A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—1.9.2022

 

CNX-BANK NIFTY

Open-38516.95-High-39606.55-Low-38472.70-Close-39536.75 on 30.8.2022.

Support: 39424.85/39197/39117.15/38855.55/38765.55/38377.35/38426.65/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:39546.50/39656.15/39895/40160.20/41367.25/41829.60.

 (Bold and underlined figures are most important)

After yesterday’s sharp fall it rallied in an unprecedented manner today and ended the day near the high of the day with a whopping gain of 1260.05 points, this type of move I have not witnessed in recent years, please note that one day sharp fall and the very next day robust rise this type of volatility is concerning and not good for a steady market,. But the fact remains that after making lower top and bottom recently on the line and bar chart it has crossed its recent tops on the line and bar chart both but yet to make higher bottom, it has also bounced back above its all short term moving averages, it exhibited extra ordinary strength today, therefore it seems that today’s rally may have reversed the downtrend, however it has to be watched over the next 2-3 trading session for the confirmation of the reversal because these types of moves  may fizzle out fast also as it had happened in the past too, therefore confirmation is a must. Please note that to continue the strong up momentum it has to move above its critical and most important resistance point of 39546.50---39656.15---39759.15---39895---40160.20---41367.65—41829.60, if it moves above 39895 and sustain on the closing basis then it could retest it’s all time high of 41829.60 or may go beyond it also else it could drift down again. Similarly moving down it will have strong support points at 39536.75---39396---39214.15---39166—38796---38134---37943.85---37755.55, break below 39166 will push it into short term correction mode again and break below 38796 will weaken it further and break below 37943.85 may accelerate the fall which may please be noted.

The technical setup has improved with today’s sharp up move but it has to be watched over for the next 2-3 trading session whether this up move will sustain or not, because almost all important technical indicators except for one are still showing distinct weakness on the daily chart, therefore if these indicators do not turn positive shortly then weakness in indicators may still come into play and can drag it down. Please note that the indicators can turn positive only if the sharp up move continues for few days. It is important to mention here that a vertical rise may have a vertical fall too and vice a versa as it happened in last two days, so be watchful.

In view of the above observation, long trade can be tried if it moves above 39607 and maintain for some time with a stop loss of 39440 or can buy on decline near or within the range of 38860---38650 with a stop loss of 38460. It is suggested to avoid long trade on decline for the day. Although it seems that downtrend is reversed but confirmation is awaited therefore short trade can also be tried after reasonable rise or on price breakdown for intraday corrective gain. Sell on the rise near or within the range of 40150---40250 with a stop loss of 40400 or sell if it moves below 39440 with a stop loss of 39607. Please note that looking at today move sell on the price breakdown would be a relatively safe trade but aggressive traders can try both. The short term trend is positive now, medium and long term trend still looks o.k. as of now. However in light of today’s move be alert and cautious in next 2-3 trading sessions.

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 favourable 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—30.8.2022

 

CNX-NIFTY

 Open-17188.65-High-17380-Low-17166.20-Close-17312.90 on 29.8.2022.

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

Resistance:17354.05/17387.15/17490.70/17639.50/17794/17797/17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with a huge down gap then recovered to some extent and finally ended the day with a loss of 246 points. The pullback rally broke down today and it closed below its critical support range of 17388.15---17387.15---17382--17354.05---17329.32 which is highly concerning, as it closed below 17329.32 therefore it has slipped into deep correction mode and if it does not bounce back above the entire range in next 3-4 trading session and sustain on the closing basis then the fall may continue with in between short relief rallies. Moving down its last major and long term support range would be between 17085---16605(figure may change every day), it may bounce back near or within the range may be few times but technical indicators as of now suggest that eventually it is going to break this range in coming days/weeks. Please note that sustained break below 17085 will weaken it further and sustained break below 16605 on the closing basis will may potentially threaten the long term uptrend and the fall will accelerate which may please be noted. Similarly moving up it will face stiff resistance at 17354.05---17387.15---17446.35---17481.73---17512.47---17579.20---17594.27---17604.95---17676.67---17797.20---17827, sustained close above 17387.15 on the closing basis will give a ray of hope that it may move up further and close above 17604.95 will strengthen it further else down move will continue.

The technical setup has got a jolt with today’s fall and the uptrend seems to be in jeopardy now, furthermore after making, higher top & bottom on the line and the bar chart for a long time it has made a lower top and lower bottom on the line & bar chart for the first time which is highly concerning, it is also below its short term moving averages on the daily chart is also a bad indication. Please note that together with the above weak parameters the most important factor is that almost all important technical indicators are showing distinct weakness on the daily chart, therefore if it does not bounce back sharply in next 3-4 trading session and move above its critical points then the further fall from here looks inevitable and it may go down sharply with in between short relief rallies. It seems that it has changed track now and from buy on dip market it is now sell on the rise market till it signals otherwise which please note.

In view of the above observation, since it slipped into deep corrective mode therefore long trade should be avoided now and short trade strategy should be adopted till it gives visible sign of reversing the trend. Therefore it is suggested to sell on the rise near or within the range of 17387----17420 with a stop loss of 17440 or sell near 17380 if it does not move above it in first hour of trade with a stop loss of 17440 or sell if it remains below 17345.20 or moves below 17280 with a stop loss of 17395 & 17355. However highly aggressive traders can try long trade at appropriate point for pullback gains with self defined stop losses but please note that pullback rallies are treacherous in nature and can end abruptly also therefore can trap the trader unaware, so please be cautious in the long trade. The short term trend is in corrective mode and it is into deep correction now, medium and long term trend still looks o.k. as of now, but since it is into deep 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—30.8.2022

 

CNX-BANK NIFTY

Open-38111.60-High-38397.10-Low-37943.85-Close-38276.70on 29.8.2022.

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 huge down gap then mildly recovered and finally ended the day with a colossal loss of 710.45 points. The pullback rally broke down today and  as it closed below its threshold point of 38796 it slipped into medium term correction mode which is concerning. Moving down its next support range would be 38134---37996.56---37755.55---37754.65----37594.15---37491 break below this may weaken it further, please note that its last critical and long term support range would be between 36609---35730--- (figure may change every day) ---35585.20---35481.20, it may bounce back near or within the range may be few times but technical indicators as of now suggest that eventually it is going to break this range in coming days/weeks. Please note that sustained break below 36609 will weaken it further and sustained break below 35481.20 on the closing basis may potentially threaten the long term uptrend and the fall will accelerate which may please be noted. Similarly moving up it will face stiff resistance at 38372---38556---38637----38708---38768---38851---38960----38987.15, sustained close above 38372 on the closing basis will give a ray of hope that it may move up further and close above 38987.15 will strengthen it further else down move will continue.

The technical setup has got a jolt with today’s fall and the uptrend seems to be in jeopardy now, furthermore after making, higher top & bottom on the line and the bar chart for a long time it has made a lower top and lower bottom on the line & bar chart for the first time which is highly concerning, it is also below its short term moving averages on the daily chart is also a bad indication. Please note that together with the above weak parameters the most important factor is that almost all except for one important technical indicators are showing distinct weakness on the daily chart, therefore if it does not bounce back sharply in next 3-4 trading session and move above its critical points then the further fall from here looks inevitable and it may go down sharply with in between short relief rallies. It seems that it has changed track now and from buy on dip market it is now sell on the rise market till it signals otherwise which please note.

In view of the above observation, since it slipped into medium term corrective mode therefore long trade should be avoided now and short trade strategy should be adopted till it gives visible sign of reversing the trend. Therefore it is suggested to sell on the rise near or within the range of 38650----38700 with a stop loss of 38800 or sell near 38397 if it does not move above it in first hour of trade with a stop loss of 38500 or sell if it moves below 38111 and then below 37943 with a stop loss of 38300 & 38125 respectively. However highly aggressive traders can try long trade at appropriate point for pullback gains with self defined stop losses but please note that pullback rallies are treacherous in nature and can end abruptly also therefore can trap the trader unaware, so please be cautious in the long trade. The short term trend is in corrective mode and it is into deep correction now, medium and long term trend still looks o.k. as of now, but since it is into deep 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 favourable 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—29.8.2022

 

CNX-NIFTY

 Open-17619.30-High-17685.85-Low-17519.35-Close-17558.90 on 26.8.2022.

Support:17490.70/17387.15/17382/17354.05/17345/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

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 on a positive note and went up further but could not sustain at the higher level and drifted down but finally ended the day with a meager gain of 36.45 points. It is still in corrective mode and the pullback rally is on, so going up it can possibly exhaust at these points 17668.70---17745---17839---17862 or earlier also, please note that it moved within the range in last 2-3 days but retreated back, therefore it seems that pullback rally is losing steam, but it is  down now and not out of the  race for resumption of the uptrend as yet because most importantly a close below 17522.45 & 17490.70 as of now will only confirm the end of the pullback rally and then it may start a steady down move. Please note that to resume the strong uptrend again first it has to move above its major down trend line which is placed at 17780(this figure will scale down every day) for the day and then move above its critical resistance points of 17920---17957 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 17522.45---17490.70---17387.15---17382---17354.05---17329.32---17298---17172.80----17158.25----17100. Please note that it is already into very short correction mode as it is below its threshold point of 17796, it is also below its next key support level of 17625.59 which has weaken it further, break below 17522.45& 17490.70 on the closing basis will signal the end of the pullback rally, sustained break below the range of 17388.15---17387.15---17382--17354.05---17345.20---17329.32 on the closing basis may deepen the fall and jeopardize the medium and long term uptrend and finally sustained break below 17090 may accelerate the fall.   

The overall technical setup is still o.k. , but after making, higher top & bottom on the line and the bar chart for a long time it has made a lower top on the line chart  which is concerning, it will signal break down of the pullback rally once it establish lower bottom by closing below 17522.45 & 17490.70 so watch out. Furthermore almost all except for one important technical indicators are showing distinct weakness on the daily chart, it is also below some of its short term moving averages which is a bad indication, therefore if it does not bounce back sharply in shortest possible time and move above its critical points then the fall looks inevitable and it may go down sharply with in between short relief rallies. Therefore it is suggested to avoid long trade till it moves above the down trend line and then its recent top of 17604.95(on the line chart) & 17956.50 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 seems to be 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   17957 and then hold 17920 avoid buy on decline for the day. However highly aggressive traders can try long trade if it moves above 17605 and maintain for some time with a stop loss of 17510 or can buy on decline at appropriate points or near or within the range of 17522.45---17490.70---17387.15---17382---17354.05---17329.32 but not below it with a stop loss of 17290. Please note that long trade below 17522.45&17490.70 could be a highly risky bet for the day, therefore I would suggest avoiding long trade on decline for the day. Although it is in long term uptrend as of now but into corrective mode 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---17680 but not above it with a stop loss of 17730 or sell if it moves below 17522 & 17490 with a stop loss of 17615. 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 trend 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—29.8.2022

 

CNX-BANK NIFTY

Open-39129.65-High-39337.10-Low-38846.80-Close-38987.15on 26.8.2022.

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 on a positive note and went up further but could not sustain at the higher level and drifted down but finally ended the day with a meager gain of 36.40 points. It is still in corrective mode and the pullback rally is on, so going up it can possibly exhaust at these points 39068---39332--39398 or earlier also, please note that sometimes it moved beyond the range also in last 2-3 days but retreated back, therefore it seems that the pullback rally is losing steam but it is  down now and not out of race for resumption of the uptrend again as yet because most importantly a close below 38950.75 and then 38297.75 as of now will only confirm the end of the pullback rally and then it may start a steady down 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, but looking at last 2-3 days price movement it looks fatigued therefore resumption of uptrend seems less likely. Moving down its key support points would be at Moving down its key support points would be at 38950.75--- 38930.66----38844---38297.75---38134---37996.56---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that it is already into very short correction mode as it is below its threshold point of 39166.87, sustained break below 38950.75 &38297.75 on the closing basis may end this pullback rally for good, sustained break below the range of 37996.56---37755.55---37754.65----37594.15---37491 on the closing basis may deepen the fall and jeopardize the medium and long term uptrend and finally sustained break below 36600 may accelerate the fall.   

 The overall technical setup is still o.k. , but after making, higher top & bottom on the line and the bar chart for a long time it has made a lower top on the line chart today which is concerning, it will signal break down of the pullback rally once it establish lower bottom by closing below 38950.75 & 38297.75 so watch out. Furthermore almost all except for one important technical indicators are showing distinct weakness on the daily chart, it is also below some of its short term moving averages which is a bad indication, therefore if it does not bounce back sharply in shortest possible time and move above its critical points then the fall looks inevitable and it may go down sharply with in between short relief rallies. Therefore it is suggested to avoid long trade till it moves above its recent top of 39038.50(on the line chart) and then above 39656.15 and finally 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 seems to be 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 moves above 39039 and maintain for some time with a stop loss of 38820 or can buy if it holds 38950.75 for some times but not below it with a stop loss of 38800. Please note that long trade below 38950.75 could be a highly risky bet for the day, therefore I would suggest avoiding long trade on decline for the day. Although it is in the long term uptrend as of now but into corrective mode 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 39380---39425 but not above it with a stop loss of 39500 or sell if it moves below 38950 and then below 38297 with a stop loss of 39120 & 38500 respectively. 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 favourable 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.