A TECHNICAL VIEW ON CNX-NIFTY FOR—16.8.2022

 

CNX-NIFTY

 Open—17659.65--High—17724.65—Low—17597.85---Close-17698.20 on 12.8.2022.

Support:17639.50/17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.      

Resistance:17724.65/17794.60/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened on a flat to positive note and went up further and finally ended the day near the high of the day with a gain of 39.65 points. Please note that the gap it created on 11.8.2022 is still there and if it makes an effort to fill the gap in next 2-3 trading session which is technically possible then it can come down to 17566 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede. It is exhibiting good strength but it will face stiff resistance for the day from its major down trend line at 17777—800(figure will scale down every day), sustained breakout above the down trend line will open up the big upside range, but if it fails to give upside breakout then the rally may possibly end and down slide may start. It is therefore suggested to consider the down trend line range as benchmark range for the long trade at this point of time. It is on a strong technical footing therefore, it is likely to continue the up move with intermittent down correction. 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 17421(this figure will scale up if it moves above 17724.65) ---17387.15---17382---17354.05---17298---17172.80----17158.25----17120. Please note that break below 17421 will push it into very short correction mode, sustained break below the range of 17388.15---17387.15---17382--17354.05 on the closing basis may jeopardize the on-going uptrend, sustained break below 17124.90 may deepen the correction and finally break below 17100 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 it is suggested to avoid long trade below 17382. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above 17725 and maintains for some time with a stop loss of 17670 or can try buy on decline  at appropriate points or near 17382 but not below it  with a stop loss of 17340. 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 17777---17800 but not above it with a stop loss of 17860 or sell if it moves below 17340 with a stop loss of 17425. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of 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. 

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—16.8.2022

 

 CNX-BANK NIFTY

Open—38942.45---High—39088.90---Low—38739.95---Close—39042.30 on 12.8.2022.

Support:38855.55/38765.55/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70.

 

Resistance:39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened with a small up gap which was filled during the day and went up further and finally ended the day near the high of the day with a gain of 162.45 points. Please note that the gap it created on 11.8.2022 is still there and if it makes an effort to fill the gap in next 2-3 trading session which is technically possible then it can come down to 38402 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede. It is exhibiting robust strength and on a very strong technical footing therefore, it is likely to continue the up move with intermittent down correction. Moving up from here the key resistance points would be at 39424.85---39547---39895---40160.20---41367.25—41829.60 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. Please note that if it moves above 39895 and sustain on the closing basis then it could retest its all time high of 41829.60 or may go beyond it also, so moving up 39895 would be the most critical resistance point. Similarly moving down its key support points would be at 38418.60(this figure will scale up if it crosses its today’s high of 39088.90) ---38134---37755.55---37754.65----37594.15---37491---37484---36993---36830---36640. Please note that break below 38418.60 could push it into very short correction mode, sustained break below the range of 37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend; sustained break below 37484.49 may deepen the correction further.

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 up move is likely to continue with in between down 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 38418 but highly aggressive traders can still try long trade near or within its second and last support range of 37755.55---37754.65----37594.15---37491—37484.50 ,but it may prove risky below 37755.55 & 37754.65 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  39090 and maintain for some time with a stop loss of 38820 or can buy on decline  at appropriate points or near 38418 but not below it with a stop loss of 38200. But aggressive traders can also try buy on decline near 37755.55---37754.65 but not below it with a stop loss 37470. Please note that long trade below 38418 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 or within the range of 39450--39500 with a short stop loss of 39650 or sell if it moves below 38200 with a stop loss of 38450. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of 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.

 

 

 

TECHNICAL VIEW ON CNX-BANK NIFTY FOR—12.8.2022

 

 CNX-BANK NIFTY

Open—38712.95---High—38932.10---Low—38648.90---Close—38879.85 on 11.8.2022.

Support:38855.55/38765.55/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70.

 

Resistance:39117.15/39197/39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened with a huge up gap and went up further and finally ended the day with a robust gain of 592 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in next 3-4 trading session which is technically possible then it can come down to 38402 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede. It is exhibiting good strength and on a strong technical footing therefore, it is likely to continue the up move with intermittent down correction. Moving up from here the key resistance points would be at 39424.85---39547---39895---40160.20---41367.25—41829.60 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. Please note that if it moves above 39895 and sustain on the closing basis then it could retest its all time high of 41829.60 or may go beyond it also, so moving up 39895 is the most critical resistance point. Similarly moving down its key support points would be at 38298.79(this figure will scale up if it crosses its today’s high of 38932.10) ---38134---37755.55---37754.65----37594.15---37491---37364---36993---36830. Please note that break below 38298.79 could push it into very short correction mode, sustained break below the range of 37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend; sustained break below 37364 may deepen the correction further.

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 up move is likely to continue with in between down 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 38298 but highly aggressive traders can still try long trade near or within its second and last support range of 37755.55---37754.65----37594.15---37491 ,but it may prove risky below 37755.55 & 37754.65 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  38933 and maintain for some time with a stop loss of 38640 or can buy on decline  at appropriate points or near 38298 but not below it with a stop loss of 38100. But aggressive traders can also try buy on decline near 37755.55---37754.65 but not below it with a stop loss 37480. Please note that long trade below 38298 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 or within the range of 39200--39300 with a short stop loss of 39450 or sell if it moves below 38100 with a stop loss of 38300. 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—12.8.2022

 

CNX-NIFTY

 Open—17711.65--High—17719.30—Low—17631.95---Close-17659 on 11.8.2022.

Support:17639.50/17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.      

Resistance:17794.60/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a decent gain of 124.25 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in next 3-4 trading session which is technically possible then it can come down to 17566 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede. It is exhibiting good strength but it will face stiff resistance for the day from its rising channel at 17705(it will scale up every day) and from its major down trend line at 17785—805(figure will scale down every day), sustained breakout above the down trend line will open up the big upside range which please note. It is on a strong technical footing therefore, it is likely to continue the up move with intermittent down correction. 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 17417.83(this figure will scale up if it moves above 17719.30) ---17387.15---17382---17354.05---17298---17172.80----17158.25----17120. Please note that break below 17417.83 will push it into very short correction mode, sustained break below the range of 17388.15---17387.15---17382--17354.05 on the closing basis may jeopardize the on-going uptrend, sustained break below 17120 may deepen the correction  and finally break below 17100 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 it is suggested to avoid long trade below 17382. 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 17719 and maintains for some time with a stop loss of 17625 or can try buy on decline  at appropriate points or near 17382 but not below it  with a stop loss of 17340. However, aggressive traders can also try long trade if it maintains above 17659 for some time with a stop loss 17600. 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 17760---17785 with a stop loss of 17840 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, medium and long term trend is positive as of 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. 

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—11.8.2022

 

 CNX-BANK NIFTY

Open—38298.35---High—38402.95---Low—38155.30---Close—38287.85 on 10.8.2022.

Support:38231.85/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55. 

Resistance: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 closed with a meager gain of 50.45 points. It is still above its key point of 38231.85 which is a positive sign and should provide it good strength for the up move to continue if it holds it during the week, but moving up it will face very stiff resistance for the day in the range of 38630--650(range will scale up every day) breakout and close above it may smoothen the up rally. Similarly break below 38231.85 could push it little down but as long as it holds the range of 37894.52---37755.55---37754.65---37594.15—37491.40 there will be no major 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 the key resistance points would be at 38765.85---39424.85---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 38231.85---38134---37894.52(this figure will scale up if it crosses its today’s high of 38402.95) ---37755.55---37754.65----37594.15---37491---36993---36830. Please note that break below 38231.85 may drag it slightly down, sustained break below 37894.52 could push it into very short correction mode, sustained break below the range of 37755.55---37754.65----37594.15---37491 on the closing basis will make a big dent in the on-going up move, sustained break below 36960.42 may deepen the correction further and finally break below 36670 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 up move is likely to continue with in between down 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 37755 but highly aggressive traders can still try long trade near or within its second and last support range of 37755.55---37754.65----37594.15---37491 ,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 long trade can only be tried if it holds 38231 or if it moves above 38403 and maintain for some time with a stop loss of 38150 or can buy on decline  at appropriate points or near 37895 but not below it with a stop loss of 37700. But aggressive traders can also try buy on decline near or within the range of 37755.55---37754.65---37594.15---37491 but not below it with a stop loss 37450. Please note that long trade below 37895 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 or within the range of 38630--38670 with a short stop loss of 38770 or sell if it moves below 37700 with a short stop loss of 37800. 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—11.8.2022

 

CNX-NIFTY

 Open—17566.10--High—17566.10—Low—17442.80---Close-17534.75 on 10.8.2022.

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 with a small up gap and moved in a range and finally ended the day with a meager gain of 9.65 points. It is still above its key point of 17490.70 which is positive sign and should provide it good strength for the up move to continue if it holds it during the week, but moving up it will face very stiff resistance for the day in the range of 17620—640(range will scale up every day) breakout and close above it may smooth en the up rally. Similarly  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---17300.05(this figure will scale up if it moves above 17566.10) ----17172.80----17158.25----17003. 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 for the on-going up move, sustained break below 17300.05 will push it into very short correction mode, sustained break below 17110 may weaken it further and finally break below 17003.78 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 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 17566 and maintains for some time with a stop loss of 17470 or can try buy on decline  at appropriate points or near 17382 but not below it  with a stop loss of 17290. However, aggressive traders can also try buy on decline near or within the range of 17172.80---17158.25---17110 but not below it with a stop loss 17060. 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 17640---17660 with a stop loss of 17720 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—10.8.2022

 

 CNX-BANK NIFTY

Open—37847.35---High—38302.35---Low—37681.45---Close—38237.40 on 5.8.2022.

Support:38231.85/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.7035327.90/35081/35016.30/34817.50/34650.95/34528/34327/34287/34233/34018.85/33908.95/33273.95/33080.45/33001/32842.30/32652.15/32415.25/32290.55/32155.35/32115.05/31906.55.

 

Resistance: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 consolidated and then steadily moved up and closed with a decent gain of 316.80 points. It seems that the correction may be over as it closed above its key point of 38024 & 38231.85 which is a very positive sign and should provide it good strength for the up move if it holds it during the week. Please note that break below 38231.85 could push it little down but as long as it holds the range of 37817.67---37755.55---37754.65---37594.15—37491.40 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 the key resistance points would be at 38765.85---39424.85---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 38231.85---38134---37817.67(this figure will scale up if it crosses its today’s high of 38302.35) ---37755.55---37754.65----37594.15---37491---36993---36830. Please note that break below 38231.85 may drag it slightly down, sustained break below 37817.67 could push it into very short correction mode, sustained break below the range of 37755.55---37754.65----37594.15---37491 on the closing basis will make a big dent in the on-going up move, sustained break below 36883.57 may deepen the correction further and finally break below 36679 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 up move is likely to continue with in between down 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 37755 but highly aggressive traders can still try long trade near or within its second and last support range of 37755.55---37754.65----37594.15---37491 ,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 long trade can only be tried if it holds 38231 or if it moves above 38303 and maintain for some time with a stop loss of 38000 or can buy on decline  at appropriate points or near 37755 but not below it with a stop loss of 37650. But aggressive traders can also try buy on decline near or within the range of 37755.55---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 or within the range of 38750--38800 with a short stop loss of 38875 or sell if it moves below 37650 with a stop loss of 37830. 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.