A TECHNICAL VIEW ON CNX-NIFTY---3.9.2019

 CNX-NIFTY

Open-10987.80—High-11042.60---Low—10874.80---Close—11023.25 on 30.8.2019

Support:11008.95/10987.45/10985.15/10941.20/10923.60/10901.60/10881.70/10862.55/10782.60/10774.70/10692.35/10637.15/10628.65/10583/10558—550/10534.55/10440.55/10419.80—417.80/10333.85/10198/10138.60/10004.55/9951.90.

Resistance: 11078/11108.30/11118.10/11147/11171.55/11181.45.

Critical Points: - 10862.55 & 10881.70(It has to remain above this to indicate that hope of moving up is still alive else may head for good fall, these figures are valid till 31-12-2019.)  

                                                                             

Long Term Moving Average Range on daily chart (these figures changes every day):- 11427---11150- it is below this range which is a bad sign.

Long Term Moving Average Range on weekly chart (these figures changes every week):-10581---465---325—054---9939---801---730---9600. It is important to note that sustained break below 10581 would be an indication for a further fall.

Important Range :-11171.55---11150---10881.70---10862.55---10581.

TECHNICAL OBSERVATION

Further to my last post it moved above its critical point of 10862.55 & 10881.70 on 26.8.19. But it did break 10881.70 intraday and came closer to 10862.55 on 30.8.19 but eventually went up to close at 11023.25. However it could not go beyond its long term moving average lower band on the closing basis, which is at 11150 for 3.9.19(it changes every day) is still a bad sign. Therefore as long it sustain above 10862.55 it could oscillate in the range of 10862.55---11150----11171.55, only sustained break above 11150 & 11171.55 on the closing basis can take it further higher to the level of 11365 & 11430 and sustained break above 11430 may help it to resume the uptrend, chances of going beyond 11365&11430 looks slim at this point of time.

The technical indicators and overall chart setup indicates that the down trend is likely to continue and it could test or break the bottom of 10637.15 which it made on 23.8.19 after the ongoing pullback rally is over, it could give potential indication of rally exhaustion or completion if it closes below 10940. The trend is down but, since it is trading in a range and showing wild swing during the day, so traders can take both side trades, if they wish to taking help of the important range as mentioned above. Please note that for long trades it is suggested to try on decline but avoid long trade below 10881.70 and below 10862.55 for sure, stop loss would be below 10780. Short trade can be tried on the rise in the range of 11150—11171.55 with a stop loss of above 11235.I once again reiterate that the trend is down therefore it is suggested to avoid long trade because it could be risky affair but if initiated it should be handled with extreme caution and care.

Remark: - It is in downtrend. But now the relief rally is on but the overall technical setup indicates that as of now there is a strong possibility that it could break its recent bottom of 10637.15 in coming days. Therefore long trade should be avoided in general, but aggressive trader can try both side trades as suggested above.    

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.

MARUTI SUZUKI LTD-A TECHNICAL VIEW---24-8-2019

 MARUTI SUZUKI LTD

Open-6160—High-6279.60---Low—6040---Close—6254.35 on 23.8.2019

Support: 6233/6174/6155/5974/5955/5800/5710/5642/5590/5446.                                                                                                                

Resistance: -6298.50/6322/6359/6450/6480/6500.

Broad Range as of now:-5446—6350---6500.

Short Range:--5750---5900---6350

         It is technically weak and the trend is down but right now it is in pull back mode and it may further move up from here but it is near the upper band of the short range and not very far from the upper band of the broad range. This pull back rally may exhaust in the range 6350—6500 or earlier, but if it moves above 6500 and sustain then it can rise very smartly, but as of now it looks less likely. The pull back rallies are treacherous in nature and can fizzle out abruptly so long trader should be very alert and careful in their trade commitments; however those traders who wish to take advantage of this rally can take long position on decline and are advised to structure their trade with the help of the range and support and resistance levels mentioned above with proper stop losses. Please note that long trade should be completely avoided below 6000. You can off course try the long trade near the major bottom of 5450—446 with a stop loss of below 5390. 

Remark: - The trend is down but it is in pullback mode and this may last for some time but the price is near the strong resistance area, therefore for safe trader long trade should not be tried at this juncture. However aggressive trader can try long call on decline as suggested above. It still seems that long term bottom is yet to be made; so long term investor should have some patience before putting in fresh money.      

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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX-NIFTY---24.8.2019

 CNX-NIFTY

Open-10699.60—High-10862.55---Low—10637.15---Close—10829.35 on 23.8.2019

Support:10782.60/10637.15/10628.65/10583/10558—550/10534.55/10440.55/10419.80—417.80/10333.85/10198/10138.60/10004.55/9951.90.

Resistance: 10893.25/10929.20/10941.20/10985.15/10987.45/11000/11078/11108.30/11118.10/111171.55/11181.45.

Critical Points: - 10863 & 10882(It has to remain above this to indicate that hope of moving up is still alive else may head for good fall, these figures are valid till 31-12-2019.)  

                                                                             

Long Term Moving Average Range on daily chart (these figures changes every day):- 11437---11138- it is below this range which is a very bad sign.

Long Term Moving Average Range on weekly chart (these figures changes every week):-10568---425---314—044---9928---792---715---582. It is important to note that sustained break below 10568 would be an indication for a deeper fall.

Fibonacci support points: - 10.773.63/10514.07/10459.57/10382.13/10304.11.

Fibonacci resistance points: - 10991.66/11027.47/11281.31.

The trend is down for sure, today it opened weak and made a bottom at 10637.15 thereafter it staged recovery and closed with a gain of 88 points. It seems that today’s up move was nothing but a relief rally on short covering after 3 days of fall and it may not last more than a day or two and expected to fizzle out anywhere in the range of 10882---950---11000 because the technical setup is bad. It is below its short, medium and long term moving averages and short and medium term averages have negative crossovers also which is a bad sign. Furthermore the important technical indicators are showing tremendously weak sign on daily, weekly and monthly charts which indicates further fall is ahead in coming days/weeks unless it at least moves above the lower band of its long term moving average which is placed at 11138(it changes every day) and sustain. Therefore the important range for the market as of now is given here under:-    

1.10863--10882-it has to sustain above it to show sign of improvement.

2. On the upside--10882—10950---11000---11138.

3. On the downside—10863---10568--550(sustained break below 10550 may trigger fresh fall).

Traders may structure their trade with the help of above range; they can try both side trades depending on the price movement because it gives swing both ways. But since the trend is down and it is just a pullback rally and these rallies are treacherous in nature and can end abruptly, therefore it is suggested to avoid long trade now instead short call can be tried on the rise at appropriate points (with the help of above range) with proper stop losses till complete bottoming out sign are visible. The bottom of 10637.15 it made today seems to be a short bottom and is likely to be broken in coming days.

Remark: - The trend is bearish and it seems that it is just the beginning of the downtrend and lot of pain is ahead unless it crosses the important points (as mentioned above) and sustain above it. Therefore long trade should be completely avoided and short call can be tried as suggested above, till the bottoming out signs is clearly visible.

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 is of spot market.

Contact me for strategic guidance to enter and exit trade.

CNX--BANK NIFTY-A TECHNICAL OVERVIEW-31-3-2019

CNX--BANK NIFTY

Open-30480.35--High-30499.25--Low-30235.90—Close-30426.80 on

 29-3-2019.

(Bold and underlined figures are important)

Major Support:-30008/29870/29156/28388.

Major Resistance:-30458/30499.25/30535/30860/30922/31492/31535/32527.

It has been long time since I wrote last; after giving upside breakout from its previous top of 28388.65 on 12.3.19, it is on a tremendous roll and moving up vertically and hit a high of 30499.25 in 12 trading session and if this up move continues which seems likely as of now then it could hit 32527 mark. But moving up it may face hurdle at 30535/30860/30922/31492/31535/32527 and it could correct from any of these points and this rally may finally culminate at 32527 or may be earlier, but if it goes beyond it and sustain then it can scale much greater heights. Moving down it will have good support at 30008/29837/29156 and very strong support at 28388.65, therefore as long as it holds 28388.65 the uptrend is expected to be intact. In view of the robust up move long trade is suggested, but as of now fresh long trade should be initiated either above 30535 or on the decline but not below 30008. Please note that profit should be booked in the existing long trade if it does not move beyond 30535. It is important to mention here that since the rise is vertical therefore the corrective fall may also be vertical, therefore traders should be extremely alert and agile in their long commitments.  

                                                                                                          

Remark: - The trend is up, therefore long trade is suggested at appropriate points (see aforesaid support levels), but since it has witnessed vertical rise therefore it is highly vulnerable for correction also and it can creep in anytime, so long trade should be handled with extreme care and caution.

   

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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.