TECHNICAL VIEW ON CNX-NIFTY---2.3.2020

CNX-NIFTY

Open-11382--High-11384.80—Low-11175.05—Close-11201.75 on 28.2.2020

Support: 11171.55/11108.30/11090—60/10995—987—985/10782/10746/10670/10637.15.

Resistance:11223/11234.95/11250.20/11311.60/11322.11/11358.22/11393/11416/11461/11490.75/11549.10/11589/11625.

                                                                       

After making an all time high of 12430.50 on 20-1-2020 it started correcting and made a bottom at 11614.50 on 3-2-2020 just after the Union Budget and thereafter it went up again up to 12246.70 on 14.2.2020 and started correcting again and broke the bottom of 11614.50.

It has been falling relentlessly for the last six days and has broken its important support levels in the process.  Furthermore it has broken its short, medium and long term moving average decisively and certain moving average combination has given negative crossover also and some are on the verge of it, which is bad sign. The RSI indicator is also showing huge negative divergence on daily, weekly and monthly chart and similarly the MACD is also in sell mode on daily, weekly and monthly chart, so technically it has weakened and indicates that the further fall may be ahead.

Its long term moving average range on daily chart is between 11875 to 11625 for 2.3.2020 (it changes every day) and on the weekly chart is between 11063—10938---10788 (it changes every day). Since it has fallen for six straight days so it may possibly make a short bottom any time and stage a pullback rally from its crucial support point at 11171.55/11090—60 & 10995.82--938 else it could go down further and may break major bottom of 10637.15 it made on 23.8.2019. Please note that if it gives a pullback rally then the possible exhaustion points could be at 11358.22/11489/11589 & 11625 and the in between stiff resistance points are at 11250/11322.11/11393/11461/11490.75/11549.10/11591.70. As you are aware that the pullback rallies are treacherous in nature therefore it can end abruptly also at any of the above mentioned points. The ongoing down move looks to be impulse in nature, so it seems that it is going to continue for some time, therefore the pullback rally may not be strong one.

It will show sign of slight comfort if it moves and sustain above its long term moving average lower band i.e.11625 (it changes every day) and will gain strength if it moves and sustain above its upper band of long term moving average i.e.11875(it changes every day). It is important to note here that if it doesn’t bounce back and sustain above its long term moving average lower band in few days then it can slip into the bear market and that would be very painful.

In view of the above observation it is suggested that long trade should be avoided as of now but those who wish to take advantage of the pullback rally may try long call at or near critical support points of 11171.55/11090—60 & 10995.82--938 with  proper stop losses only. Kindly note that it could be a risky trade so be vigilant to trail your stop loss in profitable trade. Since down move is on so sell on the rise would be a better option. The possible sell points could be 11322—11358/11440—490 &11549—590 or earlier also (refer resistance points above) please put proper stop loss in your trade and here also trail your stop losses in a profitable trade to avoid loss.    

 Remark: - The long term uptrend is threatened as it broken important support points and is well below its all long term moving averages and if it sustains below it for some time then the down move may accelerate and it may seek much lower levels in coming days/weeks. Therefore for safe traders it is suggested to avoid long trade completely till it moves at least above its long term moving average lower band and sustain. But the aggressive trader can try long call as suggested above, but I once again reiterate that it could be a risky trade. The down move is on therefore it is suggested to adopt sell on the rise strategy till it gives visible indication of bottoming out. The bias is hugely bearish as of now.     

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---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.

DOW JONES INDUSTRIAL AVG INDEX(A TECHNICAL VIEW)-12-10-2018

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 25052.83 ON 11-10-2018

SUPPORT:-24876.07—858/24809.35/24719.72/24247.89/24217.75/24195.85—066/23997.21/23828.73/23531.31/23360.29/23344.52.     

                            

RESISTANCE:-25402.83/25449.15/25587.24/25692.72/25754.32/25807.35/26030.35/26167.94/26349.34/ 26616.71/26769.16/26951.81/27060/27530.

(Figures in bold are important)

Further to my last post of 8.10.18 as envisaged it corrected sharply and in last two trading session it plunged down by more than 1370 points breaking all short, medium and long term moving averages except for the few long term averages, the complete long term moving average range is between 25420---24817 for today (it changes every day).Furthermore its critical points are 24876.07/24809.35 & 24719.72 for the year 2018.

 Kindly note that despite, the massive fall it is still within its long term moving average range and above its critical points. Therefore as long as it holds the critical points and lower band of the long term average chances are that it may bounce back again, but it will gain some strength and consolidate only above its long term moving average range and will regain up momentum only above its major breakout point of 26616.71(see my post of 8.10.18). Similarly sustained break below the lower band of the long term moving average i.e.24817 and below the last critical point of 24719.72 will put the uptrend in potential danger which may please be noted. It is therefore suggested to get alerted in long trade if it sustain below 24876 and exit the trade if it sustain below 24817(it changes every day) and below 24719.72 for sure.

It is important to mention here that the last two days fall was an impulse down move ,so if it does not stage a smart recovery at the earliest and claw back above its important points(as mentioned above) then the fall may deepen further and it may witness much lower levels. So be vigilant and cautious in your trades.

REMARK: - It is in uptrend but last two day severe fall is a potential threat to the trend, but since it is holding on to its important points chances are that it may stage a smart recovery in coming days. Therefore long trade can be tried with caution near but not below 24876 or above its long term moving average upper band i.e. 25420.    

 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.

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

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY--A TECHNICAL VIEW---12-10-2018

 CNX-NIFTY

Open-10169.80—High-10335.95---Low—10138.60---Close—10234.65 on 11-10-2018

Support:10198/10180--170/10137---10094--10033/9951.90/9792/9740/9687.55/9685.55/9448/9408/9341/9119.20.

Resistance: 10276.30/10283.23/10313.56/10378.65/10417.80/10478.60—482.35/10530.70—10560/10631---637/10784.

(Bold figures are very important)

                                                                                      

 Further to my last post of 8.10.18 as envisaged it made a short bottom of 10198.40 on 8-10-18(near the first short covering range of 10180---170) and as expected gave pullback but a day after on 10-10-18 which took it to 10482.35, a shade above the 2^nd expected sell point(sell points were 10418/478/530 see my last post). On 11-10-18 it opened with a huge downside gap at 10169.80 breaking the earlier bottom of 10198.40 and made a low of 10138.60 but it filled the gap it created today during the day which was at 10318.25 and finally closed with a loss of 225.45 points at 10234.65. You are well aware that the pullback rallies in a down trend market are treacherous in nature and end abruptly trapping the trader unaware and this is what happened  today, therefore going against the trend is not a prudent idea, so long trade should be avoided for now. Looking at the overall technical setup it is very much likely that it will break 10000 level for sure as of now but since it has bed of support in the range of 10180---10137---10033 and some technical indicators also pointing that it may move sideways to up for some time before breaking the 10000 mark, so till then it may move in an under-noted range for some time. In view of the above one may structure their both side trade with the help of under noted range but be cautious in short trade as well.   

1. Long Range:-10730----10560----10530---10482.35----10313--10180—170---10137----10033.

2. Medium Range:-10560----10482.35----10378.65---10313----10180—170---10137----10033.

3. Short Range: - 10482.35----10378.65---10313----10180—170---10137----10033

Kindly note that if it moves above 10560 and sustain then it may consolidate  and if it moves above its long term moving averages which is in the range of 10975—10730 for 12-10-18(it changes every day) and sustains then it may regain up momentum. Therefore short trade should be avoided above 10560 and can be initiated again if it sustains below 10530. I once again repeat that the trader can initiate both side trade with the help of the above mentioned range, but since the trend is clearly down therefore long trade for pullback is not suggested, sell on the rise would be a better trade to do but with caution. The possible bottom formation range will remain the same as mentioned in my last post of 8-10-18.

Remark: - The trend is down and it seems that it has already slipped into the bear market if it does not claw back above 10560 and then above its long term moving averages in a shortest possible time and sustain, therefore long trade should only be attempted if it moves and sustain above 10560 or after the on-going fall is arrested and it gives visible sign of bottoming out. As of now sell on the rise strategy should be adopted.

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.

DOW JONES INDUSTRIAL AVG INDEX(A TECHNICAL VIEW)-8-10-2018

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 26447.05 ON 5-10-2018

SUPPORT: - 26349.34/26301.81/26167.94/26030.35/25800.35/25754.32/25608.02.                                 

 RESISTANCE: - 26616.71/26769.16/26951.81/27060/27530.

(Figures in bold are important)

Technically it is looking good on the chart, but after making an all time high of 26951.81 on 3-10-2018 it has fallen below its breakout top of 26616.71, so till it moves above it again and sustain it may not regain up momentum. Therefore till then it may move sideways or may correct from here. In fact it has been correcting for last two days. So correction may continue for some time and it may down further from here ,moving down  it will find good support at 26167/25800—754 levels, but it could go in for deeper correction if it breaks below 25754 and sustain. Therefore it is suggested to try long trade either above 26616.71 or near the aforesaid support points but not below 25754. 

REMARK: - It is in uptrend therefore long trade is suggested as mentioned above, but it would be safe to try long trade if it moves above 26616.71 and sustain. 

 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.

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

Contact me for strategic guidance to enter and exit the trade

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX)--A TECHNICAL VIEW--7-10-2018

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $ 74.34  ON  5-10-2018

SUPPORT:-$73.73/73.25/72.90/71.47/71.26/70.43/67.91/64.43.

RESISTANCE: - $75.27/76.90/77.28/84.05/85.61/87.15/91.24/92.50/107.

TECHNICAL   OBSERVATION :-

The trend is up as of now and it has given upside breakout also from the top of $75.27 but closed below it, however it is expected to move up again, but moving up it has tough resistance in the range of $74.50—85, therefore it seems that it may move sideways for some time before moving above the aforesaid range but once it moves above this range and sustain then it can hit $92.50 to 107 levels very quickly(very likely). On the downside it will have good support in the range of $72.50----71.50—69---67---64.43. The bias is as of now on the upside but since it is stuck in the range $75.27---67 and wild swing may be there therefore both side trade can be tried depending on the price movement.  

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARKS:-  The trend is up but in view of the tough resistance range ahead, one should be extremely vigilant in initiating long trade at this point. However aggressive trader can try long call if it sustains above the breakout point of $75.27.  

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 the trade

Dollar – Vs –Rupee (A TECHNICAL VIEW)—7-10-2018

Dollar – Vs –Rupee

Dollar   closed at Rs.73.76 on 5-10-2018

SUPPORT: -73.74/72.98/72.39/71.75/71.52.

RESISTANCE: - 74.24/74.97/75.50/76.97/77.84.

TECHNICAL   OBSERVATION :-

It is highly bullish on the technical chart and scaling new highs every other day, but it is in overbought territory now and may correct anytime therefore be vigilant in long trade. In correction as long as it holds 72.98 & 72.39 it may not see deep correction, but break below 72.39 may take it down to 71.75 & 71.52 and sustained break below 71.52 may drag it down faster to 68.89—68.80 levels.The trend is clearly up therefore long trade is suggested on every dip but not below 72.39. If it holds 73.74 now it could hit 74.97 & 75.50 on the upside in coming weeks.  

REMARKS:-The long term trend is up; therefore it is suggested to take long call on dip.

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.

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

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY(AN OVERALL TECHNICAL VIEW)---8-10-2018

 CNX-NIFTY

Open-10514.10—High-10540.65---Low—10267.65---Close—10316.45 on 5-10-2018

Support:10313.56/10276/10180--170/10141.85/10094--10033/9951.90/9792/9740/9687.55/9685.55/9448/9408/9341/9119.20.

Resistance:10417.80/10478.60/10530.70—10558/10631---637/10784.

                                                                                      

 It made a top of 11760.20 on 28-8-2018 and thereafter it started correcting and plunged sharply in last three days breaking major support levels and all short, medium and long term moving averages decisively, which is a bad sign. It is important to mention here that it took 24 weeks from the recent major bottom of 9951.90 to top out at 11760.20, but it fell down sharply and only 365 points away from the bottom in just 5 weeks, therefore it seems that it is an impulsive down move and if it is so then this could be painful price wise and time wise both and likely to hit 9951 level during the next week and may move down further also in coming weeks/months. Furthermore the intensity of the fall for the last few days and the negative divergence appearing in RSI on weekly and monthly chart indicate that the on-going correction may deepen further and it could break 10000—9951 levels and drift further lower but there may be relief rallies in between. The uptrend is in extreme danger and it may slip into bear market if it does not claw back quickly above its critical range of 10530—553 and then move above its long term moving average range which is placed between 10993---10731(it changes every day) and sustain. Therefore to keep the uptrend intact it has to sustain above the aforesaid range which may please be noted.   

 It has been opening with a down gap for last two days and the gaps remained unfilled, if on 8-10-18 it again opens with a gap down i.e. below 10267.65 and goes down further then it is suggested to cover the short position in stages if not completely at least partially in the range of 10180—10170 and then 10094—10033--9951 because generally after the 3^rd gap whether up or down it moves vice versa. The trend is down and it is a sell on the rise market but it may give a smart or reasonable pullback after the 3^rd down gap to give trader a chance to sell at a higher level. The potential sell point on the expected pullback could be 10418/478/530. Moving down it may find good support at 10276/10180—170/10094—033/9951.90/9827/9687—85/9448/9408/9370/9119.20/8806/8667,it may make a short bottom at any of these points. But it may make a potential bottom in the range of 9800—9408 but if it breaks 9408 and then 9119.20 and sustain then it could go down to 8930---8800---8640--8600 levels which may please be kept in mind. In worst case scenario the aforesaid range of 8930---8800---8640—8600 is the potential range for bottoming out. Moving down 9408 & 9119.20 would be the critical point.   

                                                                                                                                                                                                                    

Remark: - The long term uptrend is potentially threatened and if it does not stage a smart recovery quickly and move above its critical points and long term moving averages and sustain then it may slip into bear market. Therefore it is suggested to avoid long trade till fall is arrested and it gives visible sign of correction completion. So as of now sell on the rise strategy should be adopted. However aggressive trader can try long trade if they wish to near the important support points for a pullback rally but with extreme caution because pullback rallies are treacherous in nature.    

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.

PNB HOUSING FINANCE LTD(A TECHNICAL VIEW-21.8.18)

Open-1333.90--High-1380--Low-1316.30—Close-1371.55 on   20-8-18.

MajorSupport:-1363(short breakout point)/1300-1290/1255—1243/1192.

MajorResistance:-1380/1440(major-breakout-point)/1555/1589/1621/1675/1696.90/1717.65 (All time high).

It made  bottom at 1051 on 22.6.2018 and thereafter moved up and the CMP is 1371.55, so it has already appreciated by more than 30% from the bottom, however the technical setup and structure is still looks good therefore further rise may be ahead.

It has give an upside breakout from its recent top of 1363 and if it hold s it on the closing basis for 2-3 days (it is likely to hold) then the upside target could be 1440—55 & 1555—60. Furthermore the major breakout point is at 1440 and sustained break above this can take it up to 1680/1717.65/2050. Moving down it will have good support in the range of 1300-1290 and strong support in the range of 1255—43. The short, medium and long term moving average placement are also good, therefore looking at the overall technical setup long trade can be tried either above 1363 or on decline at the suggested support range but not below 1243 with a stop loss of below 1220. Please note that sustained break below 1243 may drag it down to 1190 & 1082 levels.

Remark: - The trend is up, therefore long trade is suggested but with care & caution because it has already run up by 30% from its bottom of 1051, so it may move sideways here for few days before resuming the up move again. The overall technical outlook for short & medium term looks bullish.

 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 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.