A TECHNICAL VIEW ON CNX-NIFTY FOR—24.2.2021

 

CNX-NIFTY

 Open—14782.25--High—14854.50—Low—14651.85---Close-14 707.80on 23.2.2021.

Support:14653.35/14222.80/13953.75/13777.50/13596.75/13399.30/13145.85/13131.45.            

Resistance:14753.55/14823.07/14899/14977.20/15069/15102/15165/15257.10/15305/15325/15431.75/15471.   

 (Bold and underlined figures are most important)

It staged a very weak pullback rally today but this is not enough to take it higher, it has to close above 14825 and sustain to give some strength to the rally else it will fizzle out any moment. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and it is way above these points now and as long as it holds these points on the closing basis uptrend will remain intact. Its other key points are at 15324.50---14998.70---14888.80---14336.34---13562.48---12430.50(except for 12430.50 other figures can change). It is well below its first 3 key points therefore it is already into real short term correction mode and if it does not bounce back  at least above 14825 in next 2-3 trading session and sustain on the closing basis then the correction may last longer, sustained break  below 14336.34 on the closing basis will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13562.48 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.

It is in a short term correction mode now and as expected it did give a small pullback rally today but this rally can extend only once it moves and sustain above 14825 (this figure will change and scale downward if it break the level of 14635.05) on the closing basis and sustained close above 14925(figure may change) may give it some momentum else down move may continue. It is important to mention here that sustain close above 15085 & 15272.50(this figure may change) may resume the steady up move again. Please note that the short term technical setup is weak now but the long term setup is still o.k.

Moving down its critical support points at 14696---14675---14610---14553---14514---14336.37---14297---14241---14024.85---13996.11---13981.75.

Moving up its critical resistance points at 14754---14825---14888.80---15025---15069---15102---15165---15195---15228---15325---15431.75---15471---15868---15941---16625.

It is in correction mode therefore long trade should be avoided in general but those who want to take advantage of the possible pullback or relief rally for them safe traders should avoid buy on decline and can only try long trade if it moves above 14825 and sustain for some time but here please note that once it closes above this mark then the long trade would be less risky. However, for aggressive traders long trade can be tried on decline also but not below14675 or can buy at CMP. In this context please note that pullback rallies are treacherous in nature and can end abruptly also therefore be alert and extremely cautious in the long trade for pullback gains. Please note that buy on decline could be a risky proposition at this point of time. Since it is in correction mode now short trade can also be tried 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 and caution because the long term technical setup is still o.k. 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 sustain above 14825 levels for some time with a stop loss of 14790.It is for safe traders but still it could be a risky trade.

Or

Buy on decline near but not below 14675 with a stop loss of 14630. It is for aggressive traders and could be a highly risky trade.

Or

Buy if it sustain above 14708 for some time with a stop loss of 14660.It is for aggressive traders and could be a risky trade.

2. Sell on the rise near 14900 with a stop loss of 14940. It could be a risky trade but worth trying for intraday correction.

Or

Sell if it moves and sustain below 14635 for some time with a stop loss of 14710. It could be a risky trade but worth trying for intraday correction.

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--24.2.2021

 

CNX--BANK NIFTY

Open-35540.55--High-35680.85--Low—34976—Close-35116.95 on 23.2.2021

Support:32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70

Resistance: 35428.15/35584.60/35648/35815.75/35884/36086/36397/36615.20/36647/36897/37170/37284/37708.25/38286/38520.

(Bold and underlined figures are most important)

The correction continued for the 6^th straight day which a very weak sign and it is likely to go down further in coming days with intermittent relief rallies from time to time. Please note that its critical and most important points for the year 2021 are 32613.10---32465.45---31297.30 & 31264.05 and it is well above these points now and as long as it hold these points on the closing basis uptrend will remain intact. Its other key points are placed at 37170---35815.75---35648---33625---32612.92(figures can change) It is well below its first 3 key points therefore it is already into real short term correction mode and if it does not bounce back at least above 35621 in next 2-3 trading session and sustain on the closing basis then the correction may last longer, sustained break below 33625 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 32612.92 on the closing basis can push it into long term correction mode and can potentially threaten the uptrend also, which may please be noted.  

It is in a short term correction mode now and continuously falling but it can give relief rally any time and if it moves and sustain above 35621 (this figure will change and scale downward if it break the level of 34976) on the closing basis then only the relief rally can last some time and sustained close above 36200(figure may change) may give it some momentum else down move may continue. It is important to mention here that sustain close above 37163(this figure may change) may resume the steady up move again. Please note that the short term technical setup is weak now but the long term setup is still o.k.

Moving down its critical support points at -34812----34644---34556---34373---34018.

Moving up its critical resistance points at 35648---35815.75---35884---36095---36403---36615.20---36711---36897----37100---37163---37284---37708.75---38286---38520---38914---39021---41145---42808.

It is in correction mode therefore long trade should be avoided in general but those who want to take advantage of the possible pullback or relief rally for them safe traders should avoid buy on decline and can only try long trade if it moves above 35621 and sustain for some time but here please note that once it closes above this mark then the long trade would be less risky. However, for aggressive traders long trade can be tried on decline also but not below34976. In this context please note that pullback rallies are treacherous in nature and can end abruptly also therefore be alert and extremely cautious in the long trade for pullback gains. Please note that buy on decline could be a risky proposition at this point of time. Since it is in correction mode now short trade can also be tried 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 and caution because the long term technical setup is still o.k. 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 35621 for some time with a stop loss of 35500.It could be a risky trade.

Or

Buy on decline near but not below 34976 with a stop loss of 34890.It is for aggressive traders and could be a risky trade.

2. Sell if it maintains below 34976 for some time with a stop loss of 35120. It could be a risky trade but worth trying for intraday correction.

Or

Sell on the rise near the range of 35700--35800 with a stop loss of 35900.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--23.2.2021

 

CNX--BANK NIFTY

Open-35874.30--High-36128.90--Low—35097.55—Close-35257.20 on 22.2.2021

Support:32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70

Resistance: 35428.15/35584.60/35648/35815.75/35884/36086/36397/36615.20/36647/36897/37170/37284/37708.25/38286/38520.

(Bold and underlined figures are most important)

The correction continued for the 5^th straight day and it plunged down by 584.40 points today which a very weak sign and it is likely to go down further in coming days with intermittent relief rallies from time to time. Please note that its critical and most important points for the year 2021 are 32613.10---32465.45---31297.30 & 31264.05 and it is well above these points now and as long as it hold these points on the closing basis uptrend will remain intact. Its other key points are placed at 37170---35815.75---35648---33625---32612.92(figures can change) It is well below its 1st key point and today it has decisively broken its 2^nd & 3^rd key points also therefore it has slipped into real short term correction mode and if it does not bounce back  at least above 35714 in next 2-3 trading session and sustain on the closing basis then the correction may last longer, sustained break below 33625 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 32612.92 on the closing basis can push it into long term correction mode and can potentially threaten the uptrend also, which may please be noted.   

It is in a short term correction mode now but can give relief rally any time and if it moves and sustain above 35714 (this figure will change and scale downward if it break the level of 35097.55) on the closing basis then only the relief rally can last some time and sustained close above 36270(figure may change) may give it some momentum else down move may continue. It is important to mention here that sustain close above 37182(this figure may change) may resume the steady up move again. Please note that the short term technical setup has shaken a bit but the long setup is still o.k.

Moving down its critical support points at -34812----34644---34556---34373---34018.

Moving up its critical resistance points at 35648---35815.75---35884---36095---36403---36615.20---36711---36897----37100---37284---37708.75---38286---38520---38914---39021---41145---42808.

It is in correction mode therefore long trade should be avoided in general but those who want to take advantage of the possible pullback or relief rally for them safe traders should avoid buy on decline and can only try long trade if it moves above 35714 and sustain for some time. However, for aggressive traders long trade can be tried on decline also but not below35097. Please note that buy on decline could be a risky proposition at this point of time. Since it is in correction mode now short trade can also be tried 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 and caution because the long term technical setup is still o.k. 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 35714 for some time with a stop loss of 35600.It could be a risky trade.

Or

Buy on decline near but not below 35097 with a stop loss of 35000.It is for aggressive traders and could be a risky trade.

2. Sell if it maintains below 35000 for some time with a stop loss of 35110. It could be a risky trade but worth trying for intraday correction.

Or

Sell on the rise near the range of 35737---35800 with a stop loss of 35900.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—23.2.2021

 

CNX-NIFTY

 Open—14999.05--High—15010.10—Low—14635.05---Close-14675.70 on 22.2.2021.

Support:14653.35/14222.80/13953.75/13777.50/13596.75/13399.30/13145.85/13131.45.            

Resistance:14753.55/14823.07/14899/14977.20/15069/15102/15165/15257.10/15305/15325/15431.75/15471.   

 (Bold and underlined figures are most important)

The correction continued for the 5^th straight day and it plunged down by massive 306.05 points today which a very weak sign and it is likely to go down further in coming days with intermittent relief rallies from time to time. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and it is way above these points now and as long as it holds these points on the closing basis uptrend will remain intact. Its other key points are at 15324.50---14998.70---14888.80---14336.34---13562.48---12430.50(except for 12430.50 other figures can change). It is well below its 1st key point and today it has decisively broken its 2^nd & 3^rd key points also therefore it has slipped into real short term correction mode and if it does not bounce back  at least above 14825 in next 2-3 trading session and sustain on the closing basis then the correction may last longer, sustained break  below 14336.34 on the closing basis will push it into medium term correction mode and it can last even longer and most importantly sustained break below 13562.48 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.

It is in a short term correction mode now but can give relief rally any time and if it moves and sustain above 14825 (this figure will change and scale downward if it break the level of 14635.05) on the closing basis then only the relief rally can last some time and sustained close above 14900(figure may change) may give it some momentum else down move may continue. It is important to mention here that sustain close above 15120 & 15272.50(this figure may change) may resume the steady up move again. Please note that the short term technical setup has shaken a bit but the long setup is still o.k.

Moving down its critical support points at 14610---14553---14514---14336.37---14297---14241---14024.85---13996.11---13981.75.

Moving up its critical resistance points at 14696---14754---14825---14888.80---15025---15069---15102---15165---15195---15228---15325---15431.75---15471---15868---15941---16625.

It is in correction mode therefore long trade should be avoided in general but those who want to take advantage of the possible pullback or relief rally for them safe traders should avoid buy on decline and can only try long trade if it moves above 14825 and sustain for some time. However, for aggressive traders long trade can be tried on decline also but not below14610. Please note that buy on decline could be a risky proposition at this point of time. Since it is in correction mode now short trade can also be tried 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 and caution because the long term technical setup is still o.k. 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 sustain above 14825 levels for some time with a stop loss of 14790.It could be a risky trade.

Or

Buy on decline near but not below 14610 with a stop loss of 14580. It is for aggressive traders and could be a highly risky trade.

2. Sell on the rise near 14900 with a stop loss of 14940. It could be a risky trade but worth trying for intraday correction.

Or

Sell if it moves and sustain below 14610 for some time with a stop loss of 14645. It could be a risky trade but worth trying for intraday correction.

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 UPDATE ON BITCOIN-22.2.2021

 

BITCOIN

Closed At:--$57539.94 on 21.2.2021  

 

Support: $-50937.28/46347.48/43881.15/41946.70/39966.41/38406.20/37446.15

32270.18/30549.60/28953.37.

 

Resistance: $-58330.57/62969.91/74769.96/83993.12.

 

Further to my post of 21.2.2021 please note that as it has hit a new all-time high of $58330.57 today, therefore its Important and critical key points have changed and as of now are at $54920---$51397.55---$48722.76---$45533.80---$45317.70(these figures will change if it hits a new high again). It is suggested to buy on decline at appropriate points but not below $45533.80 & $45317.70. The rest of the observation will remain the same.

 

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 is 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 UPDATE ON BITCOIN-21.2.2021

 

BITCOIN

Closed At:--$56099.52 on 20.2.2021  

 

Support: $-50937.28/46347.48/43881.15/41946.70/39966.41/38406.20/37446.15

32270.18/30549.60/28953.37.

 

Resistance: $-57505.23/62969.91/74769.96/83993.12.

 

Kindly refer to my post of 13.1.2021 when it was in correction and consolidation mode but the trend was bullish and it hit an all-time high of 57505.23 today. It is exhibiting robust strength for the continuation of the up move but the only concern is that it has been rising vertically from the level of $29000 and in last 24 trading sessions it has almost doubled, please note that the vertical rise may have vertical fall too, therefore looking at such a phenomenal rise in a short period of time makes it vulnerable for correction also and it could happen any time soon. It’s Important and critical key points as of now are at $54289---$50766.99---$48092---$44903.24---$44687.14(these figures will change if it hits a new high).  Please note that break below $54289 can push it into very short term correction which can last for 2-3 days, sustained break below $50766.99 can push it into real short term correction mode which can last for 5-8 day or more, sustained break below $48092 can push it into medium term correction mode which can last even longer and lastly but most importantly sustained break below $44903.24 & $44687.14 can push it into long term correction mode which can last much longer and could be a potential threat for the uptrend which may please be noted. But the overall technical parameters are strong as of now therefore it seems that it may not witness sharp or deep correction and most likely to resume the uptrend after the correction is over. The long term bias is up as of now, therefore it is likely to scale new highs in coming days but of course with intermittent down corrections.  

 

In view of the above observation it is in strong uptrend but at the same time vulnerable for correction also at this point of time, since it is so strong technically it may correct now or may be after some more rise but as long as it holds $44903.24 & $44687.14(these figures will change upward once it hits new high) on the closing basis the long term uptrend will remain intact. Therefore it is suggested to buy on decline at the appropriate points (with the help of support points and important and critical points mentioned above) but not below $44903.24 & $44687.14 because then it could go in for deep correction also. I once again repeat that future outlook is hugely bullish but with slight caution because of the recent vertical rise.

 

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 is 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--22.2.2021

 

CNX--BANK NIFTY

Open-36371.55--High-36656.20--Low—35584.60—Close-35841.60 on 19.2.2021

Support:35815.75/35584.60/35428.15/32842.30/32718.75/31725.85/31650.90/31510.25/30945.20/30893.65/30197.85/29687.70

Resistance: 35884/36086/36397/36615.20/36647/36897/37170/37284/37708.25/38286/38520.

(Bold and underlined figures are most important)

Further to my last post for 10.2.2021 as anticipated finally it is correcting for the last four days. Please note that its critical and most important points for the year 2021 are 32613.10---32465.45---31297.30 & 31264.05 and it is well above these points now and as long as it hold these points on the closing basis uptrend will remain intact. Its other key points are placed at 37170---35815.75---35648---33625---32612.92(figures can change) It is well below its first key point and shade above its second key point therefore it is in very short correction mode now but if it sustain above 35815.75 and moves above 36086 and sustain on the closing basis that would indicate that the correction may be over and sustained close above 36086 may give a relief rally.  Please note that sustained close below 35815.75 & 35648 on the closing basis can make this correction last longer which can last for 5-8 days or may be more, sustained break below, sustained break below 33625 will push it into medium term correction mode and it can last even longer and most importantly sustained break below 32612.92 on the closing basis can push it into long term correction mode and can potentially threaten the uptrend also, which may please be noted.  

It is in correction mode now but the overall long term technical setup is still good and if it sustain above 35815.75 and moves above 36086 and sustain on the closing basis then the ongoing correction may take a break or may be over and it could give a relief rally and if it moves above 37284 and sustain on the closing basis then it can resume the up move again else the correction may continue for some time. The long term bias is still positive as of now. 

Moving down its critical support points at -35815.75---35648----34812----34644---34556---34373---34018.

Moving up its critical resistance points at 35884---36086---36397---36615.20---36897----37100---37284---37708.75---38286---38520---38914---39021---41145---42808.

In view of the above observation long trade can be tried for a possible pullback move at this point of time but with extreme caution because it is in correction mode now. Traders can try long trade if it moves and maintain above 36086 for some time or can buy on decline near 35648 but not below it. Please note that buying above 36086 could be relatively a safe option. Since it is in correction mode now short trade can also be tried 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 and caution because the long term technical setup is still good 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 36086 for some time with a stop loss of 35870.It could be a risky trade.

Or

Buy on decline near but not below 35648 with a stop loss of 35550.

2. Sell if it maintains below 35584 for some time with a stop loss of 35820. It could be a risky trade but worth trying for intraday correction.

Or

Sell on the rise near or within the range of 36450---36550 with a stop loss of 36670.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.