A TECHNICAL VIEW ON CNX-NIFTY FOR—27.10.2022

 

CNX-NIFTY

 Open-17808.30--High—17811.50--Low-17637---Close-17656.35 on 25.10.2022.

Support: 17639.50 /17530.85/ 17490.70/17484.30/17429.70/17387.15/17354.05/17345.20/17298/17291/17140/17006/16995/ 16950/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16747.20/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 17670.95/17685/ 17759.30/17777.65/17797/17827/17860/17920/17947.55/17992.70/18096.15/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329.

 (Bold and underlined figures are most important)

It opened with an up gap but could not sustain at the upper levels and slipped down and in the process filled today’s gap and finally ended the day with a loss of 74.30 points. Please note that after seven days of rise in a row it corrected today and it made a bearish candle today but price pattern is not that weak but watch out, furthermore it has given upside breakout from its major downtrend line which is positive sign, but it has to sustain this breakout for the continuation of the up move and for that it has stay above the downtrend line which is place at 17615(figure will change every day) for the day close below 17585 will decisively push it back within the trend line which would be a weak sign. Moving up from here it will face resistance at 17685---17778---17797---17827---17920---18096.15---18114.65---18350.95---18604.45, please note that 17685---17827 & 17920 could be tough resistance points and if it moves above 17920 and sustain on the closing basis then the possibility is that it could retest its all-time high of 18604.45 or may go beyond it also, but a close above 18114.65 will almost ensure that it could retest or go beyond its all time high also, else it may retreat back. Similarly going down it will find support at 17615---17608---17560---17482----17408.75---17387---17354---17345---17298---17293---17195---17161---17137---17066---17045---16983---16950---16931---16903---16894, break below 17608 will push it into very short correction, break below 17560 may deepen correction and sustained break below the range of 17408.75---17387---17354   will weaken the up move and may accelerate the fall.

 Its overall technical setup looks o.k., furthermore all the four important technical indicators have turned positive on the daily chart, which is a very good sign and most importantly it has given upside breakout from major downtrend line. Therefore it seems that the up may continue with intermittent down correction provided it holds its downtrend line breakout and eventually its critical points of 17408.75---17387 & 17354 on the closing basis. Please note that I have time and again said that the volatility is not good for a steady up move, although technical setup, price pattern and important indicators are all good at this point of time but because of volatility it all can turn bad in just 2-3 trading session, therefore be extremely alert and cautious in the long trade now for some time.  The bias is up as of now.

In view of the above observation, for safe traders long trade can be tried if it moves above 17685 and maintain for some time with a stop loss of 17640 or can try buy on decline near 17615 & 17608 but not below it with a stop loss of 17550, however aggressive traders can also try buy on decline near or within the range of 17408.75---17387---17354 but not below it with a stop loss of 17290, please note that long trade below 17560 could be a risky affair for the day. Although, it is in up momentum but short trade can also be tried on the reasonable rise or on the price break down for intraday gains. Sell on the rise near or within the range of 17850---17880 with a stop loss of 17940 or sell if it moves below 17550 with a stop loss of 17620.  It is still in the long term uptrend.  

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-BANK NIFTY FOR—27.10.2022

 

CNX-BANK NIFTY

Open-41513.65-High-41530.65-Low-41021.45-Close-41122.75 on 25.10.2022.

Support: 40950/40881/40685.95/40453/40288.90/40160.20/ 40043/39895/39546.50/39424.85/39301.25/ 39197/39117.15//38855.55/38765.55/38437.95/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37386.35/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance: 41134/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened with an up gap but could not sustain at the upper levels and slipped down and in the process filled today’s gap and finally ended the day with a loss of 182.14 points. Please note that it made a bearish candle today but the price pattern is not that weak but watch out in any case. It is in the up momentum therefore up move is likely to continue with intermittent correction. Please note that if it manages to hold 40950 on the closing basis then it is very much likely to retest its all-time high of 41840.15 or may go beyond it also. Moving up from here it will face resistance at 41134---41350---41677.65---41829.60---41840.15---42845---43052---43317---43542---44330---44461---44592 points, it is likely to correct from any of these points and may resume the up move again. Similarly going down it may find good support at 40950----40800---40552---40288---40085----39895, it may bounce back from any of these points. But it  slipped into very short correction for its recent rise as it is below its threshold point of 41134 and sustained break below 40950 may weaken it further, sustained break below 40800 & 40552 may deepen the correction and finally break below 39895 may end the hope of retesting it all time high mark, which please note. The overall technical setup is good as of now.

The overall technical setup looks good as of now. Furthermore all the four important technical indicators are positive on the daily chart this is an extremely good sign for the continuation of the up move and retest of its all-time high, provided it manages to hold its critical point of 40950 on the closing basis. Please note that it is exhibiting volatility and I have time and again said that the volatility is not good for a steady up move, although technical setup, price pattern and indicators are all good at this point of time but because of volatility it all can turn bad in just 2-3 trading session, therefore be extremely alert and cautious in the long trade now for some time. The bias is up as of now.

In view of the above observation, for safe traders long trade can be tried if it moves above 41350 and maintain for some time with a stop loss of 41100 or can try buy on decline near 40950 but not below it with a stop loss of 40750. But aggressive traders can also try long trade on decline near 40552 with a stop loss of 40300, please note that long trade below 40950 could be a risky affair for the day. Although, it is in up momentum but short trade can also be tried on the reasonable rise or on the price break down for intraday gains. Sell on the rise near or within the range of 41650----41700 with a stop loss of 41900 or sell if it moves below 40750 with a stop loss of 41000. It is still in the long term uptrend. 

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—21.10.2022

 

CNX-NIFTY

 Open-17423.10--High—17584.15--Low-17421---Close-17563.90 on 20.10.2022.

Support: 17530.85/ 17490.70/17484.30/17429.70/17387.15/17354.05/17345.20/17298/17291/17140/17006/16995/ 16950/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16747.20/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 17639.50 17759.30/17777.65/17797/17860/17920/17947.55/17992.70/18096.15/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329.

 (Bold and underlined figures are most important)

It opened with a down gap and then went up and in the process filled today’s gap and finally ended the day with a gain of 51.70 points. Please note that it has been rising for the last five days in a row, so a correction may be round the corner  and any strait rise from now on will make it more vulnerable for correction. Furthermore the gap it created on 18.10.2022 is still there and if it makes an effort to fill this gap in the next 1-2 trading sessions which is technically possible then it can come down to 17328, but if it does not fill the gap in stipulated time then chances of filling the gap will recede. So be watchful.

It is  well placed above its critical points of 17408.75---17387 & 17354 which is a very positive sign and if it sustains above these points on the closing basis the up move may continue with in between short corrections. It is important to mention here that moving up it will face very stiff resistance from its major down trend line which is placed at 17635(figure may change every day) for the day, for smooth up journey it has to move above it and sustain on the closing basis else it may retreat back also. Moving up from here it may face resistance at 17581---17635----17643---17685---17797---17827---17920---18096.15---18114.65---18350.95---18604.45, please note that if it moves above 17920 and sustain on the closing basis then it could retest its all-time high of 18604.45 or may go beyond it also. Similarly going down it will find support at 17408.75---17387---17354---17345---17298---17229---17161---17137---17045---16983---16950---16931---16903, sustained break below the range of 17408.75---17387---17354   will weaken the up move and will get into corrective mode as well for its recent rise and may start to drift down.

 Its short term technical setup has improved , furthermore all the four important technical indicators have turned positive on the daily chart, which is a very good sign. Therefore it seems that the up may continue provided it holds its critical points of 17408.75---17387 & 17354 on the closing basis. Please note that I have time and again said that the volatility is not good for a steady up move, although technical setup, price pattern and important indicators are all good at this point of time but because of volatility it all can turn bad in just 2-3 trading session, therefore be extremely alert and cautious in the long trade now for some time.  The undertone is mixed as of now.

In view of the above observation, long trade can be tried if it moves above 17600 and maintain for some time with a stop loss of 17550 or can try buy on decline near or within the range of 17408.75---17387---17354 but not below it with a stop loss of 17290. Although, it is out of major corrective mode and is in up momentum but short trade can also be tried on the rise or on the price break down for intraday gains. Sell on the rise near or within the range of 17690---17720 with a stop loss of 17770 or sell if it moves below 17290 with a stop loss of 17390.  It is still in the long term uptrend.  

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-BANK NIFTY FOR—21.10.2022

 

CNX-BANK NIFTY

Open-40149.50-High-40208.35-Low-39848.85-Close-40099.55 on 20.10.2022.

Support: 40043/39895/39546.50/39424.85/39301.25/ 39197/39117.15//38855.55/38765.55/38437.95/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37386.35/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance: 40160.20/40288.90/40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

After four days of strait rise it corrected today, it opened with a down gap and then went up and in the process filled today’s gap but eventually slipped down and ended the day with a loss of 273.65 points. Please note that it has filled the  gap it created on 18.10.2022 today and chances of filling the gap it created on 14.10.2022 has receded as the stipulated time is over now it can fill this gap at any time which please keep in mind.

It did violated its most critical and important point of 39895 intraday but managed to close well above it which is a positive sign. Please note that if it sustain above it on the closing basis then the up move should continue with intermittent correction and then it could retest its all time high of 41840.15 or may go beyond it also, similarly sustained break below it may drag it down. Moving up from here it will get resistance at 40138---40123---40665---40789---40819---40950---41677.65---41829.60---41840.15 points, it is likely to correct from any of these points and may resume the up move again. Similarly going down it may find good support at 40039---39953---39895---39875----39586.44---39546.48---39436---39200---38885---38759---38715---38497----38437---38399---38235---38029---37911---37830, it may bounce back from any of these points. It has slipped into very short correction for its recent rise as it is below its threshold point of 40123 and sustained break below 39895 may weaken the up momentum and may push it into slightly deep corrective mode, which please note. The overall technical setup is good as of now.

The overall technical setup looks good as of now. Furthermore all the four important technical indicators are positive on the daily chart this is an extremely good sign for the continuation of the up move, provided it manages to hold its critical point of 39895 on the closing basis. Please note that it is exhibiting volatility and I have time and again said that the volatility is not good for a steady up move, although technical setup, price pattern and indicators are all good at this point of time but because of volatility it all can turn bad in just 2-3 trading session, therefore be extremely alert and cautious in the long trade now for some time. The bias is up as of now.

In view of the above observation, for safe traders long trade can be tried if it moves above 40375 and maintain for some time with a stop loss of 40080 or can try buy on decline near 39895 but not below it with a stop loss of 39700. But aggressive traders can also try long trade if it moves above 40210 and maintain for some time with a stop loss of 40000.Although, it is out of major corrective mode and is in up momentum but short trade can also be tried on the rise or on the price break down for intraday gains. Sell on the rise near or within the range of 40550---40650 with a stop loss of 40775 or sell if it moves below 39700 with a stop loss of 39930. It is still in the long term uptrend. 

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—20.10.2022

 

CNX-NIFTY

 Open-17568.15--High—17607.60--Low-17472.85---Close-17512.25 on 19.10.2022.

Support: 17490.70/17484.30/17429.70/17387.15/17354.05/17345.20/17298/17291/17140/17006/16995/ 16950/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16747.20/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance: 17530.85/17639.50 17759.30/17777.65/17797/17860/17920/17947.55/17992.70/18096.15/18112.60/18114.65/18217/18342.05/18350.95/18604.45—19329.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further, but it filled today’s gap during the day and finally ended the day with a meager gain of 25.30 points. Please note that the gap it created on 18.10.2022 is still there and if it makes an effort to fill this gap in the next 2-3 trading sessions which is technically possible then it can come down to 17328, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.

It is comfortably placed above its critical points of 17354---17387 & 17408.75 which is a very positive sign and if it sustains above these points on the closing basis the up move may continue with in between short corrections. It is important to mention here that moving up it will face very stiff resistance from its major down trend line which is placed at 17615(figure will change every day) for the day, for smooth up journey it has to move above it and sustain on the closing basis else it may retreat back also. Moving up from here it may face resistance at 17581---17625----17643---17685---17797---17827---17920---18096.15---18114.65---18350.95---18604.45, please note that if it moves above 17920 and sustain on the closing basis then it could retest its all-time high of 18604.45 or may go beyond it also. Similarly going down it will find support at 17408.75---17387---17354---17345---17298---17229---17161---17137---17045---16983---16950---16931---16903, sustained break below the range of 17408.75---17387---17354   will weaken the up move and will get into corrective mode for its recent rise and start to drift down.

 Its short term technical setup has improved , furthermore all the four important technical indicators have turned positive on the daily chart, which is a very good sign. Therefore it seems that the up may continue provided it holds its critical points of 17408.75---17387 & 17354 on the closing basis. Please note that I have time and again said that the volatility is not good for a steady up move, although technical setup, price pattern and important indicators are all good at this point of time but because of volatility it all can turn bad in just 2-3 trading session ,therefore be extremely alert and cautious in the long trade now for some time.  The undertone is mixed as of now.

In view of the above observation, long trade can be tried if it moves above 17545 and maintain for some time with a stop loss of 17490 or can try buy on decline in the range of 17408.75---17387---17354 but not below it with a stop loss of 17290. Although, it is out of major corrective mode and is in up momentum but short trade can also be tried on the rise or on the price break down for intraday gains. Sell on the rise near or within the range of 17620---17635 with a stop loss of 17675 or sell if it moves below 17290 with a stop loss of 17390.  Please note that highly aggressive trader can also try short trade if it moves below 17470 and maintain for some time with a stop loss of 17550, it could be a risky bet mind you.  It is still in the long term uptrend.  

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.