INTRA-DAY TRADING CALLS FOR 13.4.2020

 TRADING CALLS

1. ASIAN PAINTS.

Sell near but not above -1690, S/L-1700, Target-1650/1620/1608.

2. AXIS BANK.

Buy above -428, S/L-419, Target-438/447/458.

     

3. BAJAJ AUTO.

   Buy above -2445, S/L-2430, Target-2525/2555/2615.

 4. HDFC BANK.

 Buy above-931, S/L-921, Target-945/957.

5. HDFC LTD.

Buy above -1715, S/L-1700, Target-1750/1770.                                    

6. DR.REDDY’S LAB.

Sell below -3590, S/L-3625, Target-3550/3510/370.

                                      

 7. HERO MOTOR CORP.

Buy above-2027, S/L-2005, Target-2055/2075/2095/2117.

8. HINDALCO.

Buy above-109.50, S/L-107, Target-112/115/119.

9. ICICI BANK.

Buy above-343, S/L-335, Target-348/353/365.

                                          OR

Sell below-336, S/L, 343, Target-323/314/305/294.

 10. L & T.

Sell below -804, S/L-815, Target-785/776/750.  

11. INDUSIND BANK.

Sell on the rise near but not above-428.50, S/L-442, Target-405/395/286/365.

OR

Sell below-384, S/L, 395, Target-365/351/335.

12. RELIANCE INDUSTRIES.

Buy above-1233, S/L-1215, Target-1268/1300/1327.

OR

Sell below-1193, S/L, 1205 Target-1160/1150/1110.

                           

13. INFOSYS.

Sell below-632, S/L-640, Target-619/612/604.

14. ITC LTD.

Buy above-186.25, S/L-184, Target-194/196/200/204.

15. SBI.

Sell below-189, S/L-191, Target-183/181/175.

16. SUN PHARMA.

Sell below-454, S/L-460, Target-443/436/422.

17. TITAN.

Sell on the rise near but not above-1040, S/L-1050, Target-1025/998/970.

18. BIOCON.

Sell below-330, S/L-334.50, Target-323/315/307.

19. CADILA HEALTHCARE.

Sell below-348, S/L-353, Target-330/318.

20. DABUR.

Sell below-479, S/L-486, Target-470/455/445.

  

21. SBI LIFE INSURANCE CO LTD.

Sell below-735, S/L-740, Target-721/700/690.

                       

IMPORTANT  NOTE: -- After opening watch the market for at least 40 minutes before initiating trade.

   

.                              Note: Price stated here is of spot market.   

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.                       

 Contact me for strategic guidance to enter and exit the trade

   

                     

  

                    

                            

A TECHNICAL VIEW ON CNX--BANK NIFTY- 13.4.2020

CNX--BANK NIFTY

Open-19553.15--High-19988.30--Low-19166.90—Close-19913.60 on 9-4-2020

Support:-19812.46/19302/19144/19122.10/18793.13/18162.53/18029/17606/17248.42/16946/16116.25.

Resistance:-20010/20324.10/20443/20608/21168/21462.40/22418-469/22996.40/23605.60.

 (Bold and underlined figures are most important)                                                                       

It is in bear phase but gave a good pullback rally during the week ended on 9-4-2020; it hit a high of 20324.10 and closed at 19913.60. But this rally was not strong enough to ensure that it may last for few days. However it has bounced back above some of its short term moving averages on the daily chart, furthermore in the line chart it has made higher bottom and higher top but yet to make a higher top in the Bar chart, in fact it is far below its recent top of 21462.40 on the bar chart , therefore for this rally to continue it has to at least move above its critical point of 20010 and sustain on the closing basis then only it may be expected that the ongoing rally will last and may hit or cross the level of 20325/20608/21168 & 21462.40 else this rally may fizzle out anytime. It is important to note that to gain some strength it has to bounce back above its major rising trend line on the monthly chart which is placed at 21950-22010 for the month of April-2020. Please note that if does not move and close above the key figure of 20010 and break the level of 18946 on the closing basis then that will be the potential sign of the rally exhaustion.

Although some short term signal are slightly positive but not enough to create confidence that this up move will last, because the long term technical parameters are still very bad. Therefore long trade should be avoided till it closes above 20010. However those who wish to take chance can try long trade on decline near but not below 19225 with a stop loss of below 18920, mind you that it could be a risky trade. Similarly If it opens on the upside with gap on 13.4.2020 then short trade can be tried near but not above 20325 with a stop loss of above 20450 or if does not move above 20010 in first one and half hour of trading then short trade can be tried with a stop loss of above20100. Please note that both short & long trade seems risky at this point of time but sell trade at appropriate points seems a better option now till it gives price-wise confidence for long trade. Most importantly its chart pattern is very weak in comparison with CNX-Nifty. Therefore caution is required in the long trade.

Remark: - The trend is down and strongly bearish, the relief rally is on but in view of the above observation as of now it seems that this rally may not last. Therefore it is suggested to avoid long call till it closes above 20010 instead look for an opportunity for sell trade at this point of time. The bias is bearish

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.

A TECHNICAL VIEW ON CNX-NIFTY---13.4.2020

CNX-NIFTY

Open-8973.05--High-9128.3—Low-8904.55—Close-9111.50 on 9.4.2020

Support:9038.90/8968.70/8842.28/8801.14/8672.07/8553/8537/8470/8336/8269/8148.50/7946.74/7893.80/7816/

Resistance:9119.20/9131.70/9269.20/9341/9390/9448.75/9520-80/9685.55/9687.55/9944.40.

 (Bold and underlined figures are most important)                                                                       

Further to my last post of 7.4.2020, it unexpectedly gave a robust pullback rally in the preceding week and hit a high of 9131.70 and ended the week near the high at 9111.50. It is very significant to note that it has made higher top and higher bottom on the line and bar chart during the week, furthermore it has decisively bounced back again above its short term moving averages on the daily chart and most importantly above its major rising trend line on the monthly chart after 15 trading sessions, which is at 9070 for the month of April-2020, therefore as long as it holds 9070 on the closing basis the ongoing rally may extend and the possible rally exhaustion or sell point could be at  9269(S/L,9300)/9390(S/L,9420)/9520/9580(S/L,9620) or else a close below 8748 may signal the end of this rally and sustained close below 8540(this figure may change after each trading day) may give a breakdown indication as of now.   

Although it is well above its short term moving averages on the daily chart but still below it on the weekly (with negative crossover) and monthly chart. It is well below its medium and long term moving averages on the daily & weekly Charts also. The technical indicators on the weekly & monthly chart are still showing huge negative divergence, so it may seek lower levels in time to come once this ongoing rally gets over. However in you view of the foregoing paragraph the ongoing rally extension cannot be ruled out, therefore those who wish to ride this rally can try long trade above 9070 with a stop loss of below 8950, or above 9132 with a stop loss of below 9070 for a target of 9269/9390/9520, but taking long trade above 9132 would be relatively safe. As you are well aware that the pullback rallies are treacherous in nature and may end abruptly so be vigilant and careful in the long trade. Short trade can be initiated near the possible sell point mentioned above; it seems that 9390 level could be a sensitive sell point or if it starts trading below but near 9070 for reasonable time period say 45 minutes in intra-day then sell with a stop loss of above 9135 for a target of 8950/8900/8842/8801. PLEASE TRAIL YOUR STOP LOSSES IN PROFITABLE TRADE.

 

 IMPORTANT NOTE: - Be alert in short trade if it trades above 9070 & 9132 and be alert in long trade if it trades below 9070.

 Remark: - It is in the bear market and the ongoing rally is a strong pullback rally and it may last for few days, so be alert in short trade for the time being but one should definitely take a short call at appropriate points as mentioned and suggested above. Since the up rally is on, so long call can be tried as suggested above with utmost care and caution. Please note that it is showing strength in comparison with CNX-Bank Nifty chart. The bias is bearish.    

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.

A TECHNICAL VIEW ON CNX-NIFTY---7.4.2020

CNX-NIFTY

Open-8356.55--High-8356.55—Low-8055.50—Close-8083.80 on 3.4.2020

Support:8055/7997/7946.74/7893.80/7816/7723.85/7691/7551—39---16—511.10/7422/7241/6825.80/6581/6357.10/6338.50.

Resistance:8148.50/8269/8336/8553/8600/8672.07/8801.14/8996.60/9038.90/9119.20/9269.20/9341/9448.75/9685.55/9687.55/9944.40.

 (Bold and underlined figures are most important)                                                                       

Further to my last post of 30.3.2020, it moved as expected and it oscillated in the range of 8150—8672.05—8801.14 for 3 days and then broken the range on the downside and ended the week at 8083.80 very near to the low of the week which was at 8055.80, closing near the low is a bad sign and break below 8055.80 may take it down further with reasonable force. It’s most crucial and critical point is at 7946.74 and sustained break below this mark on the closing basis for at least 3-4 days will open the downside up to 6850—6800 which may please be noted. The trend is bearish therefore it will drift down in coming days /weeks. But it may stage pullback rallies from time to time.   

The technical parameters and indicators are weak but it tried to stay afloat above its short term moving averages for 2-3 days week but could not sustain and finally broke it down decisively, so now it is still well below its short, medium and long term moving averages on the daily & weekly Charts with negative crossovers in some cases which are a very bad sign. But some indicators are in oversold territory and particularly the RSI indicator is showing positive divergence on the daily chart but on the weekly & monthly chart it is showing huge negative divergence, so it may seek much lower levels in time to come. It is important to mention here that positive divergence appearing on the daily chart may not come into play because the moving average placements are not supporting it now, therefore chances of negative divergence which is appearing on the weekly & monthly chart coming into play is pretty strong at this point of time.

Kindly note that as of now the upside looks capped in the range of 8300—8475---8600 in case it stage a pullback rally in the coming week starting from 7-4-2020,but it moves above 8600 and sustain then it could go higher, chances of which looks slim at this point of time. Similarly break below 8055 will open the downside and sustained break below its most crucial and critical point of  7946.74 and then below 7816 on the closing basis for at least 3-4 days will open the downside up to 6850—6800 or lower may be up to 6580,which is very likely.

It is needless to mention that it is in bear phase; therefore sell on the rise strategy at appropriate points would be the best thing to do till bottom formation clarity emerges. Therefore it is suggested that long trade should be completely avoided as of now. However those who wish to take pullback rally advantage can try long trade at proper levels (see support & resistance) with strict stop losses. But mind you long trade could be a very risky affair and can trap you unaware.

  

 IMPORTANT NOTE: - Be alert in short trade if it closes above 8600 &8801.14 and be alert in long trade if it closes below 7946.74 & 7816.

 Remark: - The bear market is confirmed and I once again reiterate that this time possibly it is going to be very painful bear market both time-wise and price-wise. Therefore it is likely to seek much lower levels from here in days to come and very likely to break the bottom of 7511.10 it made on 24.3.2020 in coming days; However in between relief rally could be there but one should avoid long trade till bottom formation signs are visible because these rally can trap you. It is therefore suggested to adopt sell on the rise strategy as of now. The bias is hugely bearish.     

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---30.3.2020

CNX-NIFTY

Open-8949.10--High-9038.40—Low-8522.90—Close-8660.25 on 27.3.2020

Support: 8654.75/8537/8269/8148.50/7946.74/7893.80/7832.55/7723.85/7691/7551—39---16—511.10/7422/7241/6825.80.

Resistance:8672.07/8801.14/8996.60/9038.90/9119.20/9269.20/9341/9448.75/9685.55/9687.55/9944.40.

 (Bold and underlined figures are most important)                                                                       

As envisaged in my last post of 23.3.2020, it did break the bottom of 7893.80 again and made a new low of 7511.10 it also stayed below its most critical point of 7946.74 for two days and then bounced back to end the week at 8660.25. It is highly volatile and this volatility is going to stay for some time and amidst this volatility it is very likely that it can break 7946.74 level again and possibly also break the low of 7511.10 which it made on 24.3.2020. The trend is bearish therefore in longer time frame it is likely to drift down in coming days/weeks. However it may witness relief rallies in between from time to time.   

 The technical parameters and indicators are still weak but it has moved above some of its short term moving average in last two days; however it is still well below its medium and long term moving averages on the daily & weekly Charts with negative crossovers in some cases which are a very bad sign. But some indicators are in oversold territory and particularly the RSI indicator is showing huge positive divergence on the daily chart and indicates that it could move up and may try to cross 9950 mark and may be above this also in coming days, Chances of which looks bleak at this point of time, but as long as it holds 8150 and moves above 8672.07 and then above 8801.14 and sustain on the closing basis then this ongoing relief rally may extend up to 9390 or more, chances of happening this looks slim at this point of time because it hit a high of 9038.40 today but could not close above its critical point of 8672.07 & 8801.14 therefore it seems that either this relief rally may have exhausted or it may exhaust in coming 1-2 days. The present range for it is between 8150---8672.07---8801.14.

It is important to note that if it breaks and sustain below 7946.74 on the closing basis for some days (at least 3-4 days) then it can open the downside up to 6800-6850 level which may please be noted.

Since it is in bear phase, therefore sell on the rise strategy at appropriate points would be the best thing to do till bottom formation clarity emerges. It is suggested that long trade should be completely avoided as of now. However those who wish to take relief rally advantage can try long trade at proper levels (see support & resistance) with strict stop losses. But mind you long trade could be a very risky affair and can trap you unaware.

  

 IMPORTANT NOTE: - Be alert in short trade above 8672.07 &8801.14 and be alert in long trade below 8801.14/8672.07 & 7946.74.

 Remark: - The bear market is confirmed and I once again reiterate that this time possibly it is going to be very painful bear market both time-wise and price-wise. Therefore it is likely to seek much lower levels from here in days to come and may break the bottom of 7511.10 it made on 24.3.2020 in coming days; therefore long trade should be avoided till bottom formation signs are visible. It is therefore suggested to adopt sell on the rise strategy as of now. The bias is hugely bearish.     

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---23.3.2020

 CNX-NIFTY

Open-8284.45--High-8883—Low-8178.20—Close-8745.45 on 20.3.2020

Support: 8654.75/8148.50/7946.74/7893.80/7832.55/7723.85/7691/7551—39---16/7422/7241/6825.80.

Resistance:8801.14/8917.67/8996.60/9119.20/9269.20/9341/9448.75/9685.55/9687.55/9944.40.

 (Bold and underlined figures are most important)                                                                       

As envisaged in my last post of 16.3.2020, it behaved the way as expected. It did break the bottom of 7893.80 during the preceding week but bounced back to end the week at 8745.45. The volatility is still huge and it seems that it is going to stay for some time which is not good for steady and smooth market. The down gap it created on 6^th, 9th &12^th March-2020 is not likely to be filled now, so chances of it moving up drastically is ruled out. It is already in the bear phase and likely to drift down in coming days/week with in between volatile pull back rallies.

The technical parameters and indicators are still bad and it is well below its short, medium and long term moving averages on the daily & weekly Charts and with negative crossovers in some cases which is a very bad sign. However some indicators are in oversold territory now and particularly the RSI indicator is showing positive divergence on the daily chart and indicate that it could move up and may try to cross 9950 mark in coming days, but I feel that it is less likely to happen because the moving average placement are not supporting it as of now, so this divergence could be a dampener. But short and volatile relief rallies from time to time can happen but it is advised not to get trapped in these rallies. Moving down its critical & important support points are at 7946.74/7893.80/7832.55/6825.80. Similarly going up it will face stiff resistance at 8801.14/8917.67/9588.97/9685.55/9687.55/9944.40. Kindly note that if it moves above 8917.67 and sustain on the closing basis then it may try to move up to 9590, but chances of which looks slim at this point of time. Similarly if it sustain below 8801.14(it is below this point now) then it can test or break again the bottom of 7893.80 it made on 26.12.2016 and most importantly if it breaks and sustain below 7946.74  on the closing basis for some days then it can open the downside up to 6800-6850 level which may please be noted.   

Since it is in bear phase, therefore sell on the rise strategy at appropriate points would be the best thing to do till bottom formation clarity emerges. It is suggested that long trade should be completely avoided as of now. However those who wish to take relief rally advantage can try long trade at proper levels (see support & resistance) with strict stop losses. But mind you long trade could be a risky affair.

  

 IMPORTANT NOTE: - Be alert in short trade above 8801.14& 8917.67 and be alert in long trade below 8801.14 & 7946.74.

 Remark: - The bear market is confirmed and I once again reiterate that this time possibly it is going to be very painful bear market both time-wise and price-wise. As of now it is likely to seek much lower levels from here in days to come. So long trade should be avoided till bottom formation signs are visible. It is therefore suggested to adopt sell on the rise strategy as of now.  The bias is hugely bearish.     

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---16.3.2020

CNX-NIFTY

Open-9107.60--High-10159.40—Low-8555.15—Close-9955.20 on 13.3.2020

Support: 9951.90/9944/9685/9626/8964/8801.14/8654.75/8555/8148.50.

Resistance:10004.55/10138.60/10289.50/10333.85/10440.55/10447.62/10489/10583.65/10637.15/10670.25/10746.35/10782.

 (Bold and underlined figures are most important)                                                                       

 As envisaged in my last post of 9.3.2020, it behaved the way as anticipated but the intensity of the fall was unexpected. It witnessed huge volatility during the preceding week, please note that this kind of volatility is not a good for a steady and smooth market. It plunged down sharply on the last day of the week; it opened with a huge down gap and made a low of 8555.15 and then vehemently bounced back and hit a high of 10159.40 for the day before closing the day at 9955.20. The down gap it created for the day has been filled during the day. But the down gap it created on 6^th, 9th &12^th March are still there and if it makes an effort to fill these gaps it can come up to 11244.60/10827.40 &10334 levels respectively but chances of filling the first two gap is looking slim at this point of time but it can still try to fill the gap it created on 12^th March in next 3-4 days and if it does then it can come up to 10334 else it may not fill this gap also now.

It is important to note that it has slipped into the bear phase because it has decisively fallen below the threshold point of 9944.40 intraday, which is 20% correction point from the top of 12430.50 which confirm that the bear phase has begun. However it managed to close shade above this mark on 13.3.2020. The technical parameters are also going from bad to worse and it is well below its short, medium and long term moving averages on the daily & weekly Charts with negative crossovers in some cases which is a very bad sign and indicate that the downside is still open and the latest low of 8555.15 it made on 13.3.2020 could be breached in time to come , but the only possible respite could be that some technical indicators are showing that it is in oversold zone, so it may stage relief rally from time to time but in longer time frame it is expected to drift downward as of now. Moving down its critical & important support points are at 9944.40/9685--26/ 8964/8801.14 /8555.15/8148.50/7946.74/7893.80 similarly going up it will face stiff resistance at 10334/10583.65/10637.15. The range as of now is between 10583.65---9944.40---9685---8801.14.

The trend is down and it has entered into the bear phase after 2008 and it seems that it is going to be very painful bear market this time. Kindly note that sustained break below 9944.40 can take it down sharply (see support points mentioned above for the down targets) and sustained break below 8801.14 would indicate that it can test or break the bottom of 7893.80 it made on 26.12.2016, which may please be noted. Similarly if it moves up and sustain above 10160 (on the closing basis) then it can go up to 10334-75 or above. But it can only expect to regain some strength if it moves above 10583.65(on the closing basis) and sustain, chances of which seem less likely as of now. So in view of the above observation it is suggested to avoid long trade till visibility on bottom formation emerges instead sell on the rise at appropriate points would be a better option . However those who wish to take advantage of the relief rallies can structure their trade with the help of support and resistance levels mentioned above, but mind you it could be a risky trade.     

IMPORTANT NOTE: - Be alert in short trade above 9944.40/10375 & 10583.65 and be alert in long trade below 9944.40 / 8801.14 &8555.15.

 Remark: - The bear market is almost confirmed but it can be said more emphatically after 5-7 days. It is very much expected to drift down and likely to break its recent low of 8555.15 in coming days/weeks. So long trade should be avoided till bottom formation signs are visible. It is therefore suggested to adopt sell on the rise strategy as of now.  The bias is hugely bearish.     

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.