A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—14.9.2020

 

CNX--BANK NIFTY

Open-22509.95--High-22668.75--Low-22205.95—Close-22479.95 on 11.9.2020

Support: 22479.85/22439.95/22418/22346/22080/21967/21886/21807/21462/21403/21031.

Resistance:22866/23080.60/23211.35/23385.30/24240/24364.17.

Critical Points moving up: 22825---22866---23285---23656---24028----24488.          

Critical Points moving down:-22418---22241---22169---22022---21871---21403.

(Bold and underlined figures are most important)

It closed on a positive note today also but that does not exhibit enough strength and confidence that the up move may be carried forward, but the good point is that it is above some of its key points as of now. The key points are 22418---22241(it will change every day)—22169, therefore as long as it holds these points there is a hope that the up move may continue but it will gain some strength and may pick up momentum if it moves and sustain above 22825 on the closing basis else this up move may fizzle out anytime, therefore as of now the key point is 22825. Moving up it will face resistance at 23285---23656---24028---24364.27 levels. Similarly going down sustained break below 22169 can put the uptrend in potential danger and sustained break below 21871 can accelerate the fall. It is important to mention here that the technical setup is not that great as of now therefore chance of it drifting down seems strong until and unless it cross 22825 and sustain on the closing basis.  

In spite of two days positive close it still seems in corrective mode until it moves beyond 22825 and sustain as of now, but in view of that it is still holding on to its key points, therefore long trade can be tried on decline in the range of 22418---22264—22169 but not below 22169 or try if it sustain above 22480 but it could be a risky trade. Since it is not showing enough strength in the up move therefore short trade can also be attempted in the appropriate price range or sell on the price breakdown for taking advantage of the corrective move or for  possible rally breakdown till it give visible sign of lasting bottom formation.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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.

TRADING STRATEGY

1. Buy on decline near or within the range of 22418---22241--22169 but not below 22169 with a stop loss of 22060. It could be a risky trade.

Or

Buy if it sustain above 22480 for some time with a stop loss of 22400.

2. Sell on the rise near or within the range of 22875---22925 with a stop loss of 23000. It could be a risky trade but worth trying.

Or

Sell if it moves below 22169 and maintain for some time with a stop loss of 22280. 

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.

 

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 –11.9.2020

 

CNX-NIFTY

 Open—11363.30--High—11464.05—Low—11327.40---Close-11449.25 on 10.9.2020.

Support:11447/11373.60/11325.85/11289.80/11269.52/11248/11111.45/11056/10882.                

Resistance: 11460.35/11584.95/11633/11694.85/11706.06/11761/11794.25.

Critical Points moving down: 11447---11418---11329---11289/11269.52---11248--11056.

Critical Points moving up: -11490--11507.65--11562---11650---11673—11761---11794.25.

(Bold and underlined figures are most important)

It opened with an up gap today and the gap it created is still there ,so if it makes an effort to fill the gap in next 3-4 days ,which is technically possible then it can come down to 11298 else  it may not fill the now. It has given some positive indication and show strength today as it has crossed its recent top of 11355.05 on the line chart and most importantly it has closed shade above its benchmark point of 11447 which is a good sign and if it sustain above it on the closing basis then this up move can last for few days off course with in between down moves after a reasonable rise else it may fizzle out. Moving up it will face resistance at 11490---11562---11651---11673 levels and if it is weak up rally then it can exhaust at any of these points or earlier but if it moves and sustain above 11673 on the closing basis then it could retest its recent high of 11794.25 or go beyond. Similarly moving down it will find support at 11417.84---11328.90 and sustained break below 11328.90 on the closing basis will signal the end of this pullback rally.  

 Since it has closed above its benchmark point of 11447 and if it sustain above it then long trade can be tried but not below it for sure, however aggressive traders can try long trade on decline also but not below 11328.90, but it could be a risky trade mind you. Although it gave positive sign today and indicate up move ahead but whether it will last or not will get confirmed in 1-2 days trading session, therefore short can also be attempted at appropriate price range or on the price breakdown for taking advantage of the possible down move or breakdown of the rally.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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.

TRADING STRATEGY

1. Buy if it sustain above 11447 with a stop loss of 11400.

Or

Buy on decline near 11328.90 with a stop loss of 111265. It could be a risky trade.

2. Sell on the rise near or within the range of 11535---11565 with a stop loss of 11600. It could be a risky trade.

Or

Sell if it falls below 11447 and maintain below it for some time with a stop loss of 11490. It could be a risky trade but worth trying.

Or

Sell if it falls below 11270 and maintain for some time with a stop loss of 11340.

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.

 

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--BANK NIFTY FOR—11.9.2020

 

CNX--BANK NIFTY

Open-22466.55--High-22678.65--Low-22225.25—Close-22466.20 on 10.9.2020

Support: 22439.95/22418/22346/22080/21967/21886/21807/21462/21403/21031/20926.

Resistance:22479.85/22866/23080.60/23211.35/23385.30/24240/24364.17.

Critical Points moving up: 22825---22866---23285---23656---24028----24488.          

Critical Points moving down:-2264---22169---22022---21871---21403.

(Bold and underlined figures are most important)

After five days of fall it gave positive close today but that does not exhibit enough strength and confidence that the up move may be carried forward, but the good point is that it is above some of its key points as of now. The key points are 22418---22264(it will change every day)—22169, therefore as long as it holds these points there is a hope that the up move may continue but it may gain some strength and may pick up momentum if it moves and sustain above 22825 on the closing basis else this up move may fizzle out anytime, therefore as of now the key point is 22825. Moving up it will face resistance at 23285---23656---24028---24364.27 levels. Similarly going down sustained break below 22169 can put the uptrend in potential danger and sustained break below 21871 can accelerate the fall. It is important to mention here that the technical setup is not that great as of now therefore chance of it drifting down seems strong until and unless it cross 22825 and sustain on the closing basis.  

In spite of the up move today it seems that it is still in corrective mode till it moves beyond 22825, but in view of that it is still holding on to its key points, therefore long trade can be tried on decline in the range of 22418---22264—22169 but not below 22169 or try if it sustain above 22467 but it could be a risky trade. Since it is not showing enough strength in the up move therefore short trade can also be attempted in the appropriate price range or sell on the price breakdown for taking advantage of the corrective move or for  possible rally breakdown till it give visible sign of lasting bottom formation.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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.

TRADING STRATEGY

1. Buy on decline near or within the range of 22418---22267 but not below 22267 with a stop loss of 22140. It could be a risky trade.

Or

Buy if it sustain above 22467 for some time with a stop loss of 22400.

2. Sell on the rise near or within the range of 22825---22925 with a stop loss of 23000. It could be a risky trade but worth trying.

Or

Sell if it moves below 22267 and maintain for some time with a stop loss of 22350. 

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 –10.9.2020

 

CNX-NIFTY

 Open—11218.60--High—11298.15—Low—11185.15---Close-11278, on 9.9.2020.

Support:11269.52/11248/11111.45/11056/10882.                                                                           

Resistance: 11289.80/11303.65/11325.85/11378/11447/11460.35/11584.95/11633/11694.85.

Critical Points moving down: 11272---11248---11230---11111.45---11056---10882.

Critical Points moving up: -11338--11373--11447---11542---11633---11675—11761---11794.25.

(Bold and underlined figures are most important)

It did break its important points of 11289.80---11269.52---11248 intraday today but managed to close above last two points, but as of now the technical setup is weak and indicates that it is likely to break this level again and  go down further in coming days. However if it moves above 11329 and sustain on the closing basis then it could give short recovery but it will gain some tangible strength for resuming the up move again if it moves above 11447 and sustain on the closing basis else it will move sideways with strong downward bias. Moving down Moving down it will find support at 11171.55---11111.45---11030---10900----10882, please note that if it fails to hold the range of 11030—10882 then the fall will accelerate further and may hit the range of 10750---10600 or below. The bias as on now is on the downside.

In view of the above observation long trade should be avoided now and can only be tried if it moves and sustain above 11447 on the closing basis or on the decline near or within the range of 11030—10882, but aggressive traders can try long trade if it sustain above 11329, but it could be a risky trade mind you. Since it is in correction mode therefore as of now it is suggested to adopt sell on the rise strategy near or within the appropriate range or on the price breakdown for taking advantage of the corrective move or for taking advantage of possible rally breakdown till it give visible sign of lasting bottom formation.

 It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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.

TRADING STRATEGY

1. Buy if it moves and sustain above 11329 for some time with a stop loss of 11300. It could be a risky trade therefore for aggressive traders only.

Or

Buy on decline near or within the range of 11030--10882 with a stop loss of 10840. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 11360---11410 with a stop loss of 11460.

Or

Sell if it falls below 11248 and maintain below it for some time with a stop loss of 11305.

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.

 

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--BANK NIFTY FOR –10.9.2020

 

CNX--BANK NIFTY

Open-22486.70--High-22554.60--Low-22080.40—Close-22267 on 9.9.2020

Support: 21967/21886/21403/21031/20926.

Resistance:22418/22439.95/22479.85/22866/23080.60/23211.35/23385.30/24240/24364.17.

Critical Points moving up: 22636---22866---23080---23318---23770---24364.27----24418.          

Critical Points moving down:-22169---22022---21871.68---20369---20010.

(Bold and underlined figures are most important)

It is showing extreme weakness  and as expected broken all key levels going down but managed to close above one key point of 22169  but as of now the technical setup is very weak and indicates that it is likely to break this level again and  go down further in coming days. However if it moves above 11287(it will change every day) and sustain on the closing basis then it could give short recovery but it will gain some tangible strength for a reasonable up rally if it moves above 22418 & 22825 and sustain on the closing basis else it will move sideways with strong downward bias. Moving down it will find support at 22022---21871---21403---21031---20926. The technical indicators suggest that it is likely to hit 21680 levels on the downside or below and if it sustains below 21872 on the closing basis then it is very likely that it could hit the range of 21031---20926 in coming days. Looking at the overall technical setup now, it seems that down move may continue for some time and it may seek lower levels in coming days. 

In view of the above observation, since it is in correction mode now therefore long trade should be avoided till it starts making higher bottom and top on the line chart or gives a visible indication of bottom formation on the bar chart. However, long trade can be tried by the aggressive traders as long as it holds 22169 and not below it, but it could be a risky trade. Since it is correction mode therefore it is strongly suggested to adopt sell on the rise strategy in the appropriate price range or sell on the price breakdown for taking advantage of the corrective move or for taking advantage of possible rally breakdown till it give visible sign of lasting bottom formation.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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.

TRADING STRATEGY

1. Buy on decline near 22169 but not below it with a stop loss of 22000. It could be a risky trade.

2. Sell on the rise near or within the range of 22650---22850 with a stop loss of 22940. It could be a risky trade but worth trying.

Or

Sell near if it maintains below 22876 with a stop loss of 22980. It could be a risky trade but worth trying.

Or

Sell if it moves below 22169 and maintains with a stop loss of 22350. 

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.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.