level, it may fizzle out also at any of these points or earlier but if it moves and sustain above 13545 and then above 13648 on the closing basis then it may resume the up move again. In view of this safe traders should avoid long trade till it moves and sustain above at least 13545 marks on the closing basis, avoid buy on decline completely for the day. However aggressive traders can try long trade if it maintain above 13470 for some time or on decline near 13328 but not below it for taking advantage of pullback rally, but buy on decline could be a risky affair for the day. In this context please note that pullback rallies are treacherous in nature and can end abruptly also trapping traders on the wrong foot, so be careful in the long trade at this point of time. Since correction is on therefore it is suggested to attempt short trade on the rise at appropriate range or on the price breakdown for taking advantage of the down move till clarity on correction completion emerges. It is important to mention here that break below 13284 on the closing basis will end the this pullback rally for good.

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 maintains above 13470 for some time with a stop loss of 13440. It is for aggressive traders and it could be a risky trade.

Or

Buy on decline near 13328 but not below it with a stop loss of 13270. It is for aggressive traders and it could be a highly risky trade.

2. Sell on the rise near or within the range of 13545---13625 with a stop loss of 13655. It could be a risky trade but worth trying for intraday gain.

Or

Sell if does not move above 13493 even in intraday in first one and half hour of trade with a stop loss of 13520.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 13284 for some time with a stop loss of 13330.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR---23.12.2020

 

CNX--BANK NIFTY

Open-29607.50--High-29711.15--Low—28976.75—Close-29625.95 on 22.12.2020

Support:29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:29784.75/30197.85/30202.10/30807/30899/30945.20/30996/31649.45/31660.75/31783/32157/32613.10.

(Bold and underlined figures are most important)

After yesterday’s sharp fall it staged a pullback rally today and closed with a gain of 169.50 points. It is well above its benchmark point of 29314. Its other key points are placed at 30521.51—30467.98---30387.23---30180.11---29214.73---28457.69---27445.57(figures can change)  and it is well below its first 4 key points also therefore very short term correction mode is on and it may last for few days, sustained break below 29214.73 on the closing basis will push it into real short term correction mode which can last slightly longer, sustained break below 28457.69 will push it into medium term correction mode which can last even longer and most importantly sustained break below 27445.57 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.  

The overall technical setup is still o.k. and it may resume the up move after correction is over. It staged a pullback today but the correction is still on,   furthermore the negative divergence has also surfaced again which is a bad indication and if it comes into play then it can come down to 28278---24000 levels as of now. It has also broken its short term moving averages after a long time, furthermore as mentioned above it is well below some of the key points so it is an extremely weak sign and if it does not bounce back above those key points and above short term averages in next 2-3 trading session then the corrective move could deepen further with an accelerated pace, which may please be noted.  The short term bias is negative now but the long term trend is still up as of now.

Moving down its critical support points at 29441.30---29314---29214.73---29053---28941---28457.69---28351----28144.19—27278.95---26918---26413.

Moving up its critical resistance points at 29784.75---30197.85----30387----30468—30481---30521.51—30552---30807.25---30945.20---30996---31039---31181----31660---31786—32157—32361---32613.10---32763.

Please note that after yesterdays severe fall today’s pullback rally was weak one, but if it has the strength then it may last for another 2-3 days or more and it can move up to 29729---29961---30193---30481---30552 level, it may fizzle out also at any of these points or earlier but if it moves and sustain above 30552 on the closing basis then it may resume the up move again. In view of this safe traders should avoid long trade till it moves and sustain above 30552 marks on the closing basis, avoid buy on decline completely for the day. However aggressive traders can try long trade if it maintain above 29630 for some time or on decline near 29456 but not below it for taking advantage of pullback rally, but buy on decline could be a risky affair for the day. In this context please note that pullback rallies are treacherous in nature and can end abruptly also trapping traders on the wrong foot, so be careful in the long trade at this point of time. Since correction is on therefore it is suggested to attempt short trade on the rise at appropriate price range or on the price breakdown for taking advantage of the down move till clarity on correction completion emerges. It is important to mention here that break below 29441.30 on the closing basis will end this pullback rally for good and sustained break below the benchmark point of 29314 on the closing basis will accelerate the fall.

 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 29456 but not below it with a stop loss of 29350. It is for aggressive traders but it could be a risky trade.

Or

Buy if it maintains above 29630 for some time with a stop loss of 29550. It could be a highly risky trade.

2. Sell on the rise near or within the range of 30150---30300 with a stop loss of 30375. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves and maintains below 29200 for some time with a stop loss of 29350. It could be a highly risky trade but worth trying for intraday correction.

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—22.12.2020

 

CNX-NIFTY

 Open—13741.90--High—13777.50—Low—13131.45---Close-13328.40 on 21.12.2020.

Support:13399.30/13242/13145.85/13131.4512963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance:13399.30/13447.05/13548.90/ 13597.50/13611/13658.60/13769/13721/13777.50/13943/14034/14055/14095/14170/14296/14310.

 (Bold and underlined figures are most important)

It did cross the expected top out point of 13769(see my post of 17.12.2020 onwards) intraday today for the 3^rd day in a row and made new all-time high of 13777.50 and then started slipping down and closed much below the top out point, which indicate that it has topped out at 13777.50 for now. It has also broken its first most critical and important point of 13630 and this point will be at 13660 for 22.12.2020 however it is still above the other two points which are placed at 12890 & 12775 for 22.12.2020(figures can change every day). Its other key points which are at 13544.54---13530.35---13248.38---13072.50---12430.5---12298.63(except for 12430.50 other figures can change) but it has broken its first two key points of 13544.54 & 13530.35 decisively so it is definitely into very short correction mode now which may last for 2-3 days but sustained break below 13248.38 on the closing basis will push it into deep short term correction mode which can last slightly longer, sustained break below 13072.50 will push it into medium term correction mode which can last even longer, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 12298.63 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still o.k. but got a severe blow and as expected and envisaged it topped out at 13777.50 today for now which is just a shade above the envisaged target point of 13769 and gotten into correction mode, it has decisively broken the recent bottom of 13478.30 on the line chart, furthermore the negative divergence has also surfaced again which is a bad indication and if it comes into play then it can come down to 12850—12780 levels as of now. It has also broken its short term moving averages after a long time, furthermore it has broken some of the key and critical points decisively so it is weak now and if it does not bounce back above those key points and above short term averages in next 3-4 trading session then the corrective move could deepen further with an accelerated, which may please be noted. The bias has turned negative today. So watch out how long it last.

Moving down its critical support points at 13248.38---13145.75---13131.45---13072.50---13023.36---12977.40---12921.04---12790---12730---12709.05---12636.35---12607.70---12430.50. ---12391.91---12298.63.

Moving up its critical resistance points at 13377.45---13400.43---13530.35---13544.54---13588---13911---13633---13688---13777.50.

Looking at the intensity of today’s down move it seems that the correction is going to last for few days, it is therefore suggested to avoid long trade till it gives visible indication of correction completion. It may give fair indication in next 2-3 trading session that how this down correction will culminate eventually, so avoid long trade for next 1-2 days at least. Please note that it has strong bed of support in the range of 13174---13095 so aggressive traders can try long trade in this range but it could be a risky affair mind you. In view of todays down move it is suggested to attempt short trade on the rise at appropriate range or on the price breakdown for taking advantage of the down move till clarity on correction completion emerges. But please note that if it maintains and close above 13284 then it could further scale up before falling again.

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 in the range of 13174---13100 but not below 13100 with a stop loss of 13060. It is for aggressive traders and it could be a risky trade.

Or

Buy if it maintains above 13284 for some time with a stop loss of 13260. It could be a highly risky trade.

2. Sell on the rise near or within the range of 13460---13550 with a stop loss of 13600. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves and maintains below 13284 for some time with a stop loss of 13330.

                                                            Or       

Sell if it moves and maintains below 13095 for some time with a stop loss of 13140. It could be a highly risky trade but worth trying for intraday correction.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.