A TECHNICAL VIEW ON CNX-NIFTY FOR—31.12.2020

CNX-NIFTY

 Open—13980.90 --High—13997—Low—13864.95---Close-13981.95 on 30.12.2020.

Support:13943/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.4512963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance: 14034/14055/14095/14170/14296/14310.

 (Bold and underlined figures are most important)

The rally continued in a robust manner for the sixth straight day and it ended the day with a gain of 49.35 points. Its key points are at 13792.73---13712.24---13416.07---13240.20---12466.33---12430.50(except for 12430.50 other figures can change). It is well above the key points, which is a positive sign for the continuation of the up move. Please note that sustained break below the key points of 13792.73 & 13712.24 can push it into very short term correction mode which can last for 1-2 days, sustained break below 13416.07 on the closing basis will push it into deep short term correction mode which can last slightly longer, sustained break below 13240.20 will push it into medium term correction mode which can last even longer and most importantly sustained break below 12466.30 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

The overall technical setup is looking strong for the continuation of the up move because it is well above its key points and also well above its short, medium and long term moving averages.  But the only concern is that today was the 6^th straight day of rise and as the straight days rise number increases the vulnerability of correction also increases, so it could correct anytime for a day or two otherwise it is o.k. in all respect for the up move. In view of this one should be slightly cautious in the long trade at this point of time. The bias is on the upside.

Moving down its critical support points at 13953---13792.73---13769---13712.24---13666.36---13597.50---13548.90---13462---13393.61---13335---13240.20---13145.75---13131.45---13068---13025---12963---12790---12751---12730---12709.05---12636.35---12607.70---12430.50.

Moving up its critical resistance points at 14055---14095---14177---14296---14310.

In view of the above observation long trade can tried if it moves and maintain above 13997 for some time or on the decline but not below 13792. Since it is in the strong up move therefore short trade in general should be avoided but short trade can also 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 if it moves and maintains above 13997 for some time with a stop loss of 13960.

Or

Buy on decline at appropriate points or near 13792 but not below it with a stop loss of 13750.

2. Sell if does not move above 13997 even in intraday in first one and half hour of trade with a stop loss of 14030.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 13750 for some time with a stop loss of 13805.It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 14075--14120 with a stop loss of 14130. It could be a risky trade but worth trying for intraday gain.

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---30.12.2020

 

CNX--BANK NIFTY

Open-31006.90--High-31359.35--Low—31002.60—Close-31322.50 on 29.12.2020

Support:30996/30945.20/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:31649.45/31660.75/31783/32157/32613.10.

(Bold and underlined figures are most important)

The rally continued in a robust manner for the fifth straight day and it ended the day with a gain of 441.55 points. It is well above its benchmark point of 29314. Its other key points are placed at 30797—30496.52---29531---28774---27761.98(figures can change) it is well above its key points also which is a positive sign for the up move to continue. Please note that sustained break below 30797 & 30496.52 can push it into very short correction mode which can last for 2-3 days, sustained break below 29531 on the closing basis will push it into real short term correction mode which can last slightly longer, sustained break below 28774 will push it into medium term correction mode which can last even longer and most importantly sustained break below 27761.98 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 looking strong for the continuation of the up move because it is well above its key points and also well above its short, medium and long term moving averages.  But the only concern is that today was the 5^th straight day of rise so it could correct for a day or two otherwise it is o.k. In view of this one should be slightly cautious in the long trade at this point of time. The bias is on the upside.

Moving down its critical support points at 30945.20---30797---30496.52----30449---30197.85---30175.54---30042---29946---29761.30---29531---29314---29214.73---29053---28941---28457.69---28351----28144.19—27278.95---26918---26413.

Moving up its critical resistance points at 31481---31697---31786—32161—32361---32613.10---32763.

In view of the above observation long trade can tried if it moves and maintain above 31360 for some time or on the decline but not below 30797. Since it is in the strong up move therefore short trade in general should be avoided but short trade can also 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 if it moves and maintains above 31360 for some time with a stop loss of 31250.

Or

Buy on decline at appropriate points or near 30797 but not below it with a stop loss of 30700.

2. Sell if does not move above 31360 even in intraday in first one and half hour of trade with a stop loss of 31425.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 30700 for some time with a stop loss of 30810.It could be a risky trade but worth trying

Or

Sell on the rise near or within the range of 31750---31850 with a stop loss of 31950. It could be a risky trade but worth trying for intraday gain.

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—30.12.2020

 

CNX-NIFTY

 Open—13910.35 --High—13967.60—Low—13859.90---Close-13932.60 on 29.12.2020.

Support:13943/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.4512963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

Resistance: 14034/14055/14095/14170/14296/14310.

 (Bold and underlined figures are most important)

The rally continued in a robust manner for the fifth straight day and it ended the day with a gain of 59.39 points. Its key points are at 13770.27---13689.78---13393.61---13217.73---12430.50(except for 12430.50 other figures can change). It is well above the key points, which is a positive sign for the continuation of the up move. Please note that sustained break below the key points of 13770.27 & 13689.78 can again push it into very short term correction mode which can last 2-3 days, sustained break below 13393.61 on the closing basis will push it into deep short term correction mode which can last slightly longer, sustained break below 13217.73 will push it into medium term correction mode which can last even longer and most importantly sustained break below 12430.50 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 looking strong for the continuation of the up move because it is well above its key points and also well above its short, medium and long term moving averages.  But the only concern is that today was the 5^th straight day of rise so it could correct for a day or two otherwise it is o.k. In view of this one should be slightly cautious in the long trade at this point of time. The bias is on the upside.

Moving down its critical support points at 13770.27---13769---13689.78---13648.19---13597.50---13517.91---13450.86---13393.61---13328---13298---13217.73---13145.75---13131.45---13068---13025---12963---12790---12751---12730---12709.05---12636.35---12607.70---12430.50.

Moving up its critical resistance points at 13953---13967.60---14055---14095---14177---14310.

In view of the above observation long trade can tried if it moves and maintain above 13968 for some time or on the decline but not below 13769. Since it is in the strong up move therefore short trade in general should be avoided but short trade can also 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 if it moves and maintains above 13968 for some time with a stop loss of 13925.

Or

Buy on decline near 13769 but not below it with a stop loss of 13730.

2. Sell if does not move above 13968 even in intraday in first one and half hour of trade with a stop loss of 14000.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 13730 for some time with a stop loss of 13780.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 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—28.12.2020

 

CNX-NIFTY

 Open—13672.15--High—13771.25—Low—13626.90---Close-13749.25 on 24.12.2020.

Support:13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.4512963/12790.40/12730.25/12607.70/12430.50/12293.90/12286.45/12246.70/12158.80/12025.45/11929.60/11802.65/11794.25/11614.50/11535.45.                                                                                                                                                           

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

 (Bold and underlined figures are most important)

The rally continued in a robust manner today also and it ended the day with a gain of 148.15 points. It is well above its most critical and important points which are placed at 13575---12900 & 12790 for 28.12.2020(figures can change every day). Its other key points which are at 13620.64---13530.35---13248.38---13072.50---12430.5---12298.63(except for 12430.50 other figures can change). It is well above the other key points also therefore it seems that correction is over and it has resumed the up move again. However break below the key points of 13620.64 & 13530.35 can again push it back in very short term correction mode which can last 3-4 days, 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 looking robust for the continuation of the up move because it is well above its critical and key points and also above its short term moving averages. But there is a concern in the form of negative divergence and if that comes into play it could come down to the level of 12850 or below and certain other advanced technical indicators are also corroborating for it as of now and lastly but most importantly in last 6 trading session it did cross the targeted top out point of 13769 for 4 days including today but could not close above this point on any day which is very concerning. Please note that if it does not close reasonably above 13769 and then above its recent all time high of 13777.50 in next 1-2 trading session that it could still correct from here and this time correction could be more severe that what it witnessed on 21.12.2020. Therefore strong and sustained up momentum can only be expected once it reasonably closes above 13777.50 and sustain. In view of this one should be extra cautious in the long trade at this point of time. The bias is on the upside.

Moving down its critical support points at 13721---13648---13620.64---13530.35---13451.16---13376---13282---13259---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 13769-----13777.50---13791---13886---13913---13953---14055---14095---14177---14310.

In view of the above observation for safe traders long trade can be tried if it moves and sustain above 13780 for some time or buy on decline but not below 13620. However aggressive traders can try long trade on decline but not below 13530. Please note that buy on decline below 13620 could be a risky trade for the day mind you. The correction seems to be over as of now but I once again reiterate that sustained close reasonably above 13777.50 level only can ensure strong up momentum as of now else it can slip into correction again. In light of some uncertainty short trade can also 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 if it moves and maintains above 13780 for some time with a stop loss of 13740.

Or

Buy on decline near 13620 but not below it with a stop loss of 13570. It is for safe traders.

Or

Buy on decline at appropriate point or near 13530 with a stop loss of 13500.It is for aggressive traders and could be a highly risky trade.

2. Sell if does not move above 13778 even in intraday in first one and half hour of trade with a stop loss of 13820.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 13570 for some time with a stop loss of 13630.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 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---28.12.2020

 

CNX--BANK NIFTY

Open-30071.65--High-30545.85--Low—30007.80—Close-30402.20 on 24.12.2020

Support:30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

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

(Bold and underlined figures are most important)

The rally continued in a robust manner today also and it ended the day with a huge gain of 518.90 points. It is well above its benchmark point of 29314. Its other key points are placed at 30552—30467.98---30387.23---30175.54---29214.73---28457.69---27445.57(figures can change)  but it is still below its first 2 key points therefore very short term correction mode is still on and break below 30387.23 & 30175.54 will increase the intensity of the fall, 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. therefore it may resume the up momentum again after correction is over. It continued the relief rally today also but since it is still below some of its key points therefore the correction mode is still on. But is has moved above its short term moving averages which is a positive sign. But there is a concern in the form of negative divergence and if that comes into play it could come down to the level of 28278---26000 and certain other advanced technical indicators are also corroborating for it as of now. Please note that if it does not bounce back above its first key point of 30552 in next 1-2 trading session and sustain on the closing basis then it may fall in corrective mode again and this time it could be with an accelerated pace, which may please be noted.  The short term bias has turned positive now.

Moving down its critical support points at 30387.23---30197.85---30175.54---30042---29946---29761.30---29576.15---29314---29214.73---29053---28941---28457.69---28351----28144.19—27278.95---26918---26413.

Moving up its critical resistance points at 30481---30521.51—30552---30807.25---30945.20---30996---31039---31181----31481---31697---31786—32161—32361---32613.10---32763.

Please note that pullback or relief rally is on and it is showing strength and if it moves and sustain above 30552 on the closing basis then it may resume the strong up momentum again and may retest its recent top of 30945.20 or go beyond and also retest it’s all time high of 32613.10, else it may fall into correction mode 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 30481 for some time or on decline near 30175 but not below it, but buy on decline could be a risky trade for the day. Please note that correction is still on till it closes above 30552 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.

 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 30175 but not below it with a stop loss of 30000. It is for aggressive traders but it could be a risky trade.

Or

Buy if it maintains above 30481 for some time with a stop loss of 30370. It is for aggressive traders.

2. Sell on the rise near or within the range of 31000---31150 with a stop loss of 31250. It could be a risky trade but worth trying for intraday gain.

Or

Sell if does not move above 30552 even in intraday in first one and half hour of trade with a stop loss of 30625.It could be a risky trade but worth trying.

Or

Sell if it moves and maintains below 30000 for some time with a stop loss of 30075. 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.