A TECHNICAL VIEW ON CNX--BANK NIFTY FOR---28.1.2021

 

CNX--BANK NIFTY

Open-31236.25--High-31287.05--Low—30165.65—Close-30284.55 on 27.1.2021

Support:30202.10/30197.85/30165.65/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:30893.65/30945.20/31264.05/31297.30/31510.25/31650.90/31725.85/32465.45/32561/32613.10/32718.95/32842.30/33043/33127/33379/33506/34130/34447/35079.

(Bold and underlined figures are most important)

As expected it went down sharply today and closed near the low of the day with a huge loss of points, which indicate inherent weakness in it and down move may continue for some more time. Please note that its key points for the year 2021 are 31265.05---31297.30---32465.45 & 32613.10 and it is way below these points now which is a terribly weak sign and if it does not bounce back above at least 31265.05---31297.30 points and sustain above it on the closing basis then chances are that it could slip into long term correction mode, which may please be noted. Its other key points are placed at 32561---31930---29907---28895(figures can change) It is  already way below its 1^st & 2nd key points of 32561 & 31930 therefore it is in short term correction mode for sure and down move is expected to extend for few day may be  with an accelerated pace in coming days. Please note that sustained break below 29907 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 28895 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.  

 

The short term technical setup is extremely weak and it is already into short term correction mode and looking at the intensity of the fall today it seems that the correction is going to last for some time and could be painful too, but the long term trend is still o.k.as of now. It is already running way below its short and some medium term averages, it has also broken some key indicators, it is also making lower top and bottom on the line chart, broken bottom on the bar chart also and most importantly RSI is showing huge negative divergence on the daily and weekly chart and it has achieved its first target of below 30400(see my post for 27.1.2021) today and if it remains below its short term moving averages and critical points for some more time then the it could go down to 29450 level or much below it also in coming days, which may please be noted. The overall short term technical parameters and indicators have turned bad and are pointing towards further fall from here; therefore it is suggested to avoid long trade till clarity on correction completion emerges. Please note that it has to move above some of its critical points and short and medium term moving averages to regain some strength for moving up else it may drift downward off course with intermittent pullback rallies. The long term bias is still up as of now.

It is important to mention here that if it does not break 30165.65 levels even in intraday and closes above 30797.35( if 30165.65 is breached during intraday than 30797.35 figure will change downward )  and sustain then chances are that it can give a pullback rally.

Moving down its critical support points at -30197.85---29907---29749.50---29314---29149.90---28976.75---28923.10---28894.95---28580.90.

Moving up its critical resistance points at 30893.65---30945.20---31264.05---31297.30---31510.25---31526---31650.90---31725.85---31930—32264.05---32297.30----32465.45---32505---32561---32613.10---32718.95---32842.30---33010---33043---33126---33379---33681---34130---34323---34447---35440---36175---37700.

It is into real short term correction mode now therefore long trade should be avoided till clarity on correction completion emerges. Since it is in correction mode therefore it is suggested to adopt sell on the rise strategy after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the down correction or otherwise but with alertness because the long term technical setup is still not that bad as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Sell if it moves and maintains below 30165 for some time with a stop loss of 30300.It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 30700---30800 with a stop loss of 30900.It could be a risky trade but worth trying.  

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—28.1.2021

 

CNX-NIFTY

 Open—14237.95 --High—14237.95—Low—13929.30---Close-13967.50on 27.1.2021.

Support:13929/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.45/12919.88/12790.40/12730.25/12607.70/12430.50.                                                                                                                                                           

Resistance:13981.75/13996.11/14024.85/14046/ 14222.80/14310/14567.27/14653.45/14770/14823/14890/14920/15022/15350/15471/15868/16047.         

 (Bold and underlined figures are most important)

 As envisaged it went down sharply today and closed with a huge loss of points. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and as long as it holds these points the uptrend will be intact but today it breached all these points and closed below it  which is an extremely weak sign and if it sustain below these points on the closing basis than it could be a potential indication that it could slip into long term correction mode. Its other key points are at 14628.29---14370.73---13818.20---13044---12430.50(except for 12430.50 other figures can change). It is decisively below its first two key points of 14628.29 & 14370.73 therefore it is already into short term correction mode. Please note that sustained break below 13818.20 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13044 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

The short term technical setup is tremendously weak and it is already into real short term correction mode and looking at the intensity of the fall today it seems that the correction is going to last for some time and could be painful too , but the long term trend is still o.k.as of now. It has decisively broken its recent bottom on the line and bar chart, it is decisively below its short and some medium term moving averages and most importantly RSI is showing deep negative divergence on the daily chart and it has achieved its second target of below 14137(see my post for 27.1.2021) also today and if it remains below its short term moving averages and critical points for some more time then the it could go down to 13600 level or much below it, which may please be noted. The overall short term technical parameters and indicators have turned bad and are pointing towards that it may witness further fall from here provided it remains below its short term moving averages; therefore it is suggested to avoid long trade till clarity on correction completion emerges. Please note that it has to move above its critical points and short and medium term moving averages to regain some strength for moving up else it may drift downward off course with intermittent pullback rallies. The long term bias is still up as of now.

It is important to mention here that if it does not break 13929.30 levels even in intraday and closes above 14123.80( if 13929.30 is breached during intraday than 14123.80 figure will change downward )  and sustain then chances are that it can give a pullback rally.

 

Moving down its critical support points at 13818.20---13777.50---13145.85---13131.45---13044.

Moving up its critical resistance points at 13981.75---13996.11---14024.85---14123.80---14310---14348.71---14370.73---14481---14567.24---14628.29----14653.45---14753.55---14771---14823---14890---14920---15022---15350---15471---15868.

It is into real short term correction mode now therefore for safe traders long trade should be avoided till clarity on correction completion emerges but short trade can be attempted. However, aggressive traders can try long trade for the possible pullback rally gain if it moves and maintain above 14025 levels for some time or can buy if it holds 13929 levels for some time. Since it is in correction mode therefore long trade could be a risky affair. Therefore it is suggested to adopt sell on the rise strategy for now and sell after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the down correction or otherwise but with extreme alertness because the long term technical setup is not that bad as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Buy if it moves and maintain above 14024.85 for some time with a stop loss of 13970. It is for aggressive traders and could be a risky a risky trade. 

Or

Buy on decline if it holds 13929levels for some time with a stop loss of 13870. It is for aggressive traders and could be a risky a risky trade. 

2. Sell if it does not move above 14024.85 in first hour of trade with a stop loss of 14060.It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 14125---14140 with a stop loss of 14165. It could be a risky trade but worth trying.

Or

Sell if it moves below 13929 and maintain for some time with a stop loss of 13960. It could be a risky trade but worth trying.

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--BANK NIFTY FOR---27.1.2021

 

CNX--BANK NIFTY

Open-31507.15--High-31697.55--Low—31013.65—Close-31198.40 on 25.1.2021

Support:30945.20/30893.65/30202.10/30197.85/29784.75/29441.30/29314/29149.90/29030.90/28923.10/28580.90/27703.30/27568.35/27088/26950/26643/26560/26441/26311.30/25998/25891/25723.55/25426.75.

Resistance:21264.05/31297.30/31510.25/31650.90/31725.85/32465.45/32561/32613.10/32718.95/32842.30/33043/33127/33379/33506/34130/34447/35079.

(Bold and underlined figures are most important)

It exhibited huge volatility and wild swing on both the side during the day and finally closed with a meager gain of 31.15 points, which indicate inherent weakness in it and down move may accelerate. Please note that on the downside its most critical points for the year 2021 are 31264.05 & 31297.30 and it is already running below these points which is terribly weak sign and if it does not bounce back above these points and sustain above it on the closing basis then chances are that it could go in for deep correction, which may please be noted. Its other key points are placed at 32561---31930---29907---28895(figures can change) It has already decisively broken its 1^st & 2nd key points of 32561 & 31930 therefore it is already in short term correction mode for sure and if it does not bounce back sharply in next 2-3 days then down move may accelerate and it can last for few days. Please note that sustained break below 29907 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 28895 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.  

The short term technical setup is very weak and it is already into real short term correction mode and it may last for few days, but the long term trend is still o.k.as of now. It is already running below its short and some medium term averages, it is making lower top and bottom on the line chart, broken recent bottom on the bar chart also and most importantly RSI is showing huge negative divergence on the daily and weekly chart and if it remains below its short and medium term averages for some more time then the negative divergence can come into play and it may hit downside level of 30400 and then to 29450 levels or below in coming days, which may please be noted. The overall short term technical parameters and indicators have turned bad and are pointing towards further fall from here; therefore it is suggested to avoid long trade till clarity on correction completion emerges. Please note that first it has to move above its critical points of 31264.05 & 31297.30 and then above 32100(this figure will change every day) and sustain on the closing basis to give an indication that the correction has completed.  The long term bias is still up as of now.

It is important to mention here that if it does not break 31013.65 levels even in intraday and closes above 31445.21( if 31013.65 is breached even intraday than this figure will change downward )  and sustain then it can give a pullback rally which may be kept in mind.

Moving down its critical support points at -30945.20—30893.65---30345.75---30197.85---29907---29749.50---29314---29149.90---28976.75---28923.10---28894.95---28580.90.

Moving up its critical resistance points at 31264.05---31297.30---31510.25---31526---31650.90---31725.85---31930—32264.05---32297.30----32465.45---32505---32561---32613.10---32718.95---32842.30---33010---33043---33126---33379---33681---34130---34323---34447---35440---36175---37700.

It is into real short term correction mode now therefore for safe traders long trade should be avoided till clarity on correction completion emerges but short trade can be attempted. However, aggressive traders can try long trade if it holds 31298 levels for some time or can try buy on decline at appropriate points or near but not below 30890. Since it is in correction mode therefore long trade could be a risky affair. Therefore it is suggested to adopt sell on the rise strategy after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the down correction or otherwise but with extreme alertness because the long term technical setup is not that bad as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Buy if it maintains above 31298 for some time with a stop loss of 31160. It is for aggressive traders and could be a risky trade.

  Or

Buy on decline near 30890 but not below it with a stop loss of 30800. It is for aggressive traders and could be a risky trade.             

2. Sell if it moves and maintains below 31119 for some time with a stop loss of 31300.It could be a risky trade but worth trying.

                                                            Or       

 

Sell if it moves and maintains below 31167 for some time with a stop loss of 31300.It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 31500---31600 with a stop loss of 31710.It could be a risky trade but worth trying.  

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—27.1.2021

 

CNX-NIFTY

 Open—14477.80 --High—14491.10—Low—14218.60---Close-14238.90 on 25.1.2021.

Support:14222.80/14046/14024.85/13996/13981.75/13945/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.45/12919.88/12790.40/12730.25/12607.70/12430.50.                                                                                                                                                           

Resistance: 14310/14567.27/14653.45/14770/14823/14890/14920/15022/15350/15471/15868/16047.     

 (Bold and underlined figures are most important)

 It exhibited huge volatility and wild swing on both the side during the day but finally closed near the low of the day which is a bad sign and indicate down move may accelerate. Its most critical points for the year 2021 are 14024.85 & 13981.75 and as long as it holds these points the uptrend will be intact but sustained break below these points on the closing basis could be a potential indication that it could slip into long term correction mode. Its other key points are at 14628.29---14370.73---13818.20---13044---12430.50(except for 12430.50 other figures can change). It has broken its first key point of 14628.29 on 21.1.2021 and today it has decisively broken 2^nd key point of 14370.73 therefore it has already slipped into short term correction mode and if it does not bounce back above it in next 2-3 days then the down move may accelerate and it can last for few days. Please note that sustained break below 13818.20 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13044 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

The short term technical setup is weak and it has already gotten into real short term correction mode, but the long term trend is still o.k.as of now. It has decisively broken its short term moving averages and most importantly RSI is showing deep negative divergence on the daily chart and it has achieved its first target of below 14280(see my post for 25.1.2021) today and if it remains below its short term moving averages for some more time then the it could go down to 14135 level or much below it, which may please be noted. The overall short term technical parameters and indicators have turned bad and are pointing towards that it may witness further fall from here provided it remains below its short term moving averages; therefore it is suggested to avoid long trade till clarity on correction completion emerges. Please note that it has to move above 14485(this figure will change every day) and sustain on the closing basis to give an indication that the correction has completed or near completion. The long term bias is still up as of now.

It is important to mention here that if it does not break 14218.60 levels even in intraday and closes above 14348.71( if 14218.60 is breached during intraday than this figure will change downward )  and sustain then it can give a pullback rally which may be kept in mind.

 

Moving down its critical support points at 14222.80--- 14024.85---13981.75---13818.20---13777.50---13145.85---13131.45---13044.

Moving up its critical resistance points at 14310---14348.71---14370.73---14481---14567.24---14628.29----14653.45---14753.55---14771---14823---14890---14920---15022---15350---15471---15868.

It is into real short term correction mode now therefore for safe traders long trade should be avoided till clarity on correction completion emerges but short trade can be attempted. However, aggressive traders can try long trade if it holds 14222 levels for some time or can try buy on decline at appropriate points or near but not below 14024. Since it is in correction mode therefore long trade could be a risky affair. Therefore it is suggested to adopt sell on the rise strategy after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the down correction or otherwise but with extreme alertness because the long term technical setup is not that bad as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Buy if it holds 14222.80 for some time with a stop loss of 14200. It is for aggressive traders and could be a risky a risky trade. 

Or

Buy on decline at appropriate points or near 14024 but not below it with a stop loss of 13970. It is for aggressive traders and could be a risky trade.  

2. Sell on the rise near or within the range of 14350---14425 with a stop loss of 14460. It could be a risky trade but worth trying.

Or

Sell if it maintains below 14222 for some time with a stop loss of 14250.It could be a risky trade but worth trying.

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—25.1.2021

 

CNX-NIFTY

 Open—14583.40 --High—14619.90—Low—14357.75---Close-14371.90 on 22.1.2021.

Support:14310/14222.80/14046/14024.85/13996/13981.75/13945/13777.50/13769/13721/13658.60/13611/13597.50/13548.90/13530.71/13454.48/13399.30/13242/13145.85/13131.45/12919.88/12790.40/12730.25/12607.70/12430.50.                                                                                                                                                           

Resistance: 14567.27/14653.45/14770/14823/14890/14920/15022/15350/15471/15868/16047.    

 (Bold and underlined figures are most important)

 After yesterday mild correction it plunged down sharply today and closed with a huge loss of 218.44 points which is bad sign and it could severely disturb the ongoing up move. Its most critical points for the year 2021 are 14024.85 & 13981.75 and as long as it holds these points the uptrend will be intact but sustained break below these points on the closing basis could be a potential indication that it could slip into long term correction mode. Its other key points are at 14628.29---14370.73---13818.20---13044---12430.50(except for 12430.50 other figures can change). It has broken its first key point of 14628.29 on 21.1.2021 and just shade above its second key point of 14370.73 therefore it has already slipped into very short term correction mode and if it does not bounce back above it in next 2-3 days then the down move may accelerate and it can last for few days. Please note that sustained break below 14370.73 on the closing basis will push it into real short term correction mode and it can last slightly longer, sustained break below 13818.20 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13044 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

The short term technical setup has got a severe drubbing today, it has already gotten into very short term correction mode on 21.1.2021, but long term trend is still o.k.as of now. It has decisively broken its short term moving averages today and most importantly RSI is also showing negative divergence on the daily chart and if it remains below its short term moving averages for some time then the negative divergence can come into play and it may hit downside level of 14280 or below, which may please be noted. The overall short term technical parameters and indicators have turned bad and are pointing towards that it may witness further fall from here provided it remains below its short term moving averages; therefore it is suggested to avoid long trade till clarity on correction completion emerges.  The long term bias is still up as of now.

It is important to mention here that if it does not break 14357.75 levels even in intraday and closes above 14451.16( if 14357.75 is breached even intraday than this figure will change downward )  and sustain then it can give a pullback rally which may be kept in mind.

 

Moving down its critical support points at 14370.73---14310---14222.80--- 14024.85---13981.75---13818.20---13777.50---13145.85---13131.45---13044.

Moving up its critical resistance points at 14451.16---14509---14555---14628.29----14653.45---14753.55---14771---14823---14890---14920---15022---15350---15471---15868.

Since it has gotten into very short term correction mode therefore for safe traders long trade   should be avoided till clarity on correction completion emerges. However, aggressive traders can try long trade on decline at appropriate points or near but not below 14281 or if it moves and sustain above 14451 for some time. But please note that in view of today’s fall long trade for the day could be a risky affair. Since, it is in correction mode again therefore short can  be attempted after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of the intraday down correction or otherwise but with extreme alertness because the technical setup is not that bad as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Buy if it moves and maintains above 14451 for some time with a stop loss of 14400. It is for aggressive traders and could be a risky a risky trade.  

Or

Buy on decline at appropriate points or near 14281 but not below it with a stop loss of 14210. It is for aggressive traders and could be a risky a risky trade.  

2. Sell on the rise near or within the range of 14450---14510 with a stop loss of 14560. It could be a risky trade but worth trying.

Or

Sell if it maintains below 14281 for some time with a stop loss of 14320.It could be a risky trade but worth trying.

Or

Sell if it maintains below 14222 for some time with a stop loss of 14265.It could be a risky trade but worth trying.

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.