1. BAJAJ FINANCE LTD: - Open-3364.95, High-3391,
Low—3252.85, Close-3309 on 30.10.2020.
Its threshold point is 3285.60, if it moves below this point and
sustain on the closing basis then it will get into long term correction mode
and going down its key support points
would be at 3101---2998.50---2766.40---2534.30---2247---2176. It is therefore
suggested to avoid long trade below 3285.60 but can be tried on decline near
the key support points with self-defined short stop losses. As long as it is
above 3285.60 it may move up and going up it will face resistance at 3329---3419.65---3489.90---3519---3557---3749.85.
So long trade can be tried above 3285.60 with a stop loss of 3250. Short trade
can also be attempted at appropriate points for taking advantage of the
corrective move.
2. BAJAJ FINSERV LTD: - Open-5650, High-5680,
Low—5511.05, Close-5573.50 on 30.10.2020.
It has already gotten into long term correction mode as it has
broken its threshold point of 6067 and going down its key support points would
be at 5400---5347---4900---5026---4628---4530---4288---3985 , so long trade can
be tried on decline near the key support points with self-defined short stop
losses. As long as it is below 6067 it may not gain strength for a strong up momentum,
but sustained move above 6067 on the closing basis can take it higher and going
up it may face resistance at 5670---5751---5820—6067---6170---6240---6455---6570---6680---6710. Short trade
can also be attempted at appropriate points for taking advantage of the
corrective move.
3. LUPIN LTD: - Open-925, High-929, Low—905.40,
Close-909.25 on 30.10.2020.
It has already gotten into long term correction mode as it has
broken its threshold point of 976.50 and going down its key support points
would be at 886---813---740---650---628 , so long trade can be tried on decline
near the key support points with self-defined short stop losses. As long as it
is below 976.50 it may not gain strength for a strong up momentum, but
sustained move above 976.50 on the closing basis can take it higher and going
up it may face resistance at 996.55---1035---1087.80---1122.30. Long trade can
be tried if it maintains above 886 with stop loss of 876 for a possible
pullback move. Short trade can also be attempted at appropriate points for
taking advantage of the corrective move.
4. AUROBINDO PHARMA LTD: - Open-768.35, High-778.40,
Low—761.10, Close-772.65 on 30.10.2020.
It has already gotten into long term correction mode as it has
broken its threshold point of 807.40 and
going down its key support points would be at 760---738---708---628---603---548---449—424
, so long trade can be tried on decline near the key support points with
self-defined short stop losses. As long as it is below 807.40 it may not gain
strength for a strong up momentum, but sustained move above 807.40 on the
closing basis can take it higher and going up it may face resistance at
831---846---858---887---896--967. Long trade can be tried if it maintains above
760 with stop loss of 750 for a possible pullback move. Short trade can also be
attempted at appropriate points for taking advantage of the corrective move.
5. AXIS BANK LTD: - Open-495, High-501.55, Low—481.60,
Close-492.50 on 30.10.2020.
Its threshold point is 475.30, if it moves below this point and
sustain on the closing basis then it will get into long term correction mode
and going down its key support points would be at 458---439---423---409---380---344---335.
It is therefore suggested to avoid long trade below 475.30 but can be tried on
decline near the key support points with self-defined short stop losses. As
long as it is above 489.80 & 475.30 it may move up and going up it will
face resistance at 507.60---517.50---533.85---547.50---555.50---580.50---622.85.
So long trade can be tried above 489.80& 475.30 with a stop loss of 470. Short trade can also be attempted at
appropriate points for taking advantage of the corrective move.
6. ICICI BANK LTD: - Open-399, High-402.70, Low—388.05,
Close-392.60 on 30.10.2020.
Its threshold point is 390.70, if it moves below this point and
sustain on the closing basis then it will get into long term correction mode
and going down its key support points would be at 381---367---348---333---306--300.
It is therefore suggested to avoid long trade below 390.70 but can be tried on
decline near the key support points with self-defined short stop losses. As
long as it is above 390.70 it may move up and going up it will face resistance
at 406.15---411---422---428.50---439—444---459---482---502. So long trade can
be tried above 390.70 with a stop loss of 380. Short trade can also be attempted at
appropriate points for taking advantage of the corrective move.
7. HDFC LTD: - Open-1930, High-1947, Low—1906.85,
Close-1923.55 on 30.10.2020.
It has already gotten into long term correction mode as it has
broken its threshold point of 1940 and going down its key support points would
be at 1907---1851---1820---1799—1779—1732---1707---1623---1596
, so long trade can be tried on decline near the key support points with
self-defined short stop losses. As long as it is below 1975 &1940 it may
not gain strength for a strong up momentum, but sustained move above 1940 &
1975 on the closing basis can take it higher and going up it may face
resistance at 2029.85---2083.95---2135---2194---2228---2235---2265. So long
trade can be tried if it moves and sustain above 1940 with a stop loss of 1920.
Short trade can also be attempted at
appropriate points for taking advantage of the corrective move.
NOTE:-The above observations 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 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.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
