TECHNICAL VIEW ON CNX-BANK NIFTY FOR—3.8.2022

 

 CNX-BANK NIFTY

Open—37767.70---High—38179.85---Low—37632.30---Close—38024 on 2.8.2022.

Support:37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance:38112.75/38134/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened on a negative note and gave both side wild swing but finally closed with a gain of 120.80 points. Please note that it had 5 days of vertical rise and today’s volatility indicates that it correct from here. However, it is showing good strength and therefore, it is likely to continue the uptrend with intermittent down correction. Moving up from here the key resistance points would be at -38134----38765.85---39547---39895 but in between it could face other small resistance points too, please note that market could correct from any of these points or earlier and then may resume the up move again. Similarly moving down its key support points would be at 37754.65---37724(this figure will scale up if it crosses its today’s high of 38179.85)37594.15---37491---36993---36790---36738.95---36606---36408.50----36248.60. Please note that close below 37724 could push it into short correction and close below 36790 may deepen the correction. It is suggested to avoid long trade if it closes below 37594 and can initiate long trade again once it bounces back above 37755.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart, so till it holds its range of 37754.65---37724---37594.15---37491 on the closing basis the up move is likely to continue with in between down correction. It is important to mention here that if it has the desired strength it is not likely to break 36738.95 levels on the downside on the closing basis in severe correction also, which please note. It is a buy on dip market for sure as of now till it signals otherwise.

In view of the above observation for safe traders long trade can be tried if it moves above 38180 and maintains for some time with a short stop loss of 38000 or can buy on decline near or within the range of 37754.65---37724---37594.15 but not below it with a stop loss 37450. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 38500---38600 with a stop loss of 38670 or sell near if it does not move above 38180 even in intraday in first hour of trade with a stop loss of 38300 or sell if it moves below 37450 with a stop loss of 37600. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short term bias is positive and medium and long term bias has also drastically improved and seems up now but has to be watched out for few days.

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—3.8.2022

 

CNX-NIFTY

 Open—17310.15--High—17390.15—Low—17215.85---Close-17345.45 on 2.8.2022.

Support:17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                 

Resistance:17354.05/17387.15/17490.60/17639.50/17794.60/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened on a negative note and gave both side wild swings during the day and finally closed with a meager gain of 5.40 points. It did cross its most important points of 17354.05 &17387.15 intraday but could not close above it which is slightly dicey. Furthermore it had 5 days of vertical rise in a row and today’s volatility indicates that it could correct from here. But it is exhibiting good strength therefore up move is likely to continue with intermittent down correction. Moving up from here its key resistance points would be at 17354.05---17387.15----17797---17920---18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note market could correct from any of these points or earlier and then may resume the up move again. It is important to mention here that to pick up strong up momentum it has to move above 17354.05 & 17387.15 and sustain on the closing basis. Similarly moving down its key support points would be at 17298---17215---17172.80---17165(this figure will scale up if it moves above 17390.15) 17158.25----17140---16894---16843---16793.85---16719.45---16703.30---16483.85---16438.15. Please note that, break below 17165 may push it into short correction and break below 16869 may deepen the correction. It is suggested to avoid long trade if it closes below 17135 and can initiate long trade again once it bounces back above 17244.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart, so till it holds its range of 17172.80---17165---17158.25---17135 on the closing basis the up move is likely to continue with in between down correction. It is important to mention here that if it has the desired strength it is not likely to break 16719.45 levels on the downside on the closing basis in severe correction also, which please note. It is a buy on dip market for sure as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above 17391 and maintains for some time with a stop loss of 17320 or can buy on decline near or within the range of 17172.80---17165---17158.25---17135 but not below it with a stop loss 17120. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 17520---17550 with a stop loss of 17610 or sell near if it does not move above 17390 even in intraday in first hour of trade with a stop loss of 17450 or sell if it moves below 17135 with a stop loss of 17190. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short term bias is positive and medium and long term bias has also drastically improved but has to be watched out for few days.

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. 

m 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—2.8.2022

 

CNX-NIFTY

 Open—17243.20--High—17356.25—Low—17154.80---Close-17340.05 on 1.8.2022.

Support:17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                 

Resistance:17354.05/17387.15/17490.60/17639.50/17794.60/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with an up gap again for the 3^rd day in a row but filled the gap during the day and closed with a gain of 181.80 points which show strength, but the gap it created on 28th & 29^th July-2022 is still there and it could still make an effort to fill these gaps in next 2-3 trading sessions else chance of filling the gap will recede, if it makes an effort to fill the gap it could come down to 16948 & 16654 levels which may please be noted. It is exhibiting good strength therefore up move is likely to continue with intermittent down correction. Moving up from here its key resistance points would be at 17354.05---17387.15----17797---17920---18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note market could correct from any of these points or earlier and then may resume the up move again. It is important to mention here that to pick up strong up momentum it has to move above 17354.05 & 17387.15 and sustain on the closing basis. Similarly moving down its key support points would be at 17298---17243.20---17172.80---17158.25----17140(this figure will scale up if it moves above 17172.80) ---16894---16843---16793.85---16719.45---16703.30---16483.85---16438.15. Please note that, break below 17140 may push it into short correction and break below 16843 may deepen the correction. It is suggested to avoid long trade if it closes below 17140 and can initiate long trade again once it bounces back above 17172.80.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart, so till it holds its range of 17172.80---17158.25---17140 on the closing basis the up move is likely to continue with in between down correction. It is important to mention here that if it has the desired strength it is not likely to break 16719.45 levels on the downside on the closing basis in severe correction also, which please note. It is a buy on dip market for sure as of now till it signals otherwise.

In view of the above observation for safe traders long trade can be tried if it moves above 17388 and maintains for some time with a stop loss of 17320 or can buy on decline near or within the range of 17172.80---17158.25---17140 but not below it with a stop loss 17120. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 17520---17550 with a stop loss of 17610 or sell if it moves below 17120 with a stop loss of 17190. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short term bias is positive and medium and long term bias has also drastically improved but has to be watched out for few days.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

TECHNICAL VIEW ON CNX-BANK NIFTY FOR—2.8.2022

 

 CNX-BANK NIFTY

Open—37594.15---High—37939.60---Low—37407.20---Close—37903.20 on 1.8.2022.

Support:37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance:37988.60/38112.75/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened on a positive note and moved up further and closed near the high of the day with a decent gain of 411.80 points. It is showing good strength and likely to continue the uptrend with intermittent down correction. Moving up from here the key resistance points would be at -38134----38765.85---39547---39895 but in between it could face other small resistance points too, please note that market could correct from any of these points or earlier and then may resume the up move again. Similarly moving down its key support points would be at 37754.65---37594.15---37540(this figure will scale up if it crosses its today’s high of 37939.60) 37491---36993---36738.95---36606---36408.50----36248.60. Please note that close below 37540 could push it into short correction and close below 36606 may deepen the correction. It is suggested to avoid long trade if it closes below 37491 and can initiate long trade again once it bounces back above 37755.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart, so till it holds its range of 37754.65---37594.15---37540---37491 on the closing basis the up move is likely to continue with in between down correction. It is important to mention here that if it has the desired strength it is not likely to break 36738.95 levels on the downside on the closing basis in severe correction also, which please note. It is a buy on dip market for sure as of now till it signals otherwise.

In view of the above observation for safe traders long trade can be tried if it moves above 37940 and maintains for some time with a short stop loss of 37850 or can buy on decline near or within the range of 37754.65---37594.15---37540 but not below it with a stop loss 37380. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 38400---38470 with a stop loss of 38560 or sell if it moves below 37400 with a stop loss of 37550. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short term bias is positive and medium and long term bias has also drastically improved and seems up now but has to be watched out for few days.

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 –31.7.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—32515.62--High—32906.21—Low—32495.87—Close—32846.45 on 29.7.2022.

Support:32578.73/32530.25/32449.87/32284.35/32074.60/31885.09/31705.93/31535.24/31272.22/30919.50/30635.76/30574.53/30355.33/30145.31/29881.82/29856.30/29755.53/29654.59/19199.35

Resistance:33155.71/32270.83/33473.80/33555.22/33613.03/33741.76/33785.54/34014.41/34113.40/34145.59/34665.84/34691.58/34849.32/35091.56/35371.47/35492.22/35631.19/35677.97/35824.28/36189.66/36316.61/36513.88/36562.03/36679.09/36952.53.

 (Bold and underlined figures are most important)

Further to my last post of 17.7.2022 as it crossed its important point of 31377 therefore it rallied and as long as it hold this level chances of up rally to continue will remain. But if this rally has to really move forward in the month of August-2022 then it has to move above 32910.18 and sustain on the closing basis else it could be in a dicey situation. But the short term technical setup looks good as of now and some important technical indicators are also positive on the daily chart and few on the weekly chart also therefore the up move is likely to continue with intermittent correction and provided it moves above 32910.18 and sustain. Moving up from here its key resistance points would be at 32910.18---33303.56---34164.72---35230---35492.94 but in between it could face other resistance points too, please note market could correct from any of these points or earlier and then may resume the up move again provided it holds 32530.25 on the downside. Similarly moving down its key support points would be at 32530.25---32442---31885.09---31705.93---31376.90, please note that sustained break below 32530.25 on the closing basis will push it back into long term correction mode and sustained break below 31376.90 may end the possibility of a steady pullback rally and may resume the down move again. The short term bias is positive but the medium and long term bias is still negative as of now. 

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—1.8.2022

 

CNX-NIFTY

 Open—17079.50--High—17172.80—Low—17018.15---Close-17158.25 on 29.7.2022.

Support:17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                           

Resistance:17298/17354.05/17387.15/17490.60/17639.50/17794.60/17947.55.

 (Bold and underlined figures are most important)

It opened with an up gap for the 2^nd day in a row and closed with a robust gain of 228.65 points. Please note that these up gap indicates strength but simultaneously weakness also because if it come down to fill the gap in next 3-4 trading session which is technically possible then it could be devastating, but if it does not fill the gap in the stipulated 3-4 days time then chances of filling the gap will recede but fear will still be there, which may please be noted. Here if it makes an effort to fill the today’s and yesterdays gap it created then it could come down to 16948 and then 16654 levels which please note, nonetheless it is showing good strength and likely to continue the uptrend with intermittent down correction. Moving up its key resistance points would be at 17298---17354.05---17387.15----17797---17920---18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note market could correct from any of these points or earlier and then may resume the up move again. It is important to mention here that to pick up strong up momentum it has to move above 17354.05 & 17387.15 and sustain on the closing basis. Similarly moving down its key support points would be at 16999.86(this figure will scale up if it moves above 17172.80) ---16894---16793.85---16719.45---16703.30---16483.85---16438.15. Please note that, break below 16999.86 may push it into short correction, break below 16894 will weaken it and break below 16703.30 may deepen the correction and finally break below 16483.85 & 16438.75 may jeopardize the on-going uptrend.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart, so till it holds it recent bottom of 16483.85 & 16438.75 on the line & bar chart respectively the up move is likely to continue with in between down correction. It is important to mention here that if it has the desired strength it is not likely to break 16719.45 levels on the downside on the closing basis, which please note. It is a buy on dip market for sure as of now till it signals otherwise.

In view of the above observation for safe traders long trade can be tried if it moves above 17173 and maintains for some time with a stop loss of 17120 or can buy on decline near 17020 but not below it with a stop loss 16950. But aggressive traders can also try buy on decline near 16720 but not below it with a stop loss of 16670. Please note that long trade below 17020 could be a risky affair for the day. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 17320---17350 with a stop loss of 17400 or sell if it moves below 17150 with a short stop loss of 17200 or sell near if it does not moves above 17173 in first one and half hour of trade even intraday with a stop loss of 17215 . Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short term bias is positive and medium and long term bias has also started improving but still not out of danger as of now. So be watchful.

MOST IMPORTANT: - Please note that it has already left 2 up gaps in a row and if it opens with a good upside gap on 1.8.2022 .i.e. well above 17172.80, it is suggested that a sell trade should surely be tried near or within the targeted range of 17320---17350 with a stop loss of 17400 because usually out of ten times eight times it corrects sharply on the 3^rd upside gap. Therefore I feel that this trade would be worth trying. Please not that it is likely to open up with an up gap as per SGX NIFTY reading now. So watch out.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

TECHNICAL VIEW ON CNX-BANK NIFTY FOR—1.8.2022

 

 CNX-BANK NIFTY

Open—37717.30---High—37754.65---Low—37221.15---Close—37491.40 on 29.7.2022.

Support:37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance:37581.05/37708.75/37988.60/38112.75/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened up with an up gap for the 2^nd day in a row but filled the today’s gap during the day and closed with a gain of 113.25 points. But the gap it created on 28.7.2022 is still there and if it makes an effort to fill the gap which is technically possible in remaining time of next 2-3 trading session then it can come down to 36808 but if it does not fill it in the stipulated time then chances of filling the gap will recede for now, but these gaps are dicey. Nonetheless it is showing good strength and likely to continue the uptrend with intermittent down correction. Moving up from here the key resistance points would be at 37708.75---37755---38134----38765.85---39547---39895 but in between it could face other resistance points too, please note that market could correct from any of these points or earlier and then may resume the up move again. Similarly moving down its key support points would be at 37399.22(this figure will scale up if it crosses its today’s high of 37754.65) ---36993---36738.95---36408.50----36248.60. Please note that close below 37399.20 could push it into short correction and close below 36739.95 could be an alert sign and break below 36465.12 & 36408.50 could push it into much deeper correction and may jeopardize the on-going uptrend.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily and few indicators on the weekly chart also and it is making higher top & bottom on the line and the bar chart, so till it holds it recent bottom of 36408.50 & 36248.60 on the line & bar chart the up move is likely to continue with in between down correction. It important to mention here, that if it has the desired strength it is not likely to break 36738.95 on the closing basis, which please note. It is a buy on dip market for sure as of now till it signals otherwise.

In view of the above observation long trade can only be tried if it moves above 37755 and maintain for some time with a short stop loss of 37600 or can try buy on decline near 37399 but not below it with a stop loss of 37215. But aggressive traders can also try long trade if it moves above 37660 with a stop loss of 37470 or can buy on decline near 37220 with a stop loss of 37000. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 37900---38030 with a stop loss of 38180 or sell if it moves below 37220 with a stop loss of 37420 or sell near if it does not moves above 37755 in first one and half hour of trade even intraday with a stop loss of 37850 . Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short term bias is positive and medium and long term bias has drastically improved but still not out of danger as of now. So be watchful.

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.

 

 

TECHNICAL VIEW ON CNX-BANK NIFTY FOR--29.7.2022

 

 CNX-BANK NIFTY

Open—37102.45---High—37414.40---Low—37028.50---Close—37378.15 on 28.7.2022.

Support37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance37471/37581.05/37708.75/37988.60/38112.75/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened up with a huge up gap today and closed with a robust gain of 594.40 points. It is exhibiting extraordinary strength as it is above well above its short, medium and long term moving averages on the daily, weekly and monthly chart which is commendable. Therefore uptrend should continue but with intermittent correction, furthermore despite all good technical setup market also upset sometime, so be alert and cautious in your trading approach. But it is definitely buy on dip market as of now. Moving up from here the key resistance points would be at 37708.75---38134----39547---39895 but in between it could face other resistance points too, please note market could correct from any of these points or earlier and then may resume the up move again. Similarly moving down its key support points would be at 37139.20(this figure will scale up if it crosses its today’s high of 37414.40) ---36993---36738.95---36408.50----36248.60. Please note that close below 37139.20 may push it into short correction and close below 36739.95 could be an alert sign and break below 36408.50 & 36248.60 could push it into much deeper correction. It is important to mention here that  it can make an attempt in next 3-4 trading session which is technically possible to fill the gap it created today and if it does then it could come down to 36809 but if it does not fill it in 3-4 days then the chances of filling the gap will recede.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily and few indicators on the weekly chart also and it is making higher top & bottom on the line and the bar chart, so till it holds it recent bottom of 36408.50 & 36248.60 on the line & bar chart respectively and other key points on the downside as mentioned in the above paragraph the up move is likely to continue with in between down correction. It important to mention here, that if it has the desired strength it is not likely to break 36738.95 on the closing basis.

In view of the above observation long trade can only be tried if it moves above 37415 and maintain for some time with a stop loss of 37300 or can try buy on decline near 37139 but not below it with a stop loss of 37000. But aggressive traders can also buy on decline near 36740 and then near 36410 with a stop loss of 36650 and 36230 respectively. Please note that long trade below 36993 could be a risky affair for the day. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 37770---37850 with a stop loss of 37950 or sell if it moves below 36993 with a short stop loss of 37150. The short term bias is positive but medium and long term bias has improved drastically but still not out of woods. So be watchful.

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.