A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—20.10.2022

 

CNX-BANK NIFTY

Open-40556.65-High-40643.60-Low-40195.20-Close-40373.20 on 19.10.2022.

Support: 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: 40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further but could not sustain at the upper level and slipped and in the process filled the today’s gap and finally ended the day with a meager gain of 54.45 points.  Please note that the gap it created on 18.10.2022 and 14.10.2022 is still there and if it makes an effort to fill the gap in the next 3-4 & 1 trading sessions respectively which is technically possible then it can come down to 39974 & 39061 levels, but if it does not fill the gap in the stipulated time then chances of filling the gap will recede.

It is well above its  most critical and important point of 39895, 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 it’s all time high of 41840.15 or may go beyond it also, similarly sustain break below it may drag it down. Moving up from here it will get resistance at 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 40138---40123---40039---39953---39895---39875----39586.44---39546.48---39436---39200---38885---38759---38715---38497----38437---38399---38235---38029---37911---37830, break below 40123 will be an alert sign, sustained break below 39895 may weaken the up momentum and can drag it down and break below 39875(figure may change) may push it into corrective mode for its recent rise, which please note.

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, long trade can be tried if it moves above 40486 and maintain for some time with a stop loss of 40350 or can try buy on decline  at appropriate points or near 39895 but not below it  with a stop loss of 39750. 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 40650---40750 with a stop loss of 40850 or sell if it moves below 39750 with a stop loss of 39970. Please note that highly aggressive trader can also try short trade if it moves below 40195 and maintain for some time with a stop loss of 40410, but 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.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—19.10.2022

 

CNX-NIFTY

 Open-17438.75--High—17527.80--Low-17434.05---Close-17486.95 on 18.10.2022.

Support: 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: 17490.70/17530.85/17639.50 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 and finally ended the day with a gain of 175.15 points. Please note that the gap it created today is still there and if it makes an effort to fill this gap in the next 3-4 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 has closed 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 17635(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---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 it 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. The undertone is reasonably good as of now.

In view of the above observation, long trade can be tried if it moves above 17528 and maintain for some time with a stop loss of 17460 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 17610---17635 with a stop loss of 17675 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—19.10.2022

 

CNX-BANK NIFTY

Open-40252.05-High-40435.35-Low-40139.85-Close-40318.75 on 18.10.2022.

Support: 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: 40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day with a gain of 398.30 points.  Please note that the gap it created today and on 14.10.2022 is still there and if it makes an effort to fill the gap in the next 3-4 & 1-2 trading sessions respectively which is technically possible then it can come down to 39974 & 39061 levels, but if it does not fill the gap in the stipulated time then chances of filling the gap will recede.

It is well above its  most critical and important point of 39895, please note that if it sustain above it on the closing basis then the up move should continue with intermittent correction and it could retest it’s all time high of 41840.15 or may go beyond it also, similarly sustain break below it may drag it down. Moving up from here it will get resistance at 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 40138---40039---39953---39895---39715----39586.44---39546.48---39436---39200---38885---38759---38715---38497----38437---38399---38235---38029---37911---37830, sustained break below 39895 may weaken the up momentum and can drag it down and break below 39715(figure may change) may push it into corrective mode for its recent rise, which please note.

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. The bias is up as of now.

In view of the above observation, long trade can be tried if it moves above 40440 and maintain for some time with a stop loss of 40230 or can try buy on decline  at appropriate points or near 39895 but not below it  with a stop loss of 39680. 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 40650---40750 with a stop loss of 40900 or sell if it moves below 39680 with a stop loss of 39970. 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—18.10.2022

 

CNX-NIFTY

 Open-17144.80--High—17328.55--Low-17098.55---Close-17311.80 on 17.10.2022.

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

Resistance: 17345.20/17354.05/17387.15/17429.70/17484.30/17490.70/17530.85/17639.50 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 a down gap but filled today’s and 14.10.2022 gap during the day and finally ended the day with a gain of 126.10 points. It is exhibiting huge volatility which is not a good sign for a steady up move. It is still into major correction mode as it is below its threshold point of 17408.75 but at the same time it is well above its pullback threshold point of 17066 and its long term moving average range of 17088—16799(figure will change every day) which is a positive sign and as long as it sustain above these points it can continue to inch up, but  to get back into steady up move grove again it has to move above its most important and critical points of 17354---17387 & 17408.75 and sustain on the closing basis, else weakness may persist which can drag it down eventually. It is important to mention here that the long term moving average range of 17088—16799(figure will change every day)  is a very strong support range for it and it has bounced back from this range quite often in the near past but coming back near or within the range again and again in a short span of time is a very weak sign, furthermore certain important technical indicators as of now suggest that eventually it is going to break this range and if it does so then fall may accelerate which may be kept in mind. Moving up from here it may find stiff resistance at 17333---17345---17354---17387---17408.75. Similarly going down from here it may find good support at 17268---17196---17168---17088---17066---17024---16950---16908---16883---16794---16640---16563---16487---16296---15870---15765.

Its short term technical setup is still looking slightly weak, but the important thing is out of four important technical indicators three has turned positive on the daily chart, which is a good sign. Therefore it seems that it could continue the up move provided it moves above its critical points of 17354---17387 & 17408.75 and sustain on the closing basis else it may drift down again. The undertone is mixed as of now.

In view of the above observation,  for safe trader’s long trade can only be tried once it closes above 17408.75 or on decline near or within the range of 17088---17066 with a stop loss of 16980. But aggressive traders can try long trade if it moves above 17354 and maintain for some time with a stop loss of 17260 or also on decline near or within the range of 16890-----16799 with a stop loss of 16740, Please note that in general long trade in a corrective market for pullback gains could a risky affair because pullback rallies are treacherous in nature and can end abruptly trapping the traders unaware but it can be tried at the most critical and important points. Since it is in major correction mode therefore short trade can also be tried on the rise near or within the range of 17480---17520 with a stop loss of 17560 or sell if it moves below 17268 with a stop loss of 17335. It is into major correction mode and it keep threatening its long term trend time and again which is not a good sign.

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—18.10.2022

 

CNX-BANK NIFTY

Open-39295.60-High-39974.70-Low-39146.70-Close-39920.45 on 17.10.2022.

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

Resistance: 40043/40160.20/40288.90/40453/40685.95/40881/41367.25/41829.60/41840.15/42696/44461/45525/45633.

 (Bold and underlined figures are most important)

It opened on a negative note and then steadily moved up and finally ended the day with a gain of 614.85 points.  Please note that the gap it created on 14.10.2022 is still there and if it makes an effort to fill the gap in the next 2-3 trading sessions which is technically possible then it can come down to 39061, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.

It came out of major corrective mode and also moved above it most critical and important point of 39895, please note that if it sustain above it on the closing basis then the up move should continue with intermittent correction and it could retest it’s all time high of 41840.15 or may go beyond it also, similarly sustain break below this may drag it down. Moving up from here it will find resistance at 40039---40139---40665---40789---40819---40950---41677.65---41840.15 points, it is likely to correct from any of these levels and then resume the up move again. Similarly going down it may find good support at 39895---39614----39586.44---39546.48---39084----38885---38759---38715---38497----38437---38399---38235---38029---37911---37830, sustained break below 39895 may weaken the up momentum which please note.

The short term technical setup has improved considerably. Furthermore all the four important technical indicators have turned positive today 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. The bias is up as of now.

In view of the above observation, for safe traders long trade can be tried if it holds 39895 levels for some time with a stop loss of 39700 or if it moves above 39975 and maintain for some time with a stop loss of 39700 avoid buy on decline for the day. But aggressive traders can also try buy on decline near or within the range of 39586---39350 with a stop loss of 39200. Please note that long trade below 39895 could be a risky affair for the day. 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 40650---40750 with a stop loss of 40875 or sell if it moves below 39600 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.