A TECHNICAL VIEW ON CNX-NIFTY FOR—10.8.2022

 

CNX-NIFTY

 Open—17401.50--High—17548.80—Low—17359.75---Close-17525.10 on 8.8.2022.

Support:17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                      

Resistance: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 flat to positive note and then consolidated through the day finally closed with a gain of 127.60 points. It closed above its key point of 17490.70 is a positive sign and should provide it good strength for the up move if it holds it during the week. Please note that break below 17490.70 could push it little down but as long as it holds the range of 17388.15---17387.15---17382---17354.05     there is no threat to the on-going uptrend. As of now it is on a strong technical footing therefore, it is likely to continue the up move with intermittent correction, which please note. Moving up from here its key resistance points would be at 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 also and then may resume the up move again. Similarly moving down its key support points would be at 17490.70---17387.15---17382---17354.05---17298---17286.83(this figure will scale up if it moves above 17548.80) ----17172.80----17158.25----17120---16894. Please note that break below 17490.70 may drag it slightly down, sustained break below the range of 17388.15---17387.15---17382--17354.05 on the closing basis will make a big dent in the on-going up move, sustained break below 17286.83 will push it into very short correction mode, sustained break below 17115 may weaken it further and finally break below 16990.57 may accelerate the fall.

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 which is a very positive sign. Therefore the up move is likely to continue with in between correction till it breaks the key levels as mentioned above. In view of the above paragraph for safe traders it is suggested to avoid long trade below 17382  but highly aggressive traders can still try long trade near or within its second and last support range of 17286.83---17172.80---17158.25---17115 ,but it may prove risky which please note. Please note that it is still a buy on dip market 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 17548.80 and maintains for some time with a stop loss of 17470 or can try buy on decline but not below 17382 with a stop loss of 17340. However, aggressive traders can also try buy on decline near or within the range of 17286.83---17172.80---17158.25---17115 but not below it with a stop loss 17070. Please note that long trade below 17382 could be a risky bet 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 17680---17720 with a stop loss of 17770 or sell if it moves below 17340 with a stop loss of 17410. 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—8.8.2022

 

 CNX-BANK NIFTY

Open—37868.25---High—38150.45---Low—37779.90---Close—37920.60 on 5.8.2022.

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:37988.60/38112.75/38134/38231.85/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened on a positive note and moved in a short range and finally ended the day with a gain of 165.05 points.It seems that the correction is still on and a close reasonably above 38024 may indicate that the correction may be over and it may resume the up move again, so be watchful here. It is still on a good technical footing therefore, it is likely to resume the up move once the correction is over which please note. Moving up from here the key resistance points would be at 38134---38231.85----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 after correction. Similarly moving down its key support points would be at-37763.80(this figure will scale up if it crosses its today’s high of 38231.85)---37754.65----37594.15---37491---36993---36830. Please note that sustained break below 37763.80 will push it into very short term correction mode, break below 37491 may weaken it further and sustained break below 36830 & 36685 may accelerate the fall, which may please be noted.

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 which is a positive sign. It is in correction mode now but as long as it holds 37755.55 on the closing basis it is o.k. break below this will indicate weakness and correction may deepen, but it has a last important support range of 37754.65---37724---37594.15---37491 and this range could help it to bounce back again but break below this range could severely jeopardize the on-going up rally and it may end it for good also which may please be noted. It was buying on dip market till yesterday but now wait for buying on dip till it reasonably closes above 38024. The next week seems make or break for it which please note.

In view of the above observation for safe traders long trade can only be tried if it closes above 38024 and it is suggested to avoid buy on decline for the day. But aggressive traders can try long trade if it moves above 37950 and maintain for some time with a stop loss of 37850 or can buy on decline near or within the range of 37763.80---37754.65---37594.15---37491 but not below it with a stop loss 37450. Please note that long trade below 37755 could be a risky bet for the day. Although it is in the uptrend but in correction mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near 38230 with a short stop loss of 38350 or sell if it moves below 37755 with a stop loss of 37940. 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—8.8.2022

 

CNX-NIFTY

 Open—17423.65--High—17474.40—Low—17348.75---Close-17397.50 on 5.8.2022.

Support:17387.15/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                

Resistance:17490.70/17639.50/17794.60/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened on a positive note and moved in a range today and finally closed with a meager gain of 15.50 points. Although it closed above its critical points of 17354.05 &17387.15 but not decisively above, so it looks slightly dicey at this point of time. It is important to mention here that right from the inception of this up rally from the bottom of 15183, it is for the first time that today’s price movement indicated some sort of a fatigue but it was not apparent, but to strengthen the up move from here it has to move above 17490.70 levels and sustain and hold on to the level of 17387.15 & 17382 on the closing basis while moving down, else it may correct again and this time correction could be severe one. Therefore it seems that the next week could be a make or break week for it. As of now it is on a strong technical footing therefore, it is likely to continue the up move with intermittent correction which please note. Moving up from here its key resistance points would be at 17400---17490.70---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 also and then may resume the up move again. Similarly moving down its key support points would be at 17387.15---17382---17354.05---17298---17242.44(this figure will scale up if it moves above 17490.70) ----17172.80----17158.25----17120---16894. Please note that, sustained break below this range 17387.15---17382--17354.05 on the closing basis will make a big dent in the on-going up move and if it do not bounce back above 17400 again in a shortest time and sustain then this rally may end for good also which please note, sustained break below 17242.44 will push it into very short correction mode, sustained break below 17120 may weaken it further and finally break below 16946.18 may accelerate the fall.

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 which is very positive sign. It seems that it may have completed the correction but today’s price movement was slightly dicey, so be alert and cautious. In view of the above paragraph it is suggested to avoid long trade below 17382 for safe traders but highly aggressive traders can still try long trade near or within its second and last support range of 17242.44---17172.80---17158.25---17120 ,but it could prove risky which please note. Last but not least that it is was a buy on dip market till yesterday  but after today’s dicey price pattern don’t rush to buy on dip instead watch it for a day or two and then take a buying call.

In view of the above observation for safe traders long trade can be tried if it moves above 17400 and maintains for some time with a stop loss of 17340 or can try buy on decline but not below 17382 with a stop loss of 17335. However, aggressive traders can also try buy on decline near or within the range of 17242.44---17172.80---17158.25---17120 but not below it with a stop loss 17075. Please note that long trade below 17382 could be a risky bet 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 17490 with a stop loss of 17530 or sell if it moves below 17340 with a stop loss of 17410. 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—5.8.2022

 

CNX-BANK NIFTY

Open—38111.05---High—38231.85---Low—37249.50---Close—37755.55 on 4.8.2022.

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:37988.60/38112.75/38134/38377.35/38426.65/38765.55/38855.55/39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened with an up gap and went up further but could not sustain at the upper levels and plunged down sharply and ended the day with a loss of 233.70 points. After yesterdays mild correction it sharply corrected today but holding on to its important range of 37763.80 (this figure will scale up if it crosses its today’s high of 38231.85) ---37754.65----37594.15---37491, and as long as it holds this range chances of resuming the up move will be alive else correction may deepen. The correction may last for one or two or few more days but close above 38024 may indicate that the correction may be over and it may resume the up move again or it will give visible sign of correction completion on the downside also. It is on a good technical footing now therefore, it is likely to resume the up move once the correction is over which please note. Moving up from here the key resistance points would be at 37764---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 as it corrected today and then may resume the up move again after correction. Similarly moving down its key support points would be at-37754.65----37594.15---37491---36993---36830. Please note that as it has closed below its threshold point of 37763.80 for very short term correction mode, therefore technically it has slipped into correction mode, break below 37491 may weaken it further and sustained break below 36830 may accelerate the fall, which may please be noted. It is therefore suggested to avoid long trade if it closes below 37491 and can initiate long trade again once it bounces back above 37764, but close above 38024 will indicate that the correction may be over.

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 which is a positive sign. It is in correction mode now but as long as it holds the range of 37763.80---37754.65---37724---37594.15---37491 on the closing basis chance of up move will remain alive but sustained break below this range could jeopardize the on-going up rally which may please be noted. It is important to mention here that if it has the desired strength for the up move to continue then it should not break 36738.95 levels on the downside on the closing basis in even 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 closes above 38024 or  can buy on decline near or within the range of 37763.80---37754.65---37594.15---37491 but not below it with a stop loss 37450. But aggressive traders can also try long trade if it moves above 38024 and maintain for some time with a stop loss of 37740. Although it is in the uptrend but in correction mode now therefore 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 38231 if it does not move above it in first hour of trade with a stop loss of 38350  or sell if it moves below 37450 with a stop loss of 37610. 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—5.8.2022

 

CNX-NIFTY

 Open—17463.10--High—17490.70—Low—17161.25---Close-17382 on 4.8.2022.

Support:17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                 

Resistance: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 and went up further but could not sustain and plunged down sharply in the midsession breaking its critical points of 17387.15 & 17354.05 but it took support at its second and last strong support range of 17242.44---17172.80---17158.25---17140 and bounced back and eventually in last half hour it moved up sharply and closed above its first critical point of 17354.05 with a meager loss of 6.15 points. It exhibited both side volatility today but finally corrected after 6 days of straight rise but very mildly, volatility is not good for the market, therefore the correction may last for one or two or few more days but close above 17389 may indicate that the correction may be over and it may resume the up move again or it will give visible sign of correction completion on the downside also. It is on a strong technical footing now therefore, it is likely to resume the up move once the correction is over which please note. Moving up from here its key resistance points would be at 17387.15---17490.70---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 also as it corrected today and then may resume the up move again. Please note that to pick up strong up momentum it has to close above its both the critical points of 17354.05 &17387.15 and sustain else it could be a dicey situation. Similarly moving down its key support points would be at 17354.05---17298---17242.44(this figure will scale up if it moves above 17490.70) ----17172.80----17158.25----17130---16894. Please note that, sustained break below 17354.05 could be a warning sign, sustained break below 17242.44 may push it into very short correction mode, sustained break below 17125 may weaken it further and finally break below 16946.18 may accelerate the fall. It is therefore suggested to avoid long trade below 17125 and can be tried once it bounce back above 17244 by the aggressive traders but safe traders should only try once it closes above 17389.

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 which is very positive sign. As expected it corrected very mildly today and closed below its second critical and important point of 17387.15 but it is holding on to its second and last support range of 17242.44---17172.80---17158.25---17130 and as long as it holds this range chance of up move will remain alive but sustained break below this range could jeopardize the on-going up rally which may please be noted. Please note that 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 17389 and maintains for some time with a stop loss of 17320 or can try buy on decline near or within the range of 17242.44---17172.80---17158.25---17125 but not below it with a stop loss 17080. 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 17650---17710 with a stop loss of 17770 or sell near 17490 if it does not move above it in first hour of trade with a stop loss of 17550 or sell if it moves below 17125 with a stop loss of 17244. 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—4.8.2022

 

 CNX-BANK NIFTY

Open—37954.55---High—38068---Low—37692.95---Close—37989.25 on 3.8.2022.

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 moved above yesterday close but could not hold on above it and finally closed with a meager loss of 34.75 points. As anticipated it corrected very mildly today  and the correction may last one or two days more. However, it is showing good strength and therefore, it is likely to continue the uptrend after correction is over. Moving up from here the key resistance points would be at 36993---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 as it corrected today and then may resume the up move again after correction. 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. 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 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---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 long trade can be tried if it moves above 38069 and maintains for some time with a stop loss of 37950 or can buy on decline near or within the range of 37754.65---37724---37594.15---37491 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 38450---38550 with a stop loss of 38650 or sell if it moves below 37450 with a stop loss of 37610. 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—4.8.2022

 

CNX-NIFTY

 Open—17349.25--High—17407.50—Low—17225.85---Close-17388.15 on 3.8.2022.

Support:17387.15/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                

Resistance: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 flat to positive note and went up further and then sharply moved down but finally closed with a gain 42.70 of points. It closed above its critical & important points of 17354.05 &17387.15 today which is a hugely positive sign and if it holds these points on the closing basis it will pick up strong up momentum. It is important to mention here that it has been rising vertically for last 6 days in a row so it is vulnerable for correction also and it may creep in anytime which may please be noted. But it is exhibiting robust strength therefore up move is likely to continue with intermittent down correction provided it holds the key points. Moving up from here its key resistance points would be at 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. Similarly moving down its key support points would be at 17387.15---17354.05---17298---17225----17172.80---17179.90(this figure will scale up if it moves above 17407.50) 17158.25----17140---16894. Please note that, sustained break below 17387.15 & 17354.05 would be a warning sign, break below 17179.90 may push it into short correction and break below 16882.60 may deepen the correction. It is suggested to avoid long trade if it closes below 17354.05 and can initiate long trade again once it bounces back above 17387.15.

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 which is very positive sign. Since it crossed its critical and important points of 17354.05 &17387.15, therefore as long as it holds these points it is expected to show strength and the up move is likely to continue with in between down correction. The second and last strong support range is between 17179.90---17172.80---17158.25---17140 and sustained break below this range could jeopardize the on-going up rally which may please be noted. 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 17408 and maintains for some time with a stop loss of 17320 it is suggested to avoid buy on decline for the day. But aggressive traders can also try buy on decline near or within the range of 17179.90---17172.80---17158.25---17140 but not below it with a stop loss 17100. Please note that long trade below 17354.05 could be a risky bet 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 17550---17570 with a stop loss of 17630 or sell if it moves below 17140 with a stop loss of 17244. 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.