A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—24.8.2022

 

CNX-BANK NIFTY

Open-37955.45-High-38869.90-Low-37950.85-Close-38697.65 on 23.8.2022.

Support: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: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 a big down gap today and then recovered and after 2 days of good fall it bounced back today from near its critical support range of 37996.56---37755.55---37754.65  and closed with a good gain of 399.90 points. It is in corrective mode and today’s rise was just a pullback up move which can exhaust at these points 38855---39069---39332--39398 or earlier also and most importantly close below 38297.75 will confirm the end of the pullback up move. Please note that to resume the strong uptrend again it has to move above its  critical resistance points of 39547—39656.15--- 39759.15---39895 and sustain on the closing basis then it may be back on the up track again, else down move will continue with intermittent relief rallies. Moving down its key support points would be at Moving down its key support points would be at 38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it already into very short correction mode as it is below its threshold point of 39166.87, it is also below its next key support level of 38930.66 which has weaken it further, sustained break below the range of 37996.56---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and finally sustained break below 36600 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back sharply and move above its critical points in a shortest possible time then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves its recent top of 39656.15(on the line chart) and then above its last critical point of 39895 on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold for safe traders till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   39895 and sustain avoid buy on decline for the day. However highly aggressive traders can try long trade if it maintain above today’s close of 38697.65 for some time with a stop loss of 38540 or can buy on decline at appropriate points or near 37755.55---37754.65   but not below it with a stop loss of 37600. But I would suggest avoiding long trade on decline for the day. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 39200---39350 but not above it with a stop loss of 39450 or sell if it moves below 39297 with a stop loss of 39500. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—23.8.2022

 

CNX-NIFTY

 Open-17682.90.15-High-17690.05-Low-17467.35-Close-17490.70 on 22.8.2022.

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:17639.50/17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with a small down gap today after key upward reversal on 19.8.2022 and went down sharply and finally ended the day with a loss of 267.75 points. Please note that if it fails to bounce back above its major down trend line which is placed at 17800(this figure will scale down every day) for the day and then move above its critical resistance points of 17920---17957 in a shortest possible time on the closing basis then it may be construed that the uptrend may be over for good for some time and it may drift down with intermittent relief rallies. Moving down its key support points would be at 17387.15---17382---17354.05---17329.32---17298---17172.80----17158.25----17100. Please note that it already into very short correction mode as it is below its threshold point of 17796, it also went down below its next key support level of 17625.59 today which will weaken it further, sustained break below the range of 17388.15---17387.15---17382--17354.05---17329.32 on the closing basis may jeopardize the on-going uptrend and finally break below 17095 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back sharply in shortest possible time then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves above the down trend line and its recent top of 17956.50(on the line chart) on the closing basis and then hold its critical point of 17920 on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   17957 and then hold 17920 avoid buy on decline for the day. However highly aggressive traders can try long trade on decline at appropriate points or near or within the range of 17387.15---17382---17354.05---17329.32 but not below it with a stop loss of 17280. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 17650---17710 but not above it with a stop loss of 17765 or sell if it moves below 17465 with a stop loss of 17565. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—23.8.2022

 

CNX-BANK NIFTY

Open-38693.65-High-38732.85-Low-38247.25-Close-38297.75 on 22.8.2022.

Support: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: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 a down gap today after key upward reversal on 19.8.2022 and went down further and finally ended the day with a loss of 700 points. Please note that if it fails to bounce back above its critical resistance points of 39547—39656.15--- 39759.15---39895  in a shortest possible time on the closing basis then it may be construed that the uptrend may be over for good for some time and it may drift down with intermittent relief rallies. Moving down its key support points would be at 38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it already into very short correction mode as it is below its threshold point of 39166.87, it also went down below it next key support level of  38930.66 today which will weaken it further, sustained break below 37996.56 will deepen the correction, sustained break below the range of 37756.24---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and finally break below 36600 may accelerate the fall.   

The overall technical setup is still o.k. despite last two days fall, because it is still making, higher top & bottom on the line and the bar chart which is a positive sign. But almost all except for one important technical indicators are showing distinct weakness on the daily chart, furthermore it has also gone below some of its short term moving averages which is also concerning, therefore if it does not bounce back above it critical points in a shortest possible time then the fall looks inevitable and it may go down sharply with in between short pullbacks. Therefore it is suggested to avoid long trade till it moves above its last critical resistance point of 39895 and sustain on the closing basis. Please note that after the key upward reversal on 19.8.2022 the on-going uptrend is in potential danger, therefore buy on dip strategy should be put on hold till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above 39656.15 or 39895 and avoid buy on decline for the day. However highly aggressive traders can try long trade on decline at appropriate points or near 37755.55---37754.65 but not below it with a stop loss of 37600. Although it is in the uptrend but into corrective mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for corrective gains. Sell on the rise near or within the range of 38575---38675 but not above it with a stop loss of 38790 or sell if it moves below 38247 with a stop loss of 38450. Please note that long trade could be a risky affair for the day as it is in a corrective mode but short trade may not be that risky bet now therefore worth trying at this juncture. The short term is in corrective mode, medium and long term trend is still positive as of now, but since it is into corrective mode therefore it has to be seen how correction culminates.

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—22.8.2022

 

CNX-NIFTY

 Open-17966.55.15-High-17992.20-Low-17710.75-Close-17758.45 on 19.8.2022.

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:17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and crossed its previous day’s high and then gradually started moving down and finally ended the day near the low of the day with a loss of 198.05 points. As anticipated it corrected today in fact it has given copy book key upward reversal today which is highly concerning and this price pattern can put an abrupt end to the on-going uptrend and drag it down sharply if not negated in next 1-2 trading session. Kindly note that to negate this reversal and to keep the hope alive for the continuation of the uptrend it has to move above its major down trend line again and sustain on the closing basis and then to move above 17920 and sustain on the closing basis to pick up strong up momentum. It’s down trend line is placed at 17800(figure will change every day) for the day and close below 17760(figure will change every day) for the day will keep it marginally below the trend line, which would be a bad sign. However moving up its key resistance points would be at 17800---17920---18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note that market could correct from any of these points or earlier as it has corrected today but it will pick up strong up momentum only once it moves above 17920 and sustain on the closing basis else it may drift down. Similarly moving down its key support points would be at 17625.59(this figure will scale up if it moves above 17992.20) ---17387.15---17382---17354.05---17329.32---17298---17172.80----17158.25----17100. Please note that it has already slipped into very short correction mode today as it closed below its threshold point of 17796, break below 17625.59 will weaken it further, sustained break below the range of 17388.15---17387.15---17382--17354.05---17329.32 on the closing basis may jeopardize the on-going uptrend and finally break below 17100 may accelerate the fall.   

The overall technical setup still looks o.k. despite today's down move, because it is still making, higher top & bottom on the line and the bar chart which is a very positive sign. But some of the important technical indicators have show weakness on the daily chart today and most importantly today’s reversal which is highly concerning and if reversal is not negated in next 1-2 trading session then indicators weakness will come into play and it may go down sharply. Therefore it is suggested to avoid long trade till it moves above the down trend line and its recent top of 17956.50(on the line chart) on the closing basis and then hold its critical point of 17920 on the closing basis. Please note that today’s reversal has put a question mark on the on-going uptrend therefore buy on dip strategy should be put on hold till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above   17957 and avoid buy on decline for the day. However highly aggressive traders can try long trade if it move above 17800 and maintain for some time with a stop loss of 17740 or can buy on decline at appropriate points or near or within the range of 17387.15---17382---17354.05---17329.32 but not below it with a stop loss of 17280.  Although it is in the uptrend as of now but slipped into corrective mode today 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 17860---17920 but not above it with a stop loss of 17970 or sell if it moves below 17710 with a stop loss of 17810. Please note that long trade could be a risky affair for the day In light of today’s reversal short trade may not be that risky bet therefore worth trying at this juncture. The short, medium and long term trend is still positive as of now, but it has gotten into corrective mode today therefore it has to be seen how correction culminates.

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

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—22.8.2022

 

CNX-BANK NIFTY

Open-39732.65-High-39759.15-Low-38848.40-Close-38985.95 on 19.8.2022.

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 and moved little higher and then gradually started moving down and finally ended the day with a huge loss of 670.20 points. As anticipated it corrected today in fact it has given copy book key upward reversal  today  which is highly concerning and  this price pattern can put an abrupt end to the on-going uptrend and drag it down sharply if not negated in next 1-2 trading session. Kindly note that to negate this reversal and to keep the hope alive for the continuation of the uptrend it has to move above its most critical resistance points of 39547—39656.15--- 39759.15---39895 and sustain on the closing basis else the uptrend may be over for now and it may drift down. Moving down its key support points would be at  38930.66(this figure will scale up if it crosses its recent high of 39759.15)---38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it has already slipped into very short correction mode today as it closed below its threshold point of 39166.87, break below 38930.66 will weaken it further, sustained break below 37996.56 may deepen the correction, sustained break below the range of 37756.24---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and finally break below 36600 may accelerate the fall.   

The overall technical setup still looks o.k. despite today’s down move, because it is still making, higher top & bottom on the line and the bar chart which is a very positive sign. But some of the important technical indicators have show weakness on the daily chart today and most importantly today’s reversal which is highly concerning and if reversal is not negated in next 1-2 trading session then indicators weakness will come into play and it may go down sharply. Therefore it is suggested to avoid long trade till it moves above its last critical resistance point of 39895 and sustain on the closing basis. Please note that today’s reversal has put a question mark on the on-going uptrend therefore buy on dip strategy should be put on hold till clarity on the continuation of the uptrend emerges.

In view of the above observation for safe traders long trade can only be tried once it closes above 39656.15 or 39895 and avoid buy on decline for the day. However highly aggressive traders can try long trade if it move above 39050 and maintain for some time with a stop loss of 38830 or can buy on decline at appropriate points or near 37755.55---37754.65  but not below it with a stop loss of 37600 .  Although it is in the uptrend as of now but slipped into corrective mode today 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 39550--39660 but not above it with a stop loss of 39770 or sell if it moves below 39848 with a stop loss of 39080. Please note that long trade could be a risky affair for the day. In light of today’s reversal short trade may not be that risky bet therefore worth trying at this juncture. The short, medium and long term trend is still positive as of now, but it has gotten into corrective mode today therefore it has to be seen how correction culminates.

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.