A TECHNICAL VIEW ON CNX-NIFTY FOR-4.4.2022—8.4.2022

 

CNX-NIFTY

 Open—17436.90--High—17703.70—Low—17422.70---Close-17670.45 on 1.4.2022.

Support:17639/17613/17559/17452.90/17387.15/17354.05/17326/17216/17043/17003.90.          

Resistance: -17704/17795/17948/18018/18152/18210/18350/18604.45/18862/19402/19725/20390/20417.

 (Bold and underlined figures are most important)

As envisaged in my last post for 14.3.2022 to 18.3.2022, it propelled the pullback up move and  converted it into a strong up rally and it moved well above its critical points of 17354.05---17387.15---17436.90---17464.75---17559.80, now as long as it holds these points the up rally will gain strength. But sustained break below any of these points could be concerning and finally sustained break below the range of 17224—17000 could end the on-going up move for a while. Furthermore and most importantly it is in the process of making Inverse Head & Shoulder Pattern, which is a bullish pattern and if it moves above 17795 and sustain on the closing basis then the pattern will come into play and then it could hit a maximum up target of 19850—20000, but moving up to the target range it will face stiff resistance on the way at 17815---17875---17948---18018---18152---18210---18350---18475---18604.45---18862---19402---19725, please note that the rally may end at any of the above stated points or earlier also, but if it moves above 18018 and sustain on the closing basis then it is likely to retest its all-time high of 18604.45 or may move higher and if it sustains above 18604.45 then it is very much possible that it could head closer to the maximum target of the inverse head & shoulder pattern.

It is showing strength price-wise and the technical indicators has also turned positive on the daily chart and showing improvement on the weekly chart also, which indicates that the on-going up move may extend and can last for couple of days or weeks, off course with intermittent correction and provided it holds the above mentioned critical points. The technical setup has improved and the long term and short term bias is positive as of now.  

In view of the above observation long trade can be tried if it moves above 17704 and maintain for some time with a stop loss of 17600 or on decline at appropriate support points with self defined stop losses but not below 17400 with a stop loss of 17340. Please trail your stop loss in case of profitable trade to avoid losses. As it is in the good up move so it is buy on dip market now, therefore short trade should be avoided in general, but it can be tried on the reasonable rise at appropriate points or on the price breakdown with self defined stop losses for a possible intraday corrective gains. The bias is positive now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in 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 UPDATE ON DOW JONES INDUSTRIAL AVERAGE –12.3.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—33279.72--High—33515.61—Low—32911.89—Close—32944.61 on 28.2.2022.

Support:32819.75/32578.73/32284.35/32074.60/31977.32/31272.72/30919.50/30547.53/29881.82/29856.30/29755.53/29463.64/29229.10/28902.13.

Resistance:33155.71/33227.78/33271.93/33473.80/33613.03/33741.72/34014.41/34178.47/34256.75/34666/34692/34715/34850/35092/35192/35511/35631/35824/35983/36190/36514/36562/36679/36952.53.

(Bold and underlined figures are most important)

Its overall technical setup is very weak at this point of time and it is already into medium term correction mode. Furthermore it is below its important & critical points and also way below its long term  moving averages  on the daily chart, therefore its long term uptrend is already in potential danger, which is concerning. Please note that to keep the hope alive for the up move to regain some foothold it has to move above 34200(figure may change upward or downward every day +/- 10 points) and sustain on the closing basis, however if it moves above 33386 and sustain on the closing basis then chances of a pullback rally would be there, else down move will continue with in between short relief rallies. It is important to mention here that break below 32530.25 will push it into long term correction mode. Last but not the least moving down its most crucial and important support points will be at 29856---29758 & 29562 break below these points will confirm the end of long term uptrend and it will get into the bear market which could last for few weeks or months and it may witness an accelerated fall. The above range could be considered as important or value range ,therefore as long as it holds the above range a ray of hope is there that it may regain the up momentum but looking at technical setup now regaining up momentum does not seem easy.

It is important to mention here that its critical technical indicators are already very weak on the daily and weekly chart and now those indicators are showing distinct weakness on the monthly chart also, which is highly concerning, therefore further fall looks imminent from here and it may seek much lower level in coming days, if the price does not improve fast and move above at least some of its critical and important points as mentioned above. The technical setup is terribly weak; therefore the bias is hugely bearish at this point of time.

REMARKS: - Long term uptrend is in potential danger at present and it is already into medium term correction mode, therefore it is suggested to avoid long trade till correction completion signs emerges.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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-14.3.2022—18.3.2022

 

CNX-NIFTY

 Open—16528.80--High—16694.40—Low—16470.90---Close-16630.45 on 11.3.2022.

Support:16565.60/16410/16376.75/16349.95/16203.25/16162.55/16133.80/15962.25—901/15671.45/15635.95/15578/15513.45/15450.90/15431/15336/15044/14984/14591.40.             

Resistance: -16701.65/16782.40/16809.65/16815.90/16836.80/16891.70/17043.65/17216.10/17326/17354.05/17387.15/17452.90/17490.60/17613.15/17639.50/17794.45.

 (Bold and underlined figures are most important)

It had volatile movement and it broke its critical support points during the week but managed to bounce back above some critical points at the end for the week under review i.e. 7.3.2022 to 11.3.2022. It ended the week on a positive note compare to previous week, but that is not enough. It is already into medium term correction mode and way below its, long term moving averages and other long term key points except for few, which is highly concerning and indicate that long term uptrend is already in potential danger now. However as long as it holds 16575(this figure will change every day +/- 5points) on the closing basis the hope of long term uptrend will be alive and as long as it holds 16364(it will be scaled downward if it breaks 15671.45) chances of pullback up move will be alive else down move will continue. Moving down its critical support points could be at 16575---16410---16364---16300---16203.25---16110---15986.42---15671.45, sustained break below 16575(figure will change every day) on the closing basis may end the long term uptrend, break below 16364 will   weaken it further and sustained break below 15986.42 on the closing basis will push it into long term correction mode which could last few weeks or months and it may witness an accelerated fall, therefore the range of 16575—15986 could be considered as important or value range for now and it may stage bounce back from this range. Similarly moving up its critical resistance points would be at 16695---16733---16796---16816---16984---17062---17137-17354.05---17387.15. The up journey seems pretty tough now and it will show good strength only if it moves above 17387.15 and sustain on the closing basis.

 It is already into medium term corrective mode now and some important technical indicators are also weak on the daily and weekly chart which indicates that further fall cannot be ruled out off course with in between short relief rallies. However it is showing some short positive development in the indicators which may propel the on-going pullback rally to a reasonable or decent level provided it holds 16575 & 16364 levels on the closing basis. Furthermore as long as it holds the range of 16575—15986 the hope of bouncing back and a pullback up move continuation would always be there. The overall technical setup is still weak therefore the bias is bearish as of now.   

In view of the above observation for safe traders it is suggested to avoid long trade completely for now, however aggressive traders can try long trade in the range of 16575---15986  at appropriate points with self defined  stop losses or can buy if it maintains above 16631 for some time with a stop loss of below 16550 for a possible pullback up move but please note that pullback rallies are treacherous in nature and could fizzle out abruptly also, so be alert and careful in the long trade. Please note that I would personally avoid the long trade in corrective market. Therefore it is suggested to adopt sell on the rise strategy or sell on the price breakdown till it gives visible indication of correction completion.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in 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—14.3.2022—18.3.2022

 

CNX--BANK NIFTY

Open—34331---High—34880.05---Low—34094.30---Close—34546.25 on 11.3.2022.

Support:34410/34376/34357/34233/34094/34018/33908.95/33273.95/32842.30/32415.25/32155.35/32141.55/32115/31906.55/31650/30945—932/30893.65/30405/29687.70/28976. 

Resistance:34650.75/34751.25/34859/34991.35/35327.80/35374.15/35576.95/35810.90/35985.25/36151.95/36327.05/36375/36497/36615/36651/36876.35/37140/37232.30/37319.05/37581.05/37708.75/37891.90/38112.75/38377.25/38461.70/38855.55/39197.20/39424.85.

(Bold and underlined figures are most important).

It had a volatile movement and it went down drastically during the week but recovered, but it is still way below its most critical points for the week under review i.e. 7.3.2022 to 11.3.2022. It  ended the week on a slightly positive note compare to previous week but it is on a very weak footing now. It is into long term correction mode  and the threshold point for the same is 35761.13 and also way below its, long term moving averages and other long term key points, which is highly concerning and indicate that long term uptrend may have ended for now and further fall is indicated. However in between short relief rallies could be there. Moving down it may find good support at 34438.50---34018---33900---33630---33530---33463.68---33000---32900---32280---32170---32155.35---32000---31900---31630---31360---31225---30550---30000 , please note that as long as it holds 34438.50(figure will be scaled downward if it breaches 32155.35) on the closing basis ,chances of pullback rally may be there else down move will continue, however it may witness short bounce back from any of mentioned points but that up move may not be lasting till it moves above it key points of 35481.70---35585.20---35761.25 and sustain on the closing basis. Last but most importantly sustained break below 33463.68 on the closing basis will push it into bear market which may please be noted. 

It is into long term correction mode and if it remains below its threshold point of 35761.25 correction may last for few weeks to few months also. Furthermore some important technical indicators are also weak on the daily and weekly chart which indicates that fall further looks inevitable in coming days, if price do not improve sharply and move above at least the range of 35481.70---35761.25 and sustain on the closing basis. The last critical support point would be 33463.68 sustained break below it could witness an accelerated fall. The overall technical setup is terribly weak therefore the bias is bearish as of now.  

In view of the above observation for safe traders it is suggested to avoid long trade completely for now, however aggressive traders can try long trade if it holds 34438.50 for some time with a stop loss of 34050 or on decline near 33463.68 but not below it with a stop loss of 33250 for a possible pullback up move but please note that pullback rallies are treacherous in nature and could fizzle out abruptly also, so be alert and careful in the long trade. It is suggested to avoid long trade in corrective mode. As of now it would be better to adopt sell on the rise strategy or sell on the price breakdown till it gives visible indication of correction completion.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in 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-7.3.2022—11.3.2022

 

CNX-NIFTY

 Open—16339.45--High—16456—Low—16133.80---Close-16245.35 on 4.3.2022.

Support:16203.25/16162.55/16133.80/15962.25—901/15635.95/15578/15513.45/15450.90/15431/15336/15044/14984/14591.40.                             

Resistance: -16349.95/16376.75/16410/16565.60/16701.65/16782.40/16809.65/16815.90/16836.80/16891.70/17043.65/17216.10/17326/17354.05/17387.15/17452.90/17490.60/17613.15/17639.50/17794.45.

 (Bold and underlined figures are most important)

The technical setup has further weakened during the week under review i.e. 28.2.2022 to 4.3.2022 and it has ended near the low of the week which is a bad sign. It is already into medium term correction mode and way below its, long term moving averages and other long term key points, which is highly concerning and indicate that long term uptrend is already in real danger now, furthermore the on-going war between Russia and Ukraine is also taking a toll on the entire world‘s financial market, therefore further fall looks imminent till this war crisis ends. Moving down its last critical support points could be at 16203.25---16180---16130---15986.42, break below 16130 will severely  weaken it and sustained break below 15986.42 on the closing basis will push it into long term correction mode which could last few weeks or months and it may witness an accelerated fall . Therefore the range of 16203—15986 could be considered as important or value range for now. Similarly moving up its critical resistance points would be at 16295---16395---16454---16475---16555---16600---16655---16682---16717---16816---16972---17080, please note that if it moves above 16295 and sustain on the closing basis then it may give a feeble up move, if it moves above 16454 it could give a slightly better pullback up move, if it moves above 16635 and sustain then it will keep the hope alive for the uptrend to resume and finally if it moves above 16717( this figure will be scale downward if current low of 16133.80 is breached) and sustain on the closing basis then it could give reasonable to decent pullback up move but please keep in mind that pullback up moves can fizzle out at any of the above mentioned points.   

It is already into medium term corrective mode now and some important technical indicators are also weak on the daily and weekly chart which indicates that further fall from here looks inevitable off course with in between short relief rallies, if the price do not improve sharply and move above at least some of its critical and important points. However as long as it holds the range of 16203—15986 the hope of bouncing back would be there, but it will  show some feeble strength  only if it moves above 16635 and sustain on the closing basis, else it will moves sideways to downward. The overall technical setup is terribly weak therefore the bias is hugely bearish as of now.   

In view of the above observation for safe traders it is suggested to avoid long trade completely for now, however aggressive traders can try long trade in the range of 16203---15986 with a stop loss of 15900 for a possible pullback up move but please note that pullback rallies are treacherous in nature and could fizzle out abruptly also, so be alert and careful in the long trade. Please note that I would personally avoid the long trade in corrective market. Therefore it is suggested to adopt sell on the rise strategy or sell on the price breakdown till it gives visible indication of correction completion.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in 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—7.3.2022—11.3.2022

 

CNX--BANK NIFTY

Open—34526.10---High—35097.75---Low—34094.10---Close—34407.80 on 4.3.2022.

Support:34376/34357/34233/34094/34018/33908.95/33273.95/32842.30/32415.25/32141.55/32115/31906.55/31650/30945—932/30893.65/30405/29687.70/28976. 

Resistance:34410/34650.75/34751.25/34859/34991.35/35327.80/35576.95/35810.90/35985.25/36151.95/36327.05/36375/36497/36615/36651/36876.35/37140/37232.30/37319.05/37581.05/37708.75/37891.90/38112.75/38377.25/38461.70/38855.55/39197.20/39424.85.

(Bold and underlined figures are most important).

The technical setup has drastically weakened during the week under review i.e. 28.2.2022 to 4.3.2022 and it has ended near the lower end of the week which is a bad sign. It has slipped into long term correction mode also and way below its, long term moving averages and other long term key points, which is highly concerning and indicate that long term uptrend may have ended for now, furthermore the on-going war between Russia and Ukraine is also taking a toll on the entire world‘s financial market, therefore further fall looks imminent till this war crisis ends. However in between short relief rallies could be there. Moving down it may find good support at 34018---33900---33630---33530---33000---32900---32280---32170---32000---31900---31630---31360---31225---30550---30000 and may bounce back from any of these points but that up move may not be lasting till it moves above it key points of 35481.70---35585.20---35761.25---35862(this figure may scale downward if it breaks 34018) and sustain on the closing basis. 

It is into long term corrective mode and if it remains below its threshold point of 35761.25 correction may last for few weeks to few months also. Furthermore some important technical indicators are also weak on the daily and weekly chart which indicates that fall further looks inevitable from here, if price do not improve sharply and move above at least the range of 35481.70---35862 and sustain on the closing basis. The overall technical setup is terribly weak therefore the bias is hugely bearish as of now.  

In view of the above observation for safe traders it is suggested to avoid long trade completely for now, however aggressive traders can try long trade on decline near or within the range of 34090---33900 with a stop loss of 33800 or near other support points mentioned above with self defined stop losses for a possible pullback up move but please note that pullback rallies are treacherous in nature and could fizzle out abruptly also, so be alert and careful in the long trade, it is suggested to avoid long trade in corrective mode. As of now it is suggested to adopt sell on the rise strategy or sell on the price breakdown till it gives visible indication of correction completion.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in 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 UPDATE ON DOW JONES INDUSTRIAL AVERAGE –1.3.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—33635.29--High—33962.78—Low—33469.51—Close—33879.55 on 28.2.2022.

Support:33785/33741/33613/33473/33271.93/33155.71/32284.35/32074/32009.64/31272.22/30547.53/29881.82/29856.30.

Resistance:34014.41/34092/34145/34257/34307/34454/34692/34850/35048/35092/35511/35631/35678/35824/36190/36317/36514/36562/36679/36952.53.

(Bold and underlined figures are most important)

Its overall technical setup is very weak and at this point of time it is already into medium term correction mode. Furthermore it is below its important critical points and also below its long term  moving averages   on the daily chart, therefore its long term uptrend is already in potential danger now, which is concerning. Please note that to keep the hope alive for the up move to regain some foothold it has to move above 34310(figure may change upward or downward every day) and sustain on the closing basis and it may pick up some up momentum only if it moves and sustain above 35500(figure may change upward or downward every day) on the closing basis, else down move will continue with in between short relief rallies. It is important to mention here that break below 32530.25 will push it into long term correction mode. Last but not the least moving down its most crucial and important support points is 29856---29758 & 29562 break below  these points will confirm the end of long term uptrend and  may accelerate that fall and can drag it down to much lower levels.

Its important technical indicators are already very weak on the daily and weekly chart and now those indicators are showing distinct weakness on the monthly chart also, which is highly concerning, therefore further fall looks imminent from here if the price does not improve fast.  Moving down the critical supports point could be at 33741.78---33613.03---33473.80---33386.04---33271.93---33155.71---32530.25—32284.35, it could bounce back from any of these points and most importantly as long as it hold 33386.04(figure will be revised downward if it breaks the recent low of 32284.35) on the closing basis chances of up move is there. Moving up its critical resistance points would be at 33992---34068---34395---34495---34619---35169---35841.  Please note that the possible up move would be a pullback rally only and may not last and can end at any of the above points. So be alert and cautious if one initiates long trade for the pullback gains. Looking at the overall technical setup it is suggested to avoid long trade for now.  

REMARKS: - Long term uptrend is in potential danger at present and it is already into medium term correction mode, therefore it is suggested to avoid long trade till correction completion signs emerges.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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.