SOME AUTOMOBILE STOCKS OF NIFTY-50 ARE INDICATING WEAKNESS ON THE TECHNICAL CHART—2.11.2020.

 

SOME AUTOMOBILE STOCKS ON WEAK TECHNICAL FOOTING

1. BAJAJ AUTO LTD: - Open-2940, High-2963.20, Low—2880.10, Close-2886.90 on 30.10.2020.

(A) It is showing sign of weakness on the daily chart and it is creeping into the weekly chart also.

(B) It is already in the short term correction and below key point of 2890, if it sustain below it correction may continue and if it moves and maintain above 2890, it may stage a short pullback before starting down journey again.

(C) Its upside looks capped as of now in the range of 2830---3050---3159, break below 2830 will open up the fresh down side. Similarly break above 3159 will open the fresh upside too.

(D) It will slip into long term correction mode if it moves and sustains below 2835.60 on closing basis and then it will seriously threaten the uptrend.

(E) The bias is bearish as of now, however it may witness short up move from time to time within the range as mentioned above.

(F) Avoid long trade below 2830 and can try it only after reasonable decline at appropriate points with the help of critical points mentioned on the downside. It is suggested to try short trade either below 2890 or more safely below 2830 or can be tried after reasonable rise also at appropriate range because it is in corrective mode.

Support Levels:-2870/2853/2835.60/2830/2772/2610/2450/2361/2295.

Resistance Levels:-2890/2996/3114/3130/3159.

Most Critical Points Moving Down:-2835.60—2830----2749---2635---2474---2312---2112---2062.

Most Critical Points Moving Up:-2918---2959---3024---2991---3075---3130---3159.

 

2. EICHER MOTORS LTD: - Open-2123.20, High-2147.40, Low—2070.55, Close-2085.60 on 30.10.2020.

(A) It is showing sign of weakness on the daily chart and on the monthly chart too but weekly chart is ok as of now.

(B) It is already in the short term correction mode and near its key point of 2079, if it moves below it correction may continue and if it moves and maintain above 2079, it may stage a short pullback before starting down journey again.

(C) Its upside looks capped as of now in the range of 2006---2230---2303 as of now, break below2006 will open up the fresh down side. Similarly break above 2230 will give it strength to move up further.

(D) It has already slipped into the long term correction mode as it has broken its key point of 2117.70 and sustained close below it may threaten the long term uptrend.

(E) The bias is bearish as of now, however it may witness short up move from time to time within the range as mentioned above.

(F) Avoid long trade below 2117.70 & 2079 but can be tried after reasonable decline at appropriate points with the help of critical points mentioned on the downside with self-defined short stop losses. It is suggested to try short trade either below 2079 or can be tried after reasonable rise also at appropriate range because it is in corrective mode now.

Support Levels:-2070/2023/2006/1832/1797/1631/1559/1490/1357/1332/1320/1285/1245.

Resistance Levels:-2120/2170/2214.65/2227/2230/2260/2288/2303/2387.25.

Most Critical Points Moving Down:-2006---1950---1816---1681---1514---1473.

Most Critical Points Moving Up:-2125---2160---2187---2214---2248---2257.

 

3. HERO MOTOR CORP LTD: - Open-2913.90, High-2928.50, Low—2787, Close-2799.80 on 30.10.2020.

(A) It is showing sign of weakness on the daily chart and on the monthly chart too but weekly chart is ok as of now.

(B) It is already in the short term correction mode and near its key point of 2752, if it moves below it correction may continue and if it maintain above it, it may stage a short pullback before starting down journey again.

(C) Its upside looks capped as of now in the range of 2752---2942---3180---3240 as of now, break below2752 will open up the fresh down side. Similarly break above 3240 will give it strength to move up further.

(D) It has already slipped into the long term correction mode as it has broken its key point of 2942 and sustained close below it may threaten the long term uptrend.

(E) The bias is bearish as of now, however it may witness short up move from time to time within the range as mentioned above.

(F) Avoid long trade below 2942 & 2752 but can be tried after reasonable decline at appropriate points with the help of critical points mentioned on the downside with self-defined short stop losses. It is suggested to try short trade either below 2752 or can be tried after reasonable rise also at appropriate range near 2942 of may be at higher point because it is in corrective mode now.

Support Levels:-2070/2023/2006/1832/1797/1631/1559/1490/1357/1332/1320/1285/1245.

Resistance Levels:-2120/2170/2214.65/2227/2230/2260/2288/2303/2387.25.

Most Critical Points Moving Down:-2006---1950---1816---1681---1514---1473.

Most Critical Points Moving Up:-2125---2160---2187---2214---2248---2257.

NOTE:-The above observation are based on the technical parameters and since technical analysis is a continuous process, therefore the view may change with time and price movement. So keep a watch on the price movement because breakout on the either side of the range may change the perception. The traders may structure their trade with the help of above observation.

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—2.11.2020

 

CNX-NIFTY

 Open—11678.45--High—11748.95—Low—11535.45---Close-11642.40 on 30.10.2020.

Support:11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11661/11684.85/11733/11761/11775.75/11794.25/11803/11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As envisaged in my post of 29.10.2020 it corrected sharply in last two days and after hitting a low of 11535.45 today it bounced back in the late afternoon to close with a meager loss of 28.40 points. Please note that until and unless it closes above 11661 & 11733 points and sustain on the closing basis, it may not get the steam to move up, so moving up 11733 is the benchmark point and till it closes above it and sustain down move may continue. Moving down it may find support at 11618---11553---11447---11407---11341---11270, it may bounce back from any of these points for a short pullback move, but please note that sustained break below 11447 on the closing basis will put the ongoing up move in danger, so going down 11447 will be the benchmark point and sustained break below 11270 on the closing basis will further accelerate the fall. Similarly if it moves and sustain above 11733 on the closing basis then only it can make an effort for the up move to gain some strength, going up it will face stiff resistance at 11780---11838---11910---11930---11981---12025.45. The overall chart setup indicate that down move may continue as of now.

In view of the above observation for safe traders it is suggested to avoid long trade till it closes above 11733. However aggressive traders can try long trade if it moves and maintain above 11733 for some time intraday or on the decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11447, buy on decline could be a risky trade for now. Since it is in correction mode it is strongly suggested to adopt sell on the rise strategy at appropriate range or sell on the price breakdown for taking advantage of short or may be long correction till clarity on correction completion emerges.

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

TRADING STRATEGY

1. Buy on decline at appropriate points but not below 11447 with a stop loss of 11390.It is for aggressive traders. It could be a risky trade.

Or

 Buy on decline near but not below 11535 with a stop loss of 11500.It is for aggressive traders. It could be a risky trade.

Or

Buy if moves and maintains above 11733 for some time with a stop loss of 11690. It is for aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 11760---11805 with a stop loss of 11835 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11733 for some time with a stop loss of 11780 it could be risky trade but worth trying.

Or

Sell if it maintains below 11535 for some time with a stop loss of 11610.

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—2.11.2020

 

CNX--BANK NIFTY

Open-24090.15--High-24277.35--Low-23612.70—Close-23900.90 on 30.10.2020

Support:23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance23912.75/24096.75/24240/24365/24617.15/:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It is still below its key points of 24267---24365---24386 therefore already into short term correction mode and sustained break below 23780 on the closing basis will push it into medium term correction mode and most importantly sustained break below 23081on the closing basis will put it into long term correction mode and will potentially threat the long term uptrend also which may please be noted. Moving down it may find support at 23897---23780---23678---23612.70---23408---23341---23135---23081---22614. It is imperative to mention here that sustained close above the key points of 24267---24365---24386 as of now is needed to give some hope for the continuation of the up move else down move will continue. The overall chart setup and some technical indicators suggest that further fall may be ahead, till it moves above its key points and sustain as of now.     

In view of the above observation for safe traders long trade can only be tried if it moves and maintains above 24386 on the closing basis. However aggressive traders can try long trade if it moves and maintain above 24386 for some time intraday or on decline at the appropriate points as mentioned above with self-defined short stop losses but not below 23620. In light of today’s down move it seems that correction may deepen in coming days therefore it is suggested to attempt short trade either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction, till clarity on correction completion emerges.

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

TRADING STRATEGY

1. Buy on decline at appropriate points or near 23620 but not below it with a stop loss of 23540. It is for aggressive traders. It could be a risky trade.

Or

Buy if it moves and maintain above 24386 for some time with a stop loss of 24220.It is for aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 24400--24500 with a stop loss of 24575. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it maintain below 23900 for some time with a stop loss of 24000It could be a highly risky trade but worth trying. 

Or

Sell near if it does not move above 24386 for a reasonable time with a stop loss of 24440.It could be a highly 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—29.10.2020

 

CNX-NIFTY

 Open—11922.60--High—11929.40—Low—11684.85---Close-11729.60 on 28.10.2020.

Support:11684.85/11661/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11733/11761/11775.75/11794.25/11803/11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As apprehended it could not sustain above its key points of 11880---11803---11775.75 & 11733 and since it has closed below the trigger point of 11733 also so it has definitely slipped into the correction mode, therefore it is suggested to avoid long trade till it bounces back at least above 11733 on the closing basis, then will review. Moving down it may find support at 11684---11661---11618---11553---11447---11407---11341---11270, it may bounce back from any of these points for a pullback move, but please note that sustained break below 11447 on the closing basis will put the long term uptrend in danger, so going down 11447 will be the benchmark point. The up journey for it from here seems to be a difficult task now, however if it manages to move above 11733 and sustain on the closing basis then it can show some sign of improvement for moving up, but as of now it is tremendously weak on the technical footing and further downside looks imminent in coming days if it sustain below 11733 on the closing.

Since it has slipped into correction mode therefore for safe traders it is suggested to avoid long trade till it moves above 11733 and sustain on the closing basis or it can be tried after a reasonable decline at appropriate points but only if it gives visible indication of correction completion else avoid. However aggressive traders can try long trade if it moves and maintain above 11733 for some time intraday or on the decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11447, buy on decline could be a risky trade for the day, in fact long trade in any way could be a risky affair for the day. In view of the above observation it is strongly suggested to adopt sell on the rise strategy at appropriate range or sell on the price breakdown for taking advantage of short or may be long correction till clarity on correction completion emerges.

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

TRADING STRATEGY

1. Buy on decline at appropriate points but not below 11447 with a stop loss of 11390.It is for aggressive traders. It could be a risky trade.

Or

Buy if moves and maintains above 11733 for some time with a stop loss of 11680. It is for aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 11830---11860 with a stop loss of 11890 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11733 in first two hours of trade even   intraday with a stop loss of 11780. It could be risky trade but worth trying.

Or

Sell if it moves and maintains below 11661 for some time with a stop loss of 11735.

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—29.10.2020

 

CNX--BANK NIFTY

Open-24737.85--High-24780.70--Low-24057.95—Close-24232.50 on 28.10.2020

Support:24096.75/23912.75/23867.75/23822/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance24240/24365/24617.15/:24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It is playing See—Saw with the key points of 24267---24365---24386, yesterday it decisively moved above these points and today it has closed below all these points which is an extremely weak sign  and indicates that further fall may be ahead if it does not bounce back above these points at the earliest. Since it has broken 24386 levels on the closing basis it has gotten into short-term correction mode, sustained break below 23780 will push it into medium term correction mode and most importantly sustained break below 23081on the closing basis will put it into long term correction mode and will potentially threat the long term uptrend which may please be noted. Moving down it may find support at 23897---23780---23678---23408---23341---23135---23081---22614. It is imperative to mention here that sustained close above the key points of 24267---24365---24386 is needed to give some hope for the continuation of the up move else down move will continue.     

In view of the above observation for safe traders long trade can only be tried if it moves and maintains above 24386 on the closing basis. However aggressive traders can try long trade if it moves and maintain above 24386 for some time intraday or on decline at the appropriate points as mentioned above with self-defined short stop losses but not below 23780. In light of today’s down move it seems that correction may deepen in coming days therefore it is suggested to attempt short trade either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction, till clarity on correction completion emerges.

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

TRADING STRATEGY

1. Buy on decline at appropriate points or near 23780 but not below it with a stop loss of 23670. It is for aggressive traders. It could be a risky trade.

Or

Buy if it moves and maintain above 24386 for some time with a stop loss of 24220.It is for aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 24575--24700 with a stop loss of 24775. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 24190 for some time with a stop loss of 24270.It could be a risky trade but worth trying. 

Or

Sell if it does not move above 24386 in first two hours of trade even intraday with a stop loss of 24440.It could be a highly 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—28.10.2020

 

CNX-NIFTY

 Open—11807.10--High—11899.05—Low—11723---Close-11889.40 on 27.10.2020.

Support:11832.30/11803/11794.25/11775.75/11761/11733/11711.70/11694.85/11661/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As envisaged it bounced back sharply today from the trigger point of 11733 and closed near the high of the day and above the key points of 11733--- 11775.75---11803 & 11880, which is a positive sign, but this move was not strong enough to regain the desired up momentum and for that it has to move above its top of 11937.65---11971.05---12025.45 and sustain on the closing basis. Please note that if it fails to cross these points in next 1-2 trading session and break again the key points of 11880---11803---11775.75---11733 on the downside then it could witness sharp fall this time which may be kept in mind. Kindly note that to give some hope that it can regain the up momentum again it has to close reasonably above 11937.65 first and then gradually cross the other points too, else it will resume the down move again.

In view of the above observation for safe traders it is suggested to avoid long trade on decline for the day but can try long trade if it moves and maintain above 11940 for some time. However aggressive traders can try long trade if it moves and maintain above 11940 or on the decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11767, buy on decline could be a risky trade for the day. Although it had a sharp rise today but lower top & bottom is still there on the line chart, so possibility of further down correction from here cannot be ruled out till it closes above 11937.65, therefore it is suggested to attempt short trade also either on the rise at the appropriate range or on the price breakdown for taking advantage of short or may be long correction.

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

TRADING STRATEGY

1. Buy on decline but not below 11767 with a stop loss of 11700.It is for aggressive traders. It could be a highly risky trade.

Or

Buy if moves and maintains above 11940 for some time with a stop loss of 11880.It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 11980---12068 with a stop loss of 12110 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11940 in first two hours of trade even   intraday with a stop loss of 11980. It could be risky trade but worth trying.

Or

Sell if it moves and maintains below 11767 for some time with a stop loss of 11815.

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.